Changes in consumption and work patterns have a greater impact on the real estate markets in London and Paris than on the exit of the EU from the United Kingdom.
The effect of Brexit on London and Paris real estate markets, be it offices, businesses or housing, is still very limited. “London remains an unparalleled financial center, attracting huge capital from Asia and the Middle East,” said Faisal Durrani of Cluttons Real Estate Expert at a conference in Paris. September 25, by the association European Valuer’s Alliance which brings together 250 real estate experts.
For its part, Paris, which expected the arrival of massive banking and overpaid executives, is, for the moment, disappointed: “There are many announcements but few achievements, says Cécile Blanchard, director of studies at Crédit Foncier.
In the English capital, the office market indicators remain solid, with vacancy rates dropping from 7.8% in recent years to 5.6% in the second quarter of 2018. if it bows slightly, still attractive 2.5% (and 5% if we add the added value in case of sale).
Less mobility of Londoners
More worrying is the drop in office rentings, as barely 90,000 square meters found tenants in the first half of 2018, compared to 427,000 square meters the previous year, a low for six years, which seems to have a lot to do. changing ways of working. “In-depth trends are at work that are weakening demand: home-based work, employees who work only four days a week, and businesses that rent smaller spaces, or even locations in shared spaces in the past. -working, whose world leader, the American Wework, is well established in London, “says Durrani.
An indicator confirms the lower mobility of Londoners: the drop in 2017, 2% of the attendance of public transport, a billion …