| From WSJ: Rental growth has long been propping up a weak London commercial-property market, providing investors with steady income streams even as their capital investments have dropped in value. But now that prop looks shaky. The turmoil in financial services looks as if it will lead to a glut of vacant space across the capital, pushing rents lower, as banks merge or go under.
The turmoil in financial services looks as if it will lead to a glut of vacant space across London. Lehman Brothers' 80,000-square-meter headquarters are now vacant. Bank of America's acquisition of Merrill Lynch could free up its 45,000-square-meter building. More than 500 job cuts at HSBC could see more vacant space hitting the London market. These are just the most high-profile casualties of the continuing credit crunch..... Full Article: Source
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