It’s no secret that real estate companies and builders are having a pretty tough time at the moment. Today’s updates from British Land and Kingspan, however, point out two bright spots: In the commercial sector, competition for top-notch laboratory sites is hotting up, while in the residential sector, the underlying need for housing never went away.

Here’s the key business news from London this morning:

In The City

British Land Co.: The commercial landlord saw an “noticeable uptick” in campus viewings over the last few months as prospective tenants compete for the best office and laboratory spaces. Occupancy for the segment stands at 96%, the firm said in a trading update.

• The landlord was demoted from the blue-chip FTSE 100 index in May after its shares fell 35% in a year

Kingspan Group Plc: The building insulation company expects to report a first-half trading profit of about €435 million, slightly ahead of results a year ago.

• The Irish company said that, while activity in the residential real estate sector is muted due to higher interest rates, the “underlying need” for housing appeared strong in most markets

Waitrose: London shoppers at the upmarket retailer are now able to order groceries on the Uber Eats app. Five stores in the capital will start the tie-up, which will be rolled out to 200 branches across the UK by the end of August.

• The move comes at a time of intense food price inflation, where supermarkets have rejected accusations of profiteering by MPs

In Westminster

When it comes to tackling Britain’s inefficient investment industry, Chancellor Jeremy Hunt has “one foot on the gas and the other on the brake,” writes Bloomberg Opinion’s Chris Hughes. Still, one piece of good news unveiled in Hunt’s Mansion House speech Monday is his plan to relax the prohibition on investment-banking research being funded by trading commissions, Hughes says.

British retailers, meanwhile, said activity picked up in June as rising prices forced consumers to pay more for food and warmer weather spurred purchases of leisure items from swim wear to barbecues.

In Case You Missed It

The slump in dealmaking cut pay for investment bankers at almost every level of seniority in London last year, a new survey has found. Remuneration for UK-based bankers at Goldman Sachs Group Inc. — the best-paying investment bank in 2021 — fell the hardest in 2022, with associates’ total compensation down 28% and vice-president pay falling almost 25%.

The US private equity firms that have piled into European football over the past few years might, all of a sudden, have a problem in the form of Saudi Arabia.

Finally, here’s a closer look at Europe’s most chaotic airports — a list which is topped by London’s Gatwick.

Looking Ahead

The Bank of England takes centre stage tomorrow morning when it’s expected to publish a fresh assessment of system risks in Britain’s financial system as well as banks’ stress test results. Data today showed UK wage growth held at a level the BOE has said is fueling inflation, maintaining pressure for higher interest rates.

We’ll also get an update from recruiter PageGroup Plc, whose results are sure to be scanned for any colour on where global jobs markets might be headed.

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