MORNING NEWS: UK office stock declines

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals. The UK’s office stock is continuing to fall as other sectors take over, according to fresh figures from Savills. The agency found that total office stock in outer London and the South East had shrunk by 15% and 10%, respectively, in the last three years. The regions fared better with total office stock contracting by an average of 4%. Savills said the decline could be attributed to changing working practices and challenging economic headwinds. Weakening demand for secondary office space has accelerated the conversion of such buildings into alternative uses, including housing, hotels, laboratories and purpose-built student accommodation, said the agent. Staying with the future of the workplace, Cushman & Wakefield has teamed up with the boffins at MIT to try to figure out what impact generative AI is going to have on how we work. It is joining a number of other businesses in the two-year study, which seeks to address critical questions surrounding the integration of AI technologies into the workforce to discover how generative AI can lead to better jobs. Elsewhere in the world of technology, the latest EG Property Podcast looks at how the real assets sector needs to redefine the way it uses technology to manage the climate crisis. Join EG’s deputy editor Tim Burke as he talks to Vectr7 founders Dominic Wilson and Mary Criebardis Singh about their latest fund and how they are investing for change. And in the national newspapers this morning, The Times takes a look at the what real estate problems in China and a slump in share prices might mean for real estate development in London’s Square Mile. It lists three developments – Lai Sun Development’s plans for “The Diamond” at 100 Leadenhall, EC3 , the £429m redevelopment of the Daily Express building by Chinese Estate Holdings and the redevelopment of the City of London police’s old HQ at 37 Wood Street, EC2, by Hong Kong’s Magnificent Hotel Investments – as potentially at risk, citing concerns over mothballed construction sites and empty buildings. All of the news from EG, plus a selection of headlines from the nationals: LISTEN: Redefining how real estate uses tech to address the climate challengeCushman teams up with MIT on AI impact on the future of work Plans in to convert historic Southampton hotel to student housing UK office stock levels continue to dropFormer Shaftesbury boss joins London & PartnersVita seeks more input on Brum’s Goods StationCOMMENT: Reaching a better understanding of the cost – and value – of inclusive spacesGreek boutique hotel brand makes UK debutHow the Chinese property crisis could rock City of London foundations (£)Shimao: China property giant hit with winding-up petitionRetail insolvencies rise 19% as businesses feel the squeeze (£)Immersive hospitality wins back punters (£)New plan to resuscitate the Body Shop (£)Aon chief urges better models for “stressed” property insurance market (£)Outcry at King’s plan to build “ideal down” in Kent (£)Brooklyn’s super-tall Sauron tower finds itself on shaky ground (£)UK house prices fell in March for the first time in six months, says Halifax (£)Pensions giant to create superfund for life sciences investment (£)London is a bad place to raise money, says life sciences tsar (£)