Activity in the construction sector rose in the second quarter of the year, despite concerns that political uncertainty surrounding Brexit was holding back investment. The Royal Institution of Chartered Surveyors claims that the market has lost patience with the lack of clarity over Brexit and that clients were beginning to push ahead with projects, albeit tentatively. In its construction and infrastructure survey, a balance of 16 per cent of respondents reported an increase in work, up from 9 per cent in the previous quarter. More →

Her Majesty’s Revenue and Customs (HMRC) today completed the topping out at the 12-storey office where HMRC will establish a new Regional Centre. HMRC has also leased a further 58,000 sq. ft. to become the sole tenant of the 300,000 sq. ft. development next to Westfield Stratford City. The topping-out ceremony was attended by senior executives from Unibail-Rodamco-Westfield, HMRC and Legal & General, which has funded the development. the offices are located above the shopping centre at Westfield Stratford City. Works continue with completion of the facade and internal works, in preparation for handover of office floors for final fit out by HMRC. More →

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 →