WeWork has agreed a deal to take over all seven floors of Six Brindleyplace in Birmingham. The deal is the coworking provider’s third in the City this month alone, following deals for 55 Colmore Row and Louisa Ryland House, both in the Colmore Business District in the city centre. The deal for the 97,000 sq. ft. of Six Brindleyplace is believed to be the largest office deal in Birmingham so far this year, bringing its total offering in the city to 200,000 sq. ft.  More →

May 2019 saw a total of 13.3m sq ft of London office space under construction across 98 developments. 60 percent of this space has already been let or is under offer, the highest level to be achieved in over 15 years. This is according to new data from real estate advisor CBRE. Take-up of office space rose above the 10-year average in May 2019, increasing to 1.2m sq ft. There were eighty transactions, of which twelve were greater than 20,000 sq ft in size. The largest deal of the month saw the European Bank for Reconstruction & Development take 358,700 sq ft at Five Bank Street (pictured). More →

Hong Kong Central and London’s West End held onto their top spots in a ranking of the most expensive office market locations in the world at $322 and $220.70 per sq. ft. per year respectively according to the latest Global Prime Office Occupancy Costs report from CBRE. The ten most expensive markets were the same markets as last year, though several have changed positions within the top category. The biggest gainer within the top 10 was Midtown Manhattan ($196.89) in New York City, which climbed to the fourth most expensive market this year from the sixth last year. London City retained its number 10 position on the list at $139.75 per sq. ft. More →

BT has announced that it plans to close more than 270 offices as part of a five-year programme to cut costs by around £1.5bn. The firm says it will retain 30 sites in its real estate portfolio, primarily those “containing modern, future-fit buildings, including corporate offices, contact centres and specialist sites”. BT has announced the first eight locations for its new consolidated offices as part of what it calls the “Better Workplace Programme”, which was first announced in May 2018. The offices will be located in London, Belfast, Cardiff, Edinburgh, Bristol, Birmingham, Manchester and Ipswich. More →

New office building in central London is at a three-year high, with 13.2 million square feet of space under construction, up 12 percent on the figure six months ago, according to the Deloitte Real Estate’s London Office Crane Survey. Some 55 percent of the office space under construction was already let and for larger schemes of over 100,000 square feet, more than three quarters was already committed to, Deloitte said. The survey covers seven major central London office markets – The City, West End, Docklands, King’s Cross, Midtown, Paddington, Southbank – as well as three emerging submarkets – Vauxhall-Nine Elms-Battersea, White City and Stratford. More →