London office rents predicted to stay strong provided there’s no Brexit

London office rents predicted to stay strong provided there’s no Brexit 0

by • Cities, Facilities management, News, Property

City of London BrexitThe continuing imbalance between the supply and demand for office space throughout London is resulting in a shift in the balance of negotiating power away from tenants, according to the latest London Office Update from Carter Jonas. Rents across Central London have, on average, risen by over 50 percent over the last five years in the West End, Midtown and South Bank office markets, and by over 30 percent in the City of London. Rent free periods have typically fallen by up to six months over the same period. In the next 18-24 months, the trend will continue to be higher rents and shorter rent free periods as availability remains low. While some occupiers may leave London altogether, others may adopt a ‘spoke and hub’ strategy, whereby back office functions relocate to peripheral, lower cost, areas while ‘client facing’ operations are retained in Central London. This prediction assumes that Britain rejects Brexit however, and there are no major economic shocks.

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Ageing workforce requires employers to better address skills gaps

Ageing workforce requires employers to better address skills gaps 0

by • Events, News, Workplace

Three day working weekThe Government’s 2016 Working Futures report revealed that the total number of jobs in the UK is expected to rise by 1.8 million between 2014 and 2024, while the working age population (16-64) is expected to increase by half this amount. Now a policy event being held in London by the Westminster Employment Forum will draw attention to the growing challenge faced by business leaders as the UK workforce continues to age. According to figures from the CIPD, 9.4 million people in employment in the UK are over the age of 50, equivalent to over 30 per cent of the workforce. The Open University is advising that, with employees staying in work longer, business leaders need to ensure that workers have the right access to education and the skills to remain competitive and productive at all stages of their careers. Ageing Workforce in the UK, will explore what steps need to be taken in order to adapt to this demographic shift.

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US small business owners still cling to ‘office basics’, claims study

US small business owners still cling to ‘office basics’, claims study 0

by • News, Products, Technology

9d5c0df1bfd9da2178e869944ba0d87dSmall businesses still rely heavily on the traditional working environment, according to the 2016 Business Survey from office equipment maker Brother. The report says these businesses are open to adopting next-generation cloud based and mobile technology, but they’re also ‘holding on to’ what it calls office basics such as printers, scanners and faxes. Over half (58 percent) of small businesses’ daily work tasks still require a physical office presence and 91 percent of small business owners currently have a printer, scanner, copier or fax machine within their work space. The need for these devices is confirmed in the data showing 43 percent of this same group use a printer, on average, 10 or more times per day.  The online survey of 509 small business owners in the US claims that the attachment to traditional devices does not mean that firms aren’t adopting new tech, but rather that they are trying to ‘have the best of both worlds’.

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Younger and older workers share many of the same attitudes to the workplace

Younger and older workers share many of the same attitudes to the workplace 0

by • Flexible working, News, Technology, Workplace design

presenteeismThe behaviour and attitudes of young people in the workplace are very similar to those of older generations. We keep repeating this point but it’s always worth reminding ourselves given the prevailing narratives that obscure this truth. Indeed, so powerful is the narrative that even when a piece of research or a survey contradicts it, there is often an attempt to ignore the report’s own finding’s in favour of something that fits the meme. This happens more often than you think which is why it’s always worth going beyond the headlines to look at what lies beneath. This week, two reports have appeared which highlight just how much a younger generation of workers shares the same attitudes and challenges as other generations. According to the reports, this is true for issues such as presenteeism and the need for the company of colleagues and so suggest we don’t need to treat different age groups quite so differently as is often claimed.

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Homeworking loses appeal as workers prefer flexible office environment

Homeworking loses appeal as workers prefer flexible office environment 0

by • Facilities management, Flexible working, Furniture, News, Workplace design

Flexible working loungeMost workers now look for flexibility in where and how they work finds a new survey from the British Council for Offices. But this doesn’t mean homeworking; as less than a third (28 percent) of workers now say they would prefer to work from home, a figure that has dropped from 45 percent in 2013, when the research from the BCO and Savills was last conducted. Over three-quarters of respondents (77 percent) said that they currently work in a traditional office, with the majority (60 percent) choosing to work from a dedicated workstation compared to only four percent that are asked to share desks with colleagues. This desire for a dedicated desk has increased over the past three years, rising from a figure of 41 percent in 2013; but despite demand for a dedicated desk, most workplaces (70 percent) now also include a communal environment to work from, providing a space for more dynamic working.

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London market for flexible workspace outstrips conventional space

London market for flexible workspace outstrips conventional space 0

by • Cities, Facilities management, Flexible working, News, Property

flexible workspaceThe UK market for flexible workspace has grown 11 percent in just the last 12 months. The main driver of the upsurge is inevitably London, which saw the biggest increase of flexible space at 16 percent and now represents a third of the whole UK market. According to the new research by The Instant Group, traditional occupier inquiries for London grew at a lower rate (nine percent), meaning the supply of flexible workspace in London has outstripped conventional office space by some margin over the last year; a trend the report suggests that seems set to continue into the future. Double digit growth for flexible workspace was also been seen across the UK’s regions, with suburban locations seeing some of the UK’s most aggressive growth in terms of workstation rates and inquiries, despite a 12.5 percent increase in supply, as occupiers have chosen cheaper locations with good transport links over the highly competitive market in central London.

