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The return-to-the-office plans of companies big and small and their landlords, the recovery prospects of cafés, bars and restaurants — all have been torn to shreds by the government’s announcement Tuesday that Britons should go back to working from home if they can. And with those plans go the hopes that 2020 might see a rebound for central London property owners.
“This will be devastating for a lot of businesses that were already struggling,” London Property Alliance Executive Director Charles Begley told Bisnow.
For the businesses that rely on office workers, in the retail, leisure and service sectors, another prolonged period with massively reduced footfall presents an existential threat if the current safety measures are not supported by government financial assistance.
And for office owners in areas like West End, City and surrounding districts, the advice for staff to work from home for as long as six months means that the moment when they might start to understand how people will use office real estate is further…
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