In London's West End commercial district, for example, more home working - together with an impending recession - could mean the vacancy rate rising from 3.3 per cent in the first quarter of 2020 to just over 10 per cent at the end of the year, UBS said. It might still be 11.5 per cent in 2022, the bank said.
Better news for the property industry is that it will be able to reuse commercial space as residential developments, assuming people still want to live in cities once the pandemic ebbs. By cutting supply in this way, UBS estimates that the West End office vacancy rate could stabilise at 5.1 per cent by 2025.
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