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Big-money deals obscure risk for UK’s empty offices

While upmarket London newbuilds attract high-profile tenants, older blocks are set to suffer from shift to hybrid working just as costs climb

More than two years since the pandemic first shuttered offices in the UK, they are still half empty. So why are the country’s biggest landlords in such a good mood?

“In short, it’s been a very strong year,” said Toby Courtauld, chief executive of London-focused developer GPE, announcing on Thursday that his company had leased a record amount of workspace.

A day earlier, FTSE 100 British Land boss Simon Carter had boasted of decade-high interest in the company’s London offices as three tenants alone took more than 700,000 square feet of space last year.

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