It’s tempting to see home working as the big threat to city-center offices. But investors might gain more by watching an old real-estate fundamental: construction.
Compare London and New York. Few new offices were started in the U.K. capital in recent years, partly as a result of Brexit, which should help big commercial landlords there recover relatively quickly from the pandemic. Faced with a building glut, their peers in New York may not be so lucky.