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Most likely scenario of a Brexit vote is minimal impact on employees 0

by • Comment, Legal news, News, Workplace

A more nuanced and balanced view from both leave and remain campaigns on how the EU Referendum will affect employees is needed, a leading HR authority has warned. Commenting on how the outcome of the EU Referendum will affect employees, Professor of Human Resources Chris Rowley, at Cass Business School, said: “The deluge of increasingly extreme polar dichotomy arguments and claims regarding possible post-Brexit life also applies to the critical area of work and employment where the Remain and Leave camps have some of their greatest internal tensions and contradictions. Both sides betray a lack of historical and contemporary grounding and analysis of both employee relations and politics. One problem is that there is much counterfactual argument of causation – what would have happened anyway.” In the short term and possibly even in the longer term he says that a Brexit vote would be unlikely to impact employment law, as so much is already enshrined at work.

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New workplace technology will automatically adapt offices to needs of staff

New workplace technology will automatically adapt offices to needs of staff 0

by • Case studies, Facilities management, News, Technology, Workplace design

workplace technologyA new generation of workplace technology that allows the working environment to adapt to the needs of individuals will attract people to work in offices and contribute to their productivity, wellbeing and happiness. That is the key finding of a new report from US office furniture giant Haworth. According to the white paper Enabling the Organic Workspace: Emerging Technologies that Focus on People, Not Just Space a new generation of sensors will measure how offices are used and allow them to adapt on a day to day basis by changing temperature and lighting levels and responding to employees’ needs and influencing their behaviour in other ways. The white paper suggests this will be a development of existing technologies in the way it adapts the immediate working environment to the specific needs of  an individual or group. This might even entail using biometrics to assess their psychological and emotional needs, according to the report.

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Biggest risk to company cyber security is mainly staff carelessness

Biggest risk to company cyber security is mainly staff carelessness 0

by • Facilities management, News, Technology, Workplace

Cyber securityBad habits and a lack of awareness about security mean that employees are inadvertently leaving companies’ cyber doors wide open to attack. New research by Norrie Johnston Recruitment (NJR); which forms part of NJR’s cyber security report: how real is the threat and how can you reduce your risk, shows that 23 percent of employees use the same password for different work applications and 17 percent write down their passwords, 16 percent work while connected to public wifi networks and 15 percent access social media sites on their work PCs. It’s not that people are unaware of the cyber threat. The research also shows that just over 50 per cent have experienced a cyber scam in the last twelve months. 29 have received a fake email from PayPal, Apple or a bank, 12 percent have been targeted by a Facebook scam and 7 percent have clicked a link that put a virus on a PC.

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Edinburgh most attractive city for commercial property investors outside London 0

by • Cities, News, Property

Edinburgh is the most attractive British location for commercial property investment outside of London, according to new research by law firm and real estate consultancy Morton Fraser. Research amongst investors by the law firm’s commercial real estate division ranks a list of ten British cities outside of London according to their attractiveness as investment options. Edinburgh, Bristol and Manchester are the most appealing regional locations for investors, based on an indexed score of how many more investors found them attractive propositions compared to those who did not. However, the remaining seven cities did not appeal to the majority of investors, with more rating them an unattractive investment proposition rather than an appealing one. Aberdeen is rated the least attractive location for investors, coming after its energy-dependent economy was hit by falling oil prices, leading to thousands of job losses and the contraction of the oil and gas industry.

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Tech sector drives demand for office space in London’s City fringes

Tech sector drives demand for office space in London’s City fringes 0

by • Cities, News, Property, Technology

Derwent’s White Collar FactoryLondon’s City Fringe market, the once ‘cheap’ office location of Central London has matured into a leading global tech address and, with a number of new mixed use developments underway and more planned, its success is set to continue. According to data from Savills, average Grade A rents in the area have increased by 87 percent in the last six years with the best new office space now trading at a discount of only 3.5 percent to the same quality of building in the City Core (a saving of circa. £1 per sq ft). According to Savills research, the first quarter of 2016 saw average Grade A rents in the City Fringe reach £59.42 per sq ft (compared to £61.60 per sq ft for non-tower Grade A office buildings in the City Core).  This pattern is accelerated by new office developments including Derwent’s White Collar Factory and Helical Bar / Crosstree’s Bower Development, both EC1, and key deals to Adobe, BGL Group, Stripe Limited and CBS Interactive.

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JLL survey claims occupiers and investors think voters will shun Brexit

JLL survey claims occupiers and investors think voters will shun Brexit 0

by • News, Property

BrexitAccording to a new survey from JLL of top international corporate occupiers and UK-based investors into their business attitudes to the EU referendum, 80 percent held the view that the UK will vote to remain in the EU. The survey claims that investors are less fearful of impact of Brexit on their long term property strategies than corporate occupiers and that the London office market is viewed as the property sector that would be most impacted by a vote to  leave. The survey also revealed attitudes of corporates and investors to future property market decisions in the event of a Brexit.  60 percent of the investors surveyed felt that there would be no changes to their property strategy in the short or long term as a result of a leave vote. Only 30 percent expect reduced allocations in UK property. Of the corporate occupiers surveyed, almost half foresaw they would need to review their UK business space in both the short or long term.

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