1. Innovative 2. Reach of 3. Regulatory 4. Access to 5. Resilient business Our global offer to business: ecosystem 昀椀nancial activity environment talent and skills infrastructure London and the UK’s competitive 25 strengths supporting economic growth 5.2 Of昀椀ces and working trends Increased hybrid working is one of the few trends from the COVID-19 pandemic that has stuck with us. Working from home and hybrid working remain popular with many employees. However, questions remain over the most productive way of working, and whether hybrid working makes training and development more challenging. London’s of昀椀ces are being re昀椀tted to be more environmentally-friendly and to attract people back in. Younger workers in particular are drawn to of昀椀ces with a cultural and social offering. Newer buildings that offer better facilities, amenities and working conditions also have lower vacancy rates. London has a low of昀椀ce vacancy rate, Of昀椀ce space in London has become Nine of the largest companies in the London has low of昀椀ce vacancies as workers return but this varies across the city with cheaper and is half the price of world are headquartered in London. the West End and The City attracting New York. % of vacant o昀케ce space more companies than Canary Wharf. There were 81 Global 500 companies O昀케ce leasing costs fell across all headquartered across all GFCs in London’s o昀케ce vacancy rates have GFCs except Paris in 2022. The cost 2022, down from 96 in 2021 and 100 decreased since the pandemic to of London o昀케ce space dropped 11%, in 2016. This shows that the largest 2022 7.3 22.2 11.3 9 2.4 14.7 6.5 7.3% in 2022, indicating a healthier to US$101/sqft/year. O昀케ce space in companies in the world are drifting corporate ecosystem and willingness New York fell by 16% but, despite far away from global 昀椀nancial centres. to return to the o昀케ce. Conversely, lower occupancy rates, is still more The exception to this is Japan; there NYC o昀케ce vacancies have increased than double the cost of London at are 41 Japanese companies in the annually since 2020 to reach 22.2% US$220/sqft/year. Paris remains the Fortune Global 500, 29 of which in 2022. Higher o昀케ce vacancy rates cheapest GFC for rented o昀케ce space, are headquartered in Tokyo. New not only lessen the e昀昀ectiveness 2021 7.9 20.4 12.8 8.1 3.1 10.4 6.3 at US$48/sqft/year. York has 16 Global 500 company of the professional ecosystem but Source headquarters, 11 of which are FS reduce the attractiveness of a city companies. London has nine Global to new businesses and lead to fewer 500 company headquarters, but only Jones Lang LaSalle 2023 amenities and services. two of these are 昀椀nancial services Source companies. London is, however, 2020 7.8 15.2 11.8 7.6 3.8 9.4 4.5 the location of many global 昀椀rm’s Savills 2023, Colliers CRE 2023, Cushman largest o昀케ces. & Wake昀椀eld 2023, Statista 2023 Source Fortune 2023 London New York City Singapore Frankfurt Paris Hong Kong Tokyo