![]() ![]() ![]() To help improve our competitive position in tourism, an independent review of the economic impacts of tax-free shopping would be a welcome move by government. Airbnb occupancy rates, a key indicator of tourist demand, have London well behind at 65% Paris and Berlin in comparison are both above 76%. New York airports have now surpassed 2019 levels with numbers at 104% of benchmark. However, it is in the area of international visitors where London lags behind its peers. Paris hit a remarkable 114% of its pre-Covid-19 numbers in Q1 2023. London has continued demonstrating good progress in public transport usage, which is now at 89% of 2019 levels. Hong Kong vacancy too is in double-digit territory, although with the comparatively late opening up of its economy, this might mark a peak of sorts. Meanwhile, with Manhattan’s vacancy rate over 22%, the pain in its office market shows little sign of receding. Prime office rents in London’s West End have grown by 9% this year. While this measure of joblessness in the capital was the highest for any region of the UK, it was below all the other above-mentioned cities, barring Hong Kong.Įmployment growth is, as of now, still proving to be robust, with London likely to be in a stronger position on this measure than every city apart from Paris. ![]() This is despite the fact unemployment ticked up in Q1. London Property Alliance’s latest Global Cities Survey shows that the London economy has continued to perform modestly, with growth forecasts narrowly preventing recession this year. ![]()
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