Yahoo Finance There will be an increasing “hotelification” of offices, predicts London landlord Helical
Property developer Helical has predicted there will be an increasing “hotelification” of office buildings, as employers seek high quality workspace.
Landlords have seen parts of central London look like a ghost town since March last year, when the work from home if you can guidance came in.
A number of bosses are now eyeing more hybrid working post-pandemic, while some are looking to reduce office size.
But Gerald Kaye, chief executive of Helical, which is behind six office schemes in the capital and another one underway, expects good demand for modern developments.
He pointed to tenants requiring the most efficient and up to date air conditioning systems, and greater demand for secure bike parking and high-quality "club style" changing facilities.
Kaye added: “We will see an increasing "hotelification" of office buildings, with five-star management a necessity.”
Helical is seeing improved office occupancy in London. It is now between 15-20%, and more than doubled since March.
Pre-tax profit in the year to March was £20.5 million, down from £43 million. Deals during the period included TikTok UK leasing Helical’s Kaleidoscope building.
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