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The Power Balance Is Shifting in London’s Commercial Real Estate



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LONDON — For years, landlords have had the upper hand in London’s real estate market, pushing up rents as businesses clamored for prime locations near offices, tourism hot spots and transport hubs and as the city’s population grew and grew. Restaurants were often locked into leases with clauses that allowed the rent to only go up. Retailers faced increasingly exorbitant rents.Over the course of a year, the pandemic has brought a halt to this arrangement, shifting the power balance between commercial property tenants and landlords.Confronting the alternative of having empty properties, some landlords have loosened their terms, …

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