A trip to the restaurant that sits atop the No. 1 Poultry office block in London¡¯s financial district is a chance to experience firsthand the ¡°Tale of Two Cities¡± that¡¯s upending the commercial real-estate market.
From the vantage point of the Coq d¡¯Argent you can gaze out at a forest of new skyscrapers developers hope will bring in big rents and even bigger prices. For the South Korean owners of the older WeWork-occupied building down below, the future looks far bleaker.
Taking in the view, Kaela Fenn Smith ¡ª ex-executive at property giant Land Securities, and now managing director of CBRE Group¡¯s environmental, social and governance consultancy ¡ª speaks of the ¡°huge flight to quality¡± transforming the office market, where only ¡°the truly grade-A space¡± will do. Her comments come as flawless environmental credentials become a must for corporate renters, many of whom are thinking about downsizing because of the work-from-home revolution.
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