Dear Denise,
A very good topic you have raised here. The company I work for specializes in operating serviced apartments and hotels. Currently we are in contact with many landlords who own office blocks but now the vacancy rates has jumped to almost 70% since COVID. We are proposing the conversion of the office spaces into serviced apartments which will take usually 18-24 months including planning and we are expecting that the impact of COVID will be finished by then. Office space in London usually yields about 4-5% where as serviced apartments is about 7-8%.
This in our opinion and also many major financial institutions is the best use of office space in the coming years as the trend is developing towards working from home and the hospitality industry will bounce back in a years time.
