Research Letter – July 2025

In this letter, we explore how increasing competition for prime workspace is prompting both current and prospective office tenants in London to give Grade B offices a second chance. We then analyse recent UK immigration data with regards to international student migration and demand for PBSA. From there, we shift to global asset allocation, exploring the shifting role of the US as a haven for global capital since the GFC, predicting that investors will have to change their strategies as the world becomes more multipolar.

We continue with our take on the current AI arms race, with an analysis of how developers like OpenAI and Anthropic resemble 15th century print shops. As models get simultaneously smarter and cheaper to use, we expect to see aggregate demand for AI inference grow sharply. We conclude with some thoughts on how humanity’s changing relationship to alcohol affects the way we think about real estate.