Is London commercial real estate heading towards a downturn?
Anecdotally several people have told me that as part of rent reviews/ moving, empty space is overhanging the market. Instead of lower contract rent they are offered an extended rent free period so the owners can continue to report a given yield/ value to their clients.
Open ended funds are stopping redemptions.
The RICS's survey is circumspect to say the least.
Jobs are moving away from London to cheaper locations in the UK and elsewhere in Europe, only partly due to Brexit.
I have said before that London from a cost of living standpoint is functionally bankrupt, same can be said for most global gateway cities.The population cycle of London in my view is peaking out.