TOG opens what it claims is Central London’s tallest mass timber office building

TOG opens what it claims is Central London’s tallest mass timber office building

by • Environment, News, Property

Flexible office provider TOG has announced the opening of its first project built from the ground upFlexible office provider TOG has announced the opening of its first project built from the ground up – The Black & White Building, located in Shoreditch. The firm claims that The Black & White Building is Central London’s tallest mass timber office, standing at 17.8 metres high and covering 38,315 sq ft. The workspace has been built using renewable materials and innovative construction methods, which TOG claims results in embodied carbon creation being reduced by 37 percent compared with a concrete structure of the same size. More →

Commercial property values and returns fell significantly in 2022

Commercial property values and returns fell significantly in 2022

by • News, Property

London and UK commercial propertyUK commercial property capital values decreased significantly in 2022, and annual total returns were also down, according to the latest CBRE Monthly Index. Capital values decreased 3.0 percent across all UK commercial property in December 2022. Rental value growth for the month was 0.2 percent and total returns were -2.6 percent. For 2022 as a whole, capital values fell 13.3 percent, and annual total returns were -9.1 percent, according to the report. More →

Three quarters of flexible office operators eye expansion and landlords want a piece of the action

Three quarters of flexible office operators eye expansion and landlords want a piece of the action

by • Flexible working, News, Property

Instant Group flexible officeAround three quarters of flexible office operators globally are looking to expand – primarily in city centres – while 64 percent of landlords want to deliver flexible office solutions, according to The Instant Group’s Future of Flex 2022 flexible office survey. The Instant Group’s annual flexible workspace survey, which is based on providers representing more than 3,700 locations across the globe, also delves into changing occupier motivations within the industry, and how both operators and landlords are reacting to these demands. More →

Lambeth plans major expansion in sustainable office space

Lambeth plans major expansion in sustainable office space

by • Company news, Environment, Property

Lambeth plans major investment in sustainable office developmentsLambeth is set for London’s biggest increase in sustainable office space over the next decade with an estimated six million square feet of extra space for business set to be created. A report commissioned by Lambeth Council details this expansion, how it supports the borough’s growth priorities and delivers space fit for the future of work. The report ‘Lambeth: The Future of Sustainable Work’ sets out how expansion supports the council’s bold ambitions to foster well-paid jobs in growth sectors for the borough’s young people, to achieve its Net Zero by 2030 outcome and to create an environment for local entrepreneurs to flourish. More →

Office sector net zero targets require significant shift in thinking

Office sector net zero targets require significant shift in thinking

by • Environment, Facilities management, News, Property

An image of the Earth from space to illustrate what is at stake for the office sector, which is one of the main contributors to carbon emissionsA new report, Delivering Net Zero Carbon in the Workplace [BCO members only] produced by University College London Consultants (UCLC) for the British Council for Offices (BCO), claims to identify the barriers that businesses are facing as they strive to drastically reduce the carbon footprint of their offices. The report, informed by over 100 office occupiers and building professionals, outlines the measures that those working in the office sector can take to overcome these barriers at what the report suggests is low or zero cost. More →

Lease cycle means West End office market will ‘reset’ by 2025

Lease cycle means West End office market will ‘reset’ by 2025

by • News, Property

An ancient snakes and ladders game board to depict the vicissitudes of the office market in LondonA BNP Paribas Real Estate analysis claims that London’s West End office market is on course to ‘reset’ by 2025 following a major leasing event cycle commencing in 2023, which will see a flurry of renewals, expiries and break clauses executed by both landlord and tenant, which will alter the market as we know it by the milestone year.  According to the firm’s own West End data, 40 percent of the market will have a lease event in 2023 and 2024, with equally large volumes to follow in the two subsequent years. This freedom of tenant movement coupled with a restricted supply line, could drive rents on prime buildings from their current 2022 position of £140 sq ft to £200 sq ft in 2023 and £250 sq ft in 2024, and further into 2025 where the initial cycle ends. More →

Investment in real estate upgrades stalls in face of economic and business challenges

