
The Halving of the Centre: Covid and Its Effect on London Property - idk_bro_idk
https://zwischenzugs.com/2020/07/25/the-halving-of-the-centre-covid-and-its-effect-on-london-property/
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klelatti
Interesting analysis. We have talk of a "Polo" shaped recovery in the UK. Polo
is a 'mint with a hole' \- so a rebound on the periphery but nothing in the
middle.

One important point that I don't think is mentioned at all is the impact of
Canary Wharf. Lots of institutions have moved out of the City and into
Docklands in search of lower rents and bigger floorplans. Expect to see some
move back if rents fall.

I do think that we are possible that we see some sort of rebalancing of the
City - the statistic that there are very, very few residential properties is
telling and the City is actually a very pleasant place to live - its
pedestrian friendly, has lots of shops and good cultural venues (eg the
Barbican) but is almost deserted at the weekend.

Disclosure: long central London property (my home).

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zwischenzug
Author here. I adore the Barbican and dream of retiring there. My analysis may
reflect wishful thinking.

The CW point is an interesting one. Most people that work there don’t like it
so I could see a move back in for high value work.

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klelatti
I hope you manage to fulfill your dream!

The relationship between CW and the City is interesting. I have a theory that
the insurance bit of the City has tended to stay there (e.g. in the area
around Leadenhall) because it is more bespoke, less automated and hence face
to face contact is more important. Whereas banks have moved to CW for lower
rents and larger floorplans (which are seen as desirable for certain
activities). I expect that the larger banks will probably stay in CW but as
you say some professional services firms could move back.

