Many offices in the City of London are empty. Even after the pandemic, employees prefer to work from home.
(Photo: Reuters)
London When Winchester House, for many years the headquarters of Deutsche Bank in the City of London, was sold to the Malaysian construction group Gamuda for the equivalent of almost 300 million euros at the end of March, real estate experts on the Thames celebrated this as a sign of a turnaround in the badly hit market for commercial real estate. Especially since there have already been a number of deals in the region of more than £100m since the start of the year.
But what the experts ignored: In June 2022, the seller Invesco wanted £18m more for Winchester House. And the new headquarters of Deutsche Bank in London’s Moorgate district previously changed hands at a price discount of nine percent. So there’s something happening in the London commercial property market, but it’s still a buyer’s market.
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