Welcome to our weekly newsletter — a fresh, global perspective on the stories that matter for Australian business and politics. This week: How the pandemic is reshaping global real estate, the lure of Australian debt and Morrison’s chance to reframe the narrative.
Plunging rents for inner-city apartments and suburban bidding wars. The pandemic is reshaping real estate from New York to Sydney as millions of workers learn they can work from anywhere.
While vaccine rollouts are seeing more cities tentatively reopen offices, bars, restaurants and theaters, bringing some vibrancy back to urban living, landlords are still having to offer steep discounts to lure people back.
In London, rents in the smartest areas have been tumbling at the fastest annual pace in a decade. The absence of international students is hitting the market in Sydney too. In New York, new lease signings are soaring as deal hunters move around in search of the best bargain.
When it comes to buyers, whether mass-market or prestige, people want space as white-collar workers bet they won’t have to be in the office full-time again.