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...The Wharf’s large office towers have fallen out of favour with some tenants since the Covid-19 pandemic. However, other big tenants have stayed put....
...The owners of Canary Wharf Group will inject £400mn of fresh capital into the London office district, which has suffered the departure of key tenants as companies cut back office space in response to hybrid...
...Commercial and industrial developers are more likely to have addressed the issues as part of their ongoing repairs and maintenance or when upgrading buildings to attract new tenants, he added....
...Jonathan Brown, consultant at Ankura, said the European rules needed to adapt to keep up, as investors and owners resort to “previously unforeseen financial structures”....
...Hammerson has been working to repurpose spaces formerly occupied by traditional “anchor tenants” like Debenhams or House of Fraser by breaking up the large units and leasing them to multiple tenants....
...New short-term lets that are not used as the owner’s sole or main home will in future require planning permission....
...These may have then been sold to owner occupier purchasers or converted into Airbnbs, removing them from the long-term rental market....
...The Facebook owner paid £149mn to break its lease on an eight-floor building near Regent’s Park that it never occupied, British Land announced in September....
...But falling office values have generally been exacerbated by a rental slump as tenants shun older, lower quality office buildings....
...Once the tenant leaves, you sell,” said Stuurman....
...Gervasio Muñoz, spokesperson for a separate renters’ union which lobbied for the rental law, argued that the root of the problem is not the regulation but the consolidation of properties in the hands of fewer owners...
...The steep increase in the valuation of the building under Signa’s ownership was justified by the rents that could be squeezed from its captive tenant....
...The government said student tenants should have the flexibility offered to all tenants. Bringing in a new code to cover student housing was not “viable”, it added....
...Residential property appears to be faring better, supported by strong demand from tenants and growing rents. Don’t believe that will last....
...Some 20 per cent of space was without tenants in the fourth quarter, according to Moody’s. The situation in Europe is much better....
...Some major tenants have left or cut the space they occupy at Canary Wharf as working habits have changed and the need for office space has fallen....
...But for the owners, it’s a very, very difficult league.”...
...Where you hold a property as tenants in common, HM Land Registry places a restriction on the title register requiring there to be two sellers....
...In a last-minute deal struck in January, the City of Frankfurt agreed to sublet the space for the English Theatre from the building’s owner, CapitaLand....
...Even before Rosen secured his refinancing deal last month, brokers said the building remained desirable to tenants and was 92 per cent full as of the middle of the year....
...The sharp rise in interest rates that began in 2022 compounded the challenge for their owners, who needed to refinance loans they took at historically low rates....
...Fees of 1 per cent are not unknown, and agencies may then have to give a cut of their fee to another agent to introduce a buyer....
...Walker responded by putting two of his properties on the market — where they are likely to be bought by owner-occupiers, not a new landlord....
...new tenants....
...Lasry says he didn’t start out specifically with galleries in mind but found that they embodied the type of tenants he wanted....
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