Large London office buildings are proving almost impossible to sell as high interest rates and investor nerves over hybrid working thwart efforts to kick-start dealmaking.
Only a handful of office buildings across London have sold for more than £100mn in the first half of the year, according to property data group CoStar. The City of London has not had any sales of such size, a sharp contrast to when the largest deals in that market once topped £1bn.
GPE and Derwent are among several major office landlords to have tried selling more expensive buildings, but these attempts have mostly fallen through or been quietly scrapped after potential prices fell short of expectations.