A study of the London office market from Gerald Eve suggests that there is now the highest number of lettings since before the pandemic with activity focused on smaller requirements and environmentally friendly buildings. Lettings between 10,000 and 20,000 sq ft made up a significant portion of demand with 713,000 sq ft (or 23 percent) of all activity, which totalled 3.1m sq ft in Q1. Tenants are now voting with their feet for best-in-class space, with sustainability at the forefront of decision making. Post-covid requirements continue to shape the criteria for office space as subjective business-linked or staff retention demands rank higher than overall cost in the search for office space. (more…)

Six South of England and South Wales workplaces have been recognised at the annual British Council for Offices’ (BCO) Regional Awards. The South of England and South Wales Awards Dinner returned in-person at We the Curious at Bristol Harbourside, recognising the highest quality developments in the South of England and South Wales and setting the standard for excellence in the office sector across the UK. (more…)

The start of 2022 saw a jump in new tenants looking to rent UK commercial property, with the uplift particularly prevalent in prime office space. Investor enquiries across all UK commercial property also continued to rise, according to the RICS Commercial Property Market Survey, Q1 2022. Respondents to the survey saw a notable increase in UK office demand in Q1 2022 with the net balance improving to +30 percent from a flat picture at the end of 2021. A considerable change in sentiment was also seen in the retail sector, as occupier demand moved into relatively neutral territory (-1% net balance), the first time this reading has been neutral or positive since the beginning of 2017. (more…)

Six London workplaces have been recognised at the annual British Council for Offices’ (BCO) Regional Awards. The London Awards Lunch returned in-person to the London Hilton on Park Lane, recognising the highest quality developments in London and setting the standard for excellence in the office sector across the UK. The winning workplaces include:  80 Charlotte Street (Commercial Workplace); Plumtree Court, 25 Shoe Lane (Corporate Workplace); Dojo, The Brunel Building, 2 Canalside Walk (Fit Out of Workplace); ASOS HQ, Greater London House, 180 Hampstead Road (Refurbished/Recycled Workplace); Pennybank , 33-35 St John’s Square (Projects up to 1,500m sq. ); 1 Triton, 1 Triton Square, Regent’s Place (Innovation) (more…)

Larger office occupiers are getting to grips with the fallout following the pandemic and are now reassessing their office property needs, according to a new YouGov survey commissioned by law firm Irwin Mitchell. The survey of over 500 office property decision makers shows that nearly half (46 percent) of large businesses and (39 percent) of medium sized companies plan to rethink their office space- whether by upsizing, downsizing, or relocating. The survey shows that one in five large businesses plan to increase their existing office space, with the same proportion looking to reduce space and 5 percent to relocate. In addition, 11 percent are looking to reconfigure their existing space. While 37 percent plan to stay the same. (more…)

“Whilst rent is the usual indicator of increasing cost, service charge rises and higher capital expenditure will represent the largest contributions towards increased occupier costs in the coming quarters. Even in markets where landlords tend to pay for fit-outs, these costs will eventually be passed on to occupiers later in the form of higher rents. Nonetheless, for many office occupiers the expense is unlikely to deter them from selecting top quality spaces in prime central business districts to attract and retain talent, although they are carrying out extensive data gathering exercises on how employees are using space before making decisions on exactly how much to take.”