The chairman of London and South East office investor McKay Securities has said the company sees “pent-up demand” from workers to return to office after months of working from home.
“There has been much speculation regarding whether the office has a future in view of the perceived success of home working,” said Richard Grainger, announcing the REIT’s half-year results. “In our opinion, and based on recent surveys and discussions with existing and prospective occupiers, there is pent up demand to return to the office.”
Grainger added: “Retaining a physical office presence is considered essential for business collaboration and continuity as well as meeting existing and future employee needs. We believe demand will return, but the shift in occupier trends and requirements that we were seeing and responding to pre-Covid are likely to accelerate.”
McKay saw the valuation of its portfolio fall to £438.9m in the six months to 30 September. The company posted a loss of £15m on net rental income of £11.2m.
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