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Kitt Report Explores 35% Decline in London Lease Lengths Since 2019

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Dramatic Change in Commercial Office Landscape Causes Irreversible Shift

LONDON - eTradeWire -- Kitt, a managed office operator that partners with tenants, brokers and landlords to provide personalised office design and experiences, published its first report on London's real estate market this week.

The report, featuring a panel of subject matter experts from the London real estate industry, delves into the 35% decline in London lease lengths on sub-10,000 square foot floor plates since 2019. It posits that asset ownership in London has undergone an irreversible shift due to tenants' growing preference for short leases and experience-led spaces.

This decline is accelerating, with a 20% decrease in lease lengths from 2022 to 2023 alone.

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"We work with a number of asset owners who have felt the effects of changing consumer demand since COVID-19," said Lucy Minton, co-founder and COO of Kitt. "The most successful asset owners in coming years will take advantage of the flight to quality and transform their buildings into high-end products. Those that don't, unfortunately, risk being left behind."

Kitt partners with landlords to offer elevated office experiences to tenants of all sizes. Since launching in 2019, Kitt has worked with over 120 tenants across London, positioning itself as the best of serviced and traditional offices. Kitt manages over 140,000 square feet of prime office space in London, catering to esteemed clients such as Oatly, Zayo and Handshake. Learn more about Kitt at https://www.kittoffices.com/en/.

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Source: Kitt Offices
Filed Under: Real Estate

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