“There has been a sea change in the way landlords deal with empty space since the financial crisis,” said Mark Hughes-Webb, managing director of SPACE-2 Consulting, which finds buildings for shoots and events. “They are more focused on cashflow as shareholders want to know they are working their assets.”
Developers have struggled to fill a series of striking new buildings meant to attract a wave of tenants: five skyscrapers in central London at varying stages of build have signed one office deal between them.
The office vacancy rate in London’s main financial district was 7 percent in January, double where it stood at the end of 2007, its last low point, data from property consultancy CBRE show. SPACE-2’s turnover has almost doubled over the same period.