Square Rooted: London Offices Upgraded; BLND Buy (Hold); SGRO Hold (Buy)

London office forecasts are upgraded as flex space EBITDAs recover, subletting is low, we expect space freed up by working from home will be absorbed by lower desk densities, and the supply pipeline is increasingly constricted. We expect a 'reverse square root' recovery followed by bumpy corrugations (Exhibit 1). We upgrade BLND to Buy (Hold) and downgrade SGRO to Hold (Buy).

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