Investment in London commercial offices unlikely to be changed by Brexit

Investment in London commercial offices unlikely to be changed by Brexit

by • Cities, Facilities management, News, Property

London’s commercial office appeal unlikely to change because of BrexitInvestment in City of London offices is up by 7.6 percent for the same period last year reaching £9.47 billion as of the end of October 2018 – while the West End market is on track to reach at least £7.4 billion before the year is out. This is up on the £7 billion turnover seen in 2017, according to Savills. Stephen Down, executive director and head of Savills Central London investment team, says: “Demand for central London offices has remained buoyant throughout 2018. While we may not see the year set any new records, annual volumes look set to either surpass or draw very close to those of 2017. More →

New report writes an obituary for the commercial office lease

New report writes an obituary for the commercial office lease

by • News, Property

A new white paper from Magenta Associates (registration required) explores the fate of the traditional commercial office lease in the context of deep social, political and economic changes. Earlier this year, a group of senior corporate real estate (CRE) and facilities management professionals were invited to participate in a roundtable, led by author of The Elemental Workplace Neil Usher, to discuss whether time is up for the traditional commercial office lease and how viable alternatives might look in the future.

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Proportion of flexible space within corporate portfolios to increase dramatically

Proportion of flexible space within corporate portfolios to increase dramatically

by • Coworking, Facilities management, Flexible working, News, Property

Proportion of flexible space within corporate portfolios to increase dramatically

Despite the proliferation of coworking and serviced office operators the majority of global corporates still occupy office space on a traditional lease model, with two thirds of companies in a survey by Knight Frank reporting that co-working, serviced and flexible office space comprise 5 percent or less of their current office space. Knight Frank’s Your Space report, which surveys senior executives at 120 global companies which collectively employ in excess of 3.5 million people worldwide and occupy an estimated 233 million sq ft of office space, found that just a small minority, less than 7 percent, said that flexible workspace exceeds a fifth of their total workspace. More →

A quarter of corporate global workforce could inhabit coworking space within five years

A quarter of corporate global workforce could inhabit coworking space within five years

by • Coworking, News, Property

Over the next five years, corporate real estate professionals are set to dramatically increase their use of coworking spaces to house employees, according to a survey conducted at the CoreNet Global Summit in Boston. According to the results, the percentage of employees at respondents’ companies utilising coworking spaces such as that offered by WeWork (pictured) has doubled over the past two years. The survey was conducted by Cushman & Wakefield and CoreNet Global during the course of the three-day summit and was completed by more than 220 corporate real estate executives and industry service  providers.

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Flexible office market to grow by a third each year for next five years

Flexible office market to grow by a third each year for next five years

by • Facilities management, Flexible working, News, Property, Workplace design

Gig economy leading to growth of flexible office space says JLLThe gig economy has helped lead to the doubling in size of the flexible office space sector since 2014 and it’s set to grow by up to 30 percent per year over the next five years claims new research published by JLL. Disruption or Distraction, a report delving into the growth of flexible office space across Europe explores the main drivers of the sector’s boom – including evolutionary changes in how, when and where people work, shifts in lifestyle, and rapid advancements in technology – and provides unique insights into the risks and rewards for both companies and real estate investors in Europe. More →

Office take-up in Central London looks set to grow despite Brexit looming

Office take-up in Central London looks set to grow despite Brexit looming

by • Cities, Facilities management, Flexible working, News, Property

Continuing demand for office space within the Central London commercial property market has helped dispel pessimism about the future of London post-Brexit, according to the latest figures from Savills. Take-up of office space in the City of London reached 5.1 million sq ft at the end of the third quarter of 2018, just 1 percent down on the same point in 2017 and 18 percent up on the 10-year average, while the amount of office space under offer in London’s West End market was 1.9 million sq ft as of the end of September, a new record, which challenges the view that the market is in danger of decline. More →

CBRE launches its offering for the flexible office sector

CBRE launches its offering for the flexible office sector

by • Company news, Property

CBRE, one of the world’s largest commercial property firms has launched a flexible office service that will compete with groups such as WeWork and IWG, who own the Regus brand, for corporate tenants. The company has appointed a former Zipcar executive, Andrew Kupiec, to head Hana, a new wholly owned subsidiary that will operate flexible offices aimed mainly at larger corporate clients. Unlike its competitors Hana will not lease office spaces from landlords; instead, it will partner with them through joint ventures.

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Channel 4 confirms Leeds as National HQ with Bristol and Glasgow as Creative Hubs

Channel 4 confirms Leeds as National HQ with Bristol and Glasgow as Creative Hubs

by • Cities, News, Property

Channel 4 has confirmed that Leeds will be the location of its new National HQ with Bristol and Glasgow as the locations of its two new Creative Hubs. Channel 4 announced its 4 All the UK strategy in March 2018, the biggest change to the structure of the organisation in its 35-year history. At the heart of it is a significant increase in the organisation’s Nations and Regions content spend – from 35 percent to 50 percent of main channel UK commissions by 2023, worth up to £250m more in total.

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Businesses may be blowing billions on unused office space

Businesses may be blowing billions on unused office space

by • News, Property

Big businesses in England and Wales are squandering £10 billion a year on under-used office space, a new study claims. The report by flexible workplace specialist Abintra draws together data from its work with more than 100 corporations worldwide. In London alone, it claims that the cost of office space being under-utilised is more than £4 billion annually with large firms in other regions collectively ‘squandering’ billions more. More →

Top global industries leading the way in remote work

Top global industries leading the way in remote work

by • Features, Flexible working, Property

More business owners are swapping rigid 9-5 schedules and traditional office environments in favour of flexible space and remote work as an option for saving costs, retaining employees and encouraging a healthy work-life balance. With this in mind, Instant Offices has investigated what industries are leading the way for remote working and how to overcome the typical challenges of managing a remote team.

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The workplace world responds to the UK Autumn Budget

The workplace world responds to the UK Autumn Budget

by • News, Property, Workplace

Yesterday, the Chancellor Philip Hammond announced the details of the UK government’s latest budget. While Brexit and austerity inevitably cast their shadows over the whole thing, there were a number of announcements relevant to the workplace, construction, tech and built environment sectors, some of which have been broadly welcomed by commentators, industry bodies and experts. Some are decidedly less popular. Among the announcements in the budget were new plans for infrastructure and property, skills and training, tax regimes for the self-employed, productivity, business rates and mental health.

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Flexible workspace market in Asia-Pacific outpaces global markets

Flexible workspace market in Asia-Pacific outpaces global markets

by • Flexible working, News, Property

The flexible workspace market in Asia-Pacific has been the fastest growing in the world over the past 12 months, according to a new study from Instant Offices. Supply of flex centres in the regions key cities has grown consistently above 15 percent with the only inhibitor to growth being a lack of available space for expansion. Supply of flex space increased by 16 percent over the last year with an estimated 8,600 centres now providing flexible office solutions across the APAC region. This influx of capital to the flex market, alongside increasing levels of demand from clients for flexible offices, has enabled rapid expansion in a short period of time. Of the 10 largest global markets for flexible office space, which incorporates co-working, executive suites, serviced offices and hybrid space, six now fall within Asia Pacific.

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