With fewer re/insurance companies planning to return all staff to the London office after lockdown, there will be plenty of empty space, which could shift the balance between tenants and landlords, said Xceedance Head of EMEA, Justin Davies.
“Tenants will be in a strong bargaining position and I’m sure when renewing contracts, many will be negotiating for longer rent-free periods, shorter lets, and other amended conditions.
“If landlords are not prepared to be flexible, they could find themselves with large swathes of empty office space. No one can be sure how this will play out, but life and work in the City of London won’t return to exactly the way it was before the pandemic.”
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