Risk

Concentration, correlation and capacity exposure

Tenant Concentration Curve

Cumulative footfall share by tenant

Risk Metrics

Concentration snapshot

HHI IndexMODERATE

770

0 Low1500 Mod2500 High

Top 3 share37.6%

Top 5 share52.8%

Top 10 share70.9%

Largest tenant

CFC (19.4%)

High risk

Inter-Tenant Correlation Matrix

How synchronised each pair of tenants are on a daily basis (Jan–Apr 2026)

Move together (same busy days)No relationshipMove opposite (offset schedules)Diagonal hidden — a tenant always matches itself

	CFC	HFW	SCOR	Proskauer Rose	Huckletree	King and Splading	Atrium Underwriting	TSB Bank PLC	CLSA	Helios Towers
CFC	—	0.58	0.74	0.35	0.70	0.31	0.62	0.55	0.34	0.52
HFW	0.58	—	0.60	0.52	0.42	0.53	0.35	0.65	0.33	0.57
SCOR	0.74	0.60	—	0.48	0.71	0.43	0.55	0.53	0.29	0.61
Proskauer Rose	0.35	0.52	0.48	—	0.33	0.57	0.19	0.20	0.43	0.57
Huckletree	0.70	0.42	0.71	0.33	—	0.22	0.59	0.49	0.14	0.56
King and Splading	0.31	0.53	0.43	0.57	0.22	—	0.28	0.27	0.60	0.40
Atrium Underwriting	0.62	0.35	0.55	0.19	0.59	0.28	—	0.54	0.24	0.26
TSB Bank PLC	0.55	0.65	0.53	0.20	0.49	0.27	0.54	—	0.13	0.38
CLSA	0.34	0.33	0.29	0.43	0.14	0.60	0.24	0.13	—	0.33
Helios Towers	0.52	0.57	0.61	0.57	0.56	0.40	0.26	0.38	0.33	—

Read each cell as: how often these two tenants are busy on the same days. High pairs (e.g. CFC ↔ SCOR ≈ 0.74) cluster their busy days together — concentrating amenity, lift and catering load. Low or negative pairs naturally smooth demand across the week.

Tenant Growth vs Decline

Jan → Mar trajectory

Growing

Bentley Systems

+26.8%

TSB Bank PLC

+18.6%

King and Splading

+18.3%

Proskauer Rose

+13.1%

HFW

+11.1%

Huckletree

+8.7%

Atrium Underwriting

+6.6%

Stanhope

+5.9%

Declining

Pricoa

-11.8%

First Abu Dhabi Bank

-11.1%

Faegre Drinker

-9.7%

Harmonic

-5.0%

Mewburn

-4.8%

SThree

-4.6%

Shinhan Bank

-1.6%

Desk Utilisation by Tenant

Core-day average vs estimated capacity