Good morning.
More office space has been returned to the market than any time since the 2007 financial crash according to a RICS survey.
Meanwhile vacancy rates in retail(£) are at their highest levels since records began in 1999.
Despite this, both British Land and Landsec did well on the markets yesterday, posting the third and fifth highest stock rises in the FTSE 100. Hammerson topped the FTSE 250’s climbers with a 12% rise.
Short-sellers – the bane of Hammerson for many a year – have fallen foul of amateur traders rallying around bricks and mortar retailer Gamestop(£). Its share price has risen 1,400% in the year(£), costing short-sellers $5bn.
Britain is also rallying, it seems, and is likely to escape a double-dip recession(£) after the economy refused to buckle during the November lockdown.
But fewer homes(£) are coming to the market in 2021 as resurging coronavirus cases make homeowners play safe.
Allan, Carter, Gagne, Sambhi, Shillaw – The UK has business leaders every bit as inspirational as Larry Fink(£), writes EG’s editor.
JP Morgan may open physical bank branches(£) as it rolls out its Chase banking app in the UK.
Flying cars are coming to Coventry! Air One(£), near the Ricoh Arena, will be the world’s first flying car hub, although it will only be there for a month and will also cater to drones and boring old EVs that need roads.
Energy performance certificates for homes are apparently so flawed(£) that they should not be used by lenders.
The president of Arconic has stopped hiding behind arcane French laws and has agreed to give evidence to the Grenfell Tower inquiry.
New York City is looking to build a series of bicycle parks(£), after discovering that it had only one space for every 116 bikes.
Three mobile phone operators have teamed up for a £1bn plan to banish rural ‘not spots’(£).
Meanwhile, costs for the Hinckley Point C(£) power station have risen by another £500m, taking the total cost to £23bn.
And a “creepy” property millionaire(£) spied on his wife with CCTV cameras, a court has heard, in a “bitter” divorce battle over a £7m portfolio.
And finally, with vacant retail space already at an all time high, it is no wonder questions are being asked in the House of Lords. Lord Rose of Monewden raised concerns about the rescue deals for Debenhams and Arcadia, which would do nothing to rescue their 500+ stores. But then, questions have also been raised about Lord Rose’s questions(£). After all, back when was he was merely Stuart Rose he was the man who sold Arcadia to Philip Green. And now he is the new chairman of EG Group, which was beaten by Asos in a bidding war for the best bits of Arcadia. Mind you, Lord Rose wanted the stores, too.
