July 11, 2019
Enthusiasm among international investors for the UK commercial property market has continued to wane over the past quarter, according to BrickVest’s latest commercial property investment barometer. According to the data ,capturing the views of over 6000 international professional real estate investors, only 27 percent view the UK as their preferred market, a 4 percent fall in the past 12 months. (more…)
July 8, 2019
Demand for flexible office space in Paris is almost double the global average, according to a report by Instant Offices. With demand for office space on the rise in Paris, serviced offices have seen a 26 percent increase while hybrid space has seen a 23 percent increase. While the city ranks fourth globally by the size of supply, Paris is considered to be one of the largest flexible office markets in Europe and ranks among the top 10 best start-up cities in the world. Alongside New York, San Francisco and London, Paris also remains one of the most expensive places to rent a desk. Despite this, demand in the city is on the rise as more large businesses choose flexible offices over conventional leases. (more…)
June 26, 2019
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…)
June 25, 2019
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…)
June 21, 2019
The latest research from JLL, Disruption or distraction, where next for the UK flex market sector, claims that the real revolution of flexible office space lies in the variety of solutions now on offer and that the market has seen more changes over the last three years than the previous 30 combined as it continues to grow and evolve. JLL’s research claims that over the next five years more than 10m sq ft will be added to the stock in the key UK cities and flex space will account for over 8.5 percent of the total office stock by 2023. (more…)
June 21, 2019
HSBC has agreed a deal to locate more than a thousand members of London staff in a WeWork coworking space in London. WeWork confirmed to the Financial Times that the bank has signed up for 1,135 desks at its new building at 2 Southbank Place. The move is further proof of how coworking has become a mainstream option for large corporations as they seek to get more value our of their property and introduce new working methods. HSBC’s corporate real estate team and other staff already work from coworking spaces, but the new deal marks a step change in its strategy.
Image: WeWork’s existing coworking space at Waterloo
June 20, 2019
EDGE Technologies, the specialist developer best known for its groundbreaking The Edge building in Amsterdam has announced its entrance into the UK commercial property market with the £50m acquisition of 60 St Thomas Street on London’s South Bank. The acquisition is subject to planning permission, which EDGE will pursue in partnership with the seller. The partners will consult closely with Southwark Council and the local community. After completion of the development – four to five years from now – 60 St Thomas Street will be an optimised office environment and a new workspace fit for the future. (more…)
June 20, 2019
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…)
June 11, 2019
An analysis of commercial property sales during the first quarter of 2019 from the Scottish Property Federation (SPF) claims that total the value of sales in Scotland fell by 21 per cent compared to the same period in 2018. The drop in value was largely driven by fewer high-value transactions for this period, with the number of £5m+ sales down by nearly one-third compared to Q1 2018. (more…)
June 6, 2019
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…)
June 5, 2019
The world is changing. Often without sense, often at startling speed. I need not mention the ‘B word’. However, there is a risk that this volatility leads to us being too negative. Today, too many people are speaking with too much pessimism. Don’t believe me? Try logging onto Twitter. In these challenging times, we need to also look at our strengths and celebrate areas where things are going well. The UK’s workplaces sector is one example of this, as shown by the BCO’s recent regional awards. (more…)
June 19, 2019
Coworking is now the key driver of change in property market
by Daniel Wright • Comment, Property, Workplace design