London Landlords Facing Rents of Zero Turn Offices Into Condos - Bloomberg
More people will be making their homes among the banks and insurance companies of central London as a shrinking financial industry and the prospect of leasing out buildings for free prompts landlords to convert offices into luxury apartments.
Developers including Axa Real Estate Investment Managers Ltd., Berkeley Group Holdings Plc (BKG) and Heron International Inc. also plan to build homes in the heart of Britain’s financial services industry, known as the Square Mile, after purchasing obsolete commercial buildings in the area.
“The fringes of the City are struggling in terms of letting secondhand buildings,” said Anthony Duggan, head of real estate research at Deloitte LLP. “There will be a number of developments looking at alternative uses."
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