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London businesses are waiting for a COVID-19 vaccine and, until they get it, workers are staying away from their offices, a commercial realty firm’s new analysis shows.
Roughly one-fifth of downtown offices will sit vacant this year, a 23 per cent spike over 2020, the report from CBRE Ltd states, concluding that workers staying home due to the pandemic is the main reason.
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“The reality in the office sector has seen a shift and we will have to see how it plays out over time. Long-term tenants are not sure what the future looks like for them,” said Ted Overbaugh, senior vice-president for CBRE, a commercial realty firm.
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