Results from Grosvenor and the Canary Wharf Group neatly sum up the office market both here and probably around the globe.

𝐂𝐚𝐧𝐚𝐫𝐲 𝐖𝐡𝐚𝐫𝐟 𝐆𝐫𝐨𝐮𝐩: The developer and manager of the London docklands estate — owned by Brookfield and the Qatar Investment Authority — on Thursday reported a 14.7% annual fall in the value of its property holdings to £6.8bn in 2023. The estate’s older office buildings are likely to require expensive upgrades in order to attract new tenants or to adapt them to other uses.
𝐆𝐫𝐨𝐬𝐯𝐞𝐧𝐨𝐫: London’s West End, which makes up the majority of that portfolio, held up relatively well and continued to attract both tenants and investors. Grosvenor said its UK property business had cut its carbon footprint by 32% over three years and completed environmental retrofit works on 1m sq ft in London. Preston said green credentials were key to attracting tenants to its new developments and flexible office space.
𝐎𝐮𝐫 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭𝐬 are for flat Central London office values in 2024

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