The length of UK office leases has fallen to the lowest level on record while vacancies rates have soared close to a decade high as the shift to working from home shakes up the market.
It highlights big changes since the pandemic as staff who adopted remote working in lockdowns rarely come into the office five days a week, while companies have cut costs and headcount in the economic slowdown.
Average lease lengths dropped to two years and 10 months in the first quarter, the lowest level since data was first collected in 2018, according to commercial property management platform Re-leased.
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