While the pandemic has forced us to change our work habits, a lot of people are wondering what the future of work may look like. What will the impact be on the real estate sector? The impact will not be benign. Vacancy rates have increased, especially in large cities where employees commute to work by public transport. The London office market has been hit by the pandemic driven lockdowns, most notably in the City. We consider the quality of the office portfolio as a key determinant. As older and less-well located properties should and probably will suffer the most, we like the quality of Canary Wharf’s portfolio and suggest exposure to the name.