(Bloomberg) — A trip to the restaurant that sits atop the No. 1 Poultry office block in London’s financial district is a chance to experience firsthand the Tale of Two Cities that’s upending the commercial real-estate market.
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From the vantage point of the Coq d’Argent you can gaze out at a forest of new skyscrapers that developers hope will bring in big rents and even bigger prices. For the South Korean owners of the older WeWork-occupied building down below, the future looks far bleaker.
Taking in the view, Kaela Fenn Smith — ex-executive at property giant Land Securities, and now managing director of CBRE Group’s ESG consultancy — speaks of the “huge flight to quality” transforming the office market where only “the truly grade-A space” will do. Her comments come as flawless environmental credentials become a must for corporate renters,…
