UK commercial property firms have cashed in on this trend, logging steady growth in rental incomes and occupancy rates over the last year even as elevated interest rates hamper growth elsewhere in their business.
Real estate group Landsec saw a near-5% fall in net assets per share in its fiscal first half as it wrote down its portfolio by £375m, but said it expects a pick-up in investment activity in 2024.
Property developer Land Securities reported a rise in lettings over the first five months of the financial year as demand for office space held up, despite rising interest rates.