Investment in real estate upgrades stalls in face of economic and business challenges

by • News, Property

An image of some offices to illustrate the challenges facing real estate investors Research by ULI and PwC claims that nearly half of Europe’s real estate leaders are concerned about buildings becoming obsolete in the next five years in the face of long-term upheavals in demographics, climate change, technology and lifestyles. Most of the 900 or so industry leaders that participated are making long-term resources available to address the fit-for-purpose agenda. However, the challenging business environment has reshuffled priorities to financing and high construction costs, and scarcity of resources has made real estate renewal more expensive to achieve, consequently delaying much needed investment. More →

Retrofitting buildings essential to reduce energy costs and combat the global energy crisis

Retrofitting buildings essential to reduce energy costs and combat the global energy crisis

by • Environment, News, Property

A tree lined street to illustrate the green benefits of retrofitting buildingsA new report from JLL claims that rising energy costs are expediting the move toward more efficient buildings. JLL’s Retrofitting Buildings to be Future-Fit research suggests that net-zero carbon (NZC) intervention measures directly impact a building’s bottom line and that failing to decarbonise leads to significant financial risk. For many buildings, meeting 2050 decarbonization targets put forward in the Paris Climate Agreement is grounded in retrofitting current spaces, which can also garner higher rents, reduce financial risk and generate higher occupancy rates and tenant satisfaction. More →

Plans for largest datacentre in Europe approved by London council

Plans for largest datacentre in Europe approved by London council

by • News, Property, Technology

A rendering of the plans for the datacentre in HaveringHavering Council has agreed to move forward with the £5.3bn East Havering project, which will bring Europe’s largest datacentre to the borough in Greater London, delivering a major piece of national infrastructure. The Cabinet agreed for the council and its prospective partner, Digital Reef, to continue to develop the proposals to bring forward the site. This decision means the Council in its capacity as Local Planning Authority can begin to take a view on the appropriate planning route for this project. More →

Hybrid working driving demand for areas with easier commutes

Hybrid working driving demand for areas with easier commutes

by • Flexible working, News, Property, Workplace design

An office cafe to illustrate the new wave of hybrid workingA report from Unispace claims that employees’ new preference for hybrid working has created an immediate need for firms to re-think their real estate footprint. Today, with over 60 percent of office-based employees preferring to work remotely or in a more flexible way, rather than commute to city centres five days a week, employers are considering the greater use or addition of satellite offices to their portfolio. According to the study of 3,000 office workers across Europe, 79 percent of the workforce would be happier to return to the office if it was just five to 10 minutes away from their home, suggesting that satellite offices could be a solution to boost collaboration, socialisation, engagement and staff retention. More →

Responsible capitalism, and space as a service will shape real estate industry over next 20 years

Responsible capitalism, and space as a service will shape real estate industry over next 20 years

by • Environment, News, Property

A flexible office space from Instant Offices, a pioneer of space as a serviceEurope’s real estate leaders have set out a long-term vision for the industry. In this scenario the most successful firms have adopted ‘responsible capitalism,’ the user is the centre of attention, the cycle of demolition and development has been broken, mixed-use is the norm and multi-disciplinary and in-house teams deliver space as a service across a range of sectors. Emerging Trends in Real Estate Europe 2023, the twentieth annual survey of European real estate sector leaders’ expectations by the Urban Land Institute (ULI) and PwC, has looked beyond the year ahead at the trends shaping the industry over the next two decades. This report captures the views of over 900 sector leaders from across Europe. More →

Corporate real estate sector facing up to tough year ahead

Corporate real estate sector facing up to tough year ahead

by • News, Property

A person walks down an empty street in a central business district to reflect concerns about corporate real estateCorporate real estate business confidence and expectations of profitability have dropped to a low level, reflecting widespread industry concerns across an array of indicators for the business, political and real estate environments. Emerging Trends in Real Estate Europe 2023 is the twentieth annual survey by the Urban Land Institute (ULI) and PwC UK of European real estate sector leaders’ expectations for the year ahead. Based on the views of around 900 real estate leaders from across Europe, the report claims that 91 percent concerned about inflation, closely followed by interest rate movements (89 percent) and European economic growth (88 percent). Political uncertainty at the global, regional and national levels are of high concern as well. More →

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