A neat, if brief synopsis from Coutts. I'm interested in peoples views regarding shifting working patterns and how this might affect the office market.
The sector was heading into recession long before coronavirus entered our lives, due to the rapid adoption of online shopping. When restrictions on shop opening and movement are lifted we could see a surge in footfall as individuals embrace getting ‘back out’. But this is unlikely to change long-term shopping habits and the downward trend in retail property prices is unlikely to change direction. We think the sector is in long-term structural decline and can expect only retail-to-residential conversions and very specialist event venues to survive.