Some Charlotte Street photos... |
Morning EI.
Well you wouldn't get me in one ;-)
BERENBERG CUTS DERWENT LONDON PRICE TARGET TO 3,500 (3,600) PENCE - 'BUY' |
Phil, Air conditioning surely. |
Do many of these office blocks have windows that actually open to let in fresh air, or is it all recirculated air by air coditioning ? |
Hi Jack, unfortunately not!.. had a small amount on a few occasions only.
Expecting a sharper sell off here which has not happened up to now.
With the continued media comment on the future of office work,
It might be worth considering why the share price has been relatively resilient.
Perhaps some investors may see demand longer term from
certain industries. Anything collaborative, for example media, PR, marketing etc
are perhaps better served in an office environment, also any organisation requiring higher security with
client and internal communications.
There must be a reason this is not significantly lower. |
EI: “Someone is making a lot of money on that”.
From previous posts I reckon you already have ! |
The City of London risks being 'hollowed out' as thousands of white collar workers refuse to return to their desk, a top stockbroker has warned.
Steven Fine, the boss of Peel Hunt, said he is 'angry' to see financial firms encouraging their staff to stay at home while leaving the Square Mile like a ghost town. |
"No plan for a return to the office for millions of staff"
Fifty of the biggest UK employers questioned by BBC have said they have no plans to return all staff to the office full-time in the near future.
Some 24 firms said that they did not have any plans in place to return workers to the office. |
Was out this morning and missed yet another bounce from circa 27.80.
Someone is making a lot of money on that. |
"JPMorgan and Linklaters signal end of the daily commute for City workers"
Staff at the elite firms will be allowed to work from home part of the time after the pandemic is over |
For me the bigger risk here is the 24% of the portfolio that is due lease expiry/break next year. This is biggest of any propco and I don't know who tenants are but they clearly have the whip hand. Derwent recognise this and have some earmarked for development but that just more CAPEX on top of the 200+m they already have committed and risks increased void costs.
I know these have been quality over the years but imv this risk isn't in the price. |
Yes, it's not going up any time soon. I'm holding now just as a hedge in case people start returning to London offices. Looking more and more unlikely as the weeks go by. |
And here we go. |
We may be due another leg down on the London heavy office REITS.
Lots of remote working press comment over the weekend. |
Soho’s status as the ‘beating heart’ of London at risk as offices remain largely closed after lockdown |
Only one in six workers returns to office despite pleas to do so from Government |
430k shares traded. |
A good chance the chinese will end up owning most of London ? |
Phil/ Nick, the GPOR debt issuance looks interesting.
They may be seeing value in the London mzrket emerge over the next year. |
Sold yesterday's buy. |
The one bright sector today. |
Had some before the close.
Nick has mentioned around £25 as a potential buy point
and would zgree, if available, that looks a safer entry level. |
Another bounce off that support level, quite incredible. |
Great Portland have been more explicit than DLN in highlighting capital
value falls to come - GPOR have more retail exposure.
I thought declines of 20-25% on Central London office space would cover most
scenarios. There is also an increase in voids to navigate.
What you may also see divergence between nearly refurbished or built Grade A space and
the rest?. |
And this one..
Thousands in City will never return full-time: PwC reveals HALF its staff will routinely work from home as coronavirus starts workplace revolution
.....Banks, insurers and financial services giants in the City are also understood to be drawing up similarly radical plans to shift permanently to increased home working. In some cases, firms may seek to save money by downsizing to smaller offices. |
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