A turning point in the long-running debate of the future of offices appears to have been reached, according to the latest figures from Cushman & Wakefield. Leasing figures are now up by 12% on the five-year average as corporates recommit to the office as the favoured place to work.
However, a survey of more than 1,000 readers of the FT reveals that office work is unlikely to return to what it used to be, with respondents largely in favour of a hybrid style. While more men than women say they’d be happy to do four or five days in the office, the figures still remain low – 28% for men and 18% for women.
What does look set to boom and is turning the heads of one of America’s REITs is the staycation market, however. After Blackstone splashed £3bn in its EG Award winning deal to buy Bourne Leisure in February, now Sun Communities is shining a light on East Sussex headquartered Park Holidays. It is understood to be frontrunner to buy the campsite and caravan park operator for around £1bn
Elsewhere, Cambridge’s congestion looks like it might force Abstract Land back to the drawing board with its plans to create a £500m new technology and science park. Traffic concerns and an “unacceptable impact” on the surrounding green belt saw the council refuse plans for circa 600,000 sq ft of office and lab space.
And there’s a new man leading Aviva’s real estate business. Former Federated Hermes executive director of fund management Ben Sanderson is taken on the role of managing director.
And if you’re reading this on your commute – to the kitchen table or back to the office – why not tune in to not one, but two EG Property Podcasts you may have missed over the weekend.
Join Jess Harrold and Tim Burke for a run through last week’s EG Magazine with insights into the latest flex flurry the new Covid code released by the government and why EG is proud to be a trans ally.
And if you didn’t make it to COP26, find out from JLL’s Stephanie Hyde and Guy Grainger why you shouldn’t make that mistake again.
