Remote working could cause a spike in London office vacancy rates.
Savills predicts rates rising from 6.5% this year to 7.2% next year, before peaking at 8% in 2022. Others argue that it could exceed the peak of 10.4% seen during the financial crisis.
Several big companies are planning to offload space. After tripling the size of its London headquarters last year, challenger bank Monzo is now trying to sub-let a floor in its offices near Liverpool Street station. HSBC is trying to sub-let a floor in the Blue Fin building in Southwark and Nationwide has existing plans to do the same at Threadneedle Street.