$TRUMP
Grosvenor Group CEO Mark Preston has criticized U.S. President Donald Trump’s tariff policies, describing them as “nonsense and stupid,” and warning they will cause widespread economic harm. Leading one of the UK’s oldest property firms—with holdings in Mayfair, Belgravia, and international build-to-rent developments—Preston cautioned that while the trade dispute may eventually subside, its impact will be felt from London to American Chinatowns.
Although Grosvenor has not yet experienced direct repercussions, Preston emphasized that protectionist measures are ultimately detrimental to all economies, including that of the United States. He referenced historical precedents, noting that prior attempts to impose trade barriers have typically yielded to broader accords, such as the General Agreement on Tariffs and Trade, which fostered global commerce.
Despite current global uncertainty, Grosvenor’s performance has remained robust. Underlying profits rose 16.5% to £86.4 million, driven by disciplined cost management and renewed demand for London office space. Portfolio occupancy reached 97%, with UK offices nearly fully let, and residential and retail properties achieving 95% occupancy. Dividend payouts increased to £52.4 million, and UK tax contributions rose to £71.7 million.
Preston observed a trend toward “hybrid normality” in office leasing, with firms seeking smaller, higher-quality spaces. Meanwhile, U.S. Chinatowns face immediate challenges from the tariffs, as many small businesses reliant on Chinese imports report steep cost increases. Absent a lasting resolution, many risk closure.
Nonetheless, optimism endures. Preston remains confident that such policies are unsustainable, and merchants like New York’s Cory Ng express faith in the resilience of their communities.