Planning permission has been granted for a new 27-storey office building at 1 Bank Street, Canary Wharf in London. The new 700,000 sq ft office building will comprise office space, three levels of trading floors, a retail unit at ground level, a free-standing retail kiosk on South Dock Promenade, public realm, planting and landscaping and basement car and cycle parking. There will also be public access to a new promenade along the South Dock. According to developers Canary Wharf Group, the new offices will provide capacity for an additional 5,837 full-time equivalent jobs. French bank Société Générale, has already agreed a lease for 280,000 sq ft of 1 Bank Street, covering the ground and first to seventh floors on a 25 year lease. Tower Hamlets also granted Canary Wharf Group outline planning permission for just over 1 million sq ft of space at 1 Park Place.

With 2015 set to be a ‘stellar year’ for regional city growth, commercial property adviser GVA has compiled key statistics on Grade A office markets for the top nine UK cities. Manchester and Edinburgh topped the charts in terms of Grade A take-up in 2014, on 401,406 sq ft and 333,351 sq ft respectively, while Newcastle was at the bottom on 64,000 sq ft, just behind Liverpool on 67,199 sq ft. Edinburgh and Glasgow led the way in terms of immediately available space and Edinburgh also saw the largest leasing transaction in 2014 with the 108,564sqft deal signed by Standard Life Investment. Manchester (614,000) and Leeds (487,650 sq ft) top the heap in terms of Grade A space under construction. Meanwhile Manchester and Birmingham top the prime rent pile at £32 and £30 per sq ft for prime Grade A space respectively.

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Europe’s commercial property market ‘sizzled’ during 2014, according to a new report by Real Capital Analytics (RCA). Europe saw 213.1 billion euros of commercial real estate transactions in 2014, a rise of 13 percent over 2013. Paris led France to a 31 percent rise, although the French capital accounted for three quarters of demand. In contrast, demand in London fell 3 percent as high prices led investors to British regional markets, with the UK market overall up 16 percent. A similar trend emerged in Germany, where volumes in Berlin, Munich and Hamburg fell, while markets in the Ruhr, Cologne and Stuttgart strengthened. Most improved were commercial property markets in Ireland and Spain, where investment volumes soared 89 percent and 134 percent respectively.

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