April 1, 2019
RICS’ new commercial property service charge rules come into effect today
New service charge rules which aim to ensure there are no hidden costs and clarity around disputes, come in to force today (1 April 2019) and are mandatory for RICS professionals. ‘Service charges in commercial property’ has been developed with industry leaders, including major property organisations and professional bodies to secure transparent, upfront and fair costs for businesses as part of the maintenance and upkeep of their building. Amongst the rules, any charges incurred by the tenant must be explained fully at the outset and in accordance with the terms of the occupational lease, whilst any upkeep costs not specifically mentioned or explained in a lease must be made irrecoverable from the tenant.
Alongside the uncertainty surrounding Brexit there have been many predictions that London will be particularly hard-hit by the economic fallout. However, a new analysis by 
RICS and CBRE have announced the publication of a new book: Managing Diversity and Inclusion in the Real Estate Sector, which will be launched at 
The volume of transactions in London’s West End was down 45 percent, the lowest for January in over 10 years. This is to be expected with the continued ongoing Brexit negotiations, according to Savill’s, who expect to see a lower volume of transactions complete over the first quarter of this year. Despite this, space under offer still remains well above the long-term average, with 237,000 sq ft going under offer during the month. This held the overall total at just over 1.2m sq ft, giving a strong indication that leasing activity over the course of 2019 will remain robust. Pre-lets accounted for 42 percent of the overall sq ft let in January and there were five transactions to the Insurance & Financial sector and four to the Tech & Media sector.
Many built environment businesses are adopting increasingly ambitious sustainability commitments reports the UK Green Building Council in its third annual report ‘Leading the Way’. This presents trends and analysis from research conducted as part of UKGBC’s annual Sustainability 360 Reviews, which look at sustainability trends and insights amongst UKGBC’s 50 industry-leading Gold Leaf member businesses.
The office sector in Belfast has enjoyed its most successful year on record, with 885,023 sq ft of take-up reported across 84 transactions, more than double that was achieved last year, according to CBRE’s Offices Marketview research. Notable office deals completed in 2018 include PwC’s move to Merchant Square, Northern Ireland Civil Service to 9 Lanyon Place, Allstate to Mays Meadow, TLT to River House and Baker McKenzie to City Quays 2. According to CBRE Northern Ireland Office the local office market’s record breaking year is an indicator of the resilience of the commercial property market as well as the wider Northern Ireland economy.
