Midweek office work returns to pre-Covid levels, says major landlord
The boss of property giant British Land said that five years on from pandemic lockdowns, the return to the office is ‘in full swing’.
Workers in central London are coming into the office midweek just as much as before the pandemic, according to one of the city’s biggest landlords.
British Land said on Thursday that midweek occupancy across its office estate has returned to pre-Covid levels as its chief executive said the return to work is “in full swing”.
Remote working policies were introduced by most companies during Covid-19 lockdowns, with office employees the most affected by them.
Recent official data showed that 28% of the UK workforce is in hybrid work, meaning spending some days at the office or at home.
Meanwhile, 44% of people travel to work every day, while 13% of people are fully remote, according to an October survey by the Office for National Statistics.
But the likes of Amazon, Goldman Sachs and JP Morgan have recently issued return-to-office mandates after half a decade of hybrid working sparked by pandemic-era lockdowns.
Bosses claim face-to-face contact is important for collaboration and say having employees in the office means they do more work.
British Land owns some of the newest and biggest blocks in the capital, including a new campus at Broadgate, near Liverpool Street station.
It said there is now an “acute lack” of high-end space left in the market, which has pushed up rents and “will translate into higher earnings growth” across its estate.
Chief executive Simon Carter said: “The continued occupational strength of our key markets and the resulting above inflation rental growth gives us confidence for the future and in our strategy, despite ongoing macro volatility.
“Return to the office is in full swing, with midweek occupancy back to pre-pandemic levels,” he said.
