The Winning Bookends of the Office Market
The Winning Bookends of the Office Market
The London-focused office REIT Great Portland Estates (GPE) recently made an announcement that caught our attention. In a presentation of April 2022, the company declared that all its investment activities would be guided by a new mandate going forward: “If not Flex or HQ repositioning […] [then] exit.” GPE’s latest annual report describes the company’s strategic pivot in more detail: “To ensure we meet our customers’ evolving needs and changing work patterns, we have evolved our strategy […] We are now organising ourselves into two complementary, overlapping activities: HQ repositioning — delivering large, best-in-class HQ buildings; and Flex spaces — smaller fitted-out units, often with higher service levels. Both of these areas are primed for growth.”