Oversupply beats Brexit as biggest London office risk: UBS
Additional space to hit market in 2017 and 2018 a bigger threat to rents, values
London
THE wave of office buildings under construction in London is a bigger threat to rents and values than the risk of companies moving out after the UK's vote to leave the European Union, according to UBS Group AG.
"We saw a build-up of oversupply of office space long before Brexit which can't be stopped," Thomas Wels, global head of real estate at the Zurich-based bank's asset-management unit, said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
China Evergrande to delay 2023 annual results; shares remain suspended
Dubai ruler’s firm refinances US$8.2 billion to tap property boom
US home prices jump by most in nearly two years in February
UK’s second biggest mortgage lender pulls offers over flood risk
China state firm to sell 20 Shanghai office towers in downturn
Strained Chinese cities struggle to pay home-buying subsidies