Record demand for London West End offices boosted by tech and media firms

Record demand for London West End offices boosted by tech and media firms

by • Facilities management, News, Property, Technology

Spotify has acquired offices at The AdelphiTake up of new commercial offices in London’s West End in September 2017 hit the highest quarterly total on record – with tech and media firms, along with serviced office schemes being the most active, according to figures from real estate advisor Savills. The take-up was 857,259 sq ft (79,639 sq m) – bringing total take-up by the third quarter to 1.62 million sq ft (150,498 sq m). Leasing activity in the third quarter of 2017 brings total take-up year to date, to 3.99 million sq ft (370,671 sq m), which already surpasses 2016’s total annual take-up (3.97 million sq ft) and places the West End in a strong position to exceed the record 4.3 million sq ft (399,470 sq m) amassed in 2015. Key deals that helped elevate the market included: Aegis pre-letting the entire 310,000 sq ft (28,799 sq m) at British Land’s 1 Triton Square; The Boston Consulting Group pre-letting 123,500 sq ft (11,473 sq m) at 80 Charlotte Street and Spotify acquiring 104,133 sq ft (9,674 sq m) at The Adelphi.

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Technology will create a brave new world for corporate real estate

Technology will create a brave new world for corporate real estate

by • News, Property, Technology

In their new industry report, A Brave New World: Innovating Real Estate, Holtby Turner Executive Search explore the ways innovation and digital disruption are impacting corporate real estate. The report sets out to examine real estate’s relationship to technology, and technology’s relationship to innovation. Insights on leadership through the uncertainty of digital disruption are covered in chapters from well known PropTech influencers such as Antony Slumbers, Faisal Butt and James Dearsley alongside interviews with real estate leaders from Hammerson, PGIM, M7, CBRE and Workspace Group. According to Antony Slumbers: “the days of IT are over: every business is a technology business. The differentiator going forward is knowing which technologies you can use to complement your human ingenuity, skills and creativity in the service of a robust, solid and scalable business.”

Seven workplace stories you should read this week

Seven workplace stories you should read this week

by • Features, Flexible working, Property, Technology, Workplace design

Poland has a rapidly ageing population but has just cut its state retirement age

Why IBM is bucking the trend and demanding its workers return to the office

US cities are offering all sorts of incentives for Amazon to move there

India is looking to create ten billion sq. ft. of green smart cities

WeWork’s $20 billion punt on the future of work

Does colour really affect the way we think and behave?

The silent killer of productivity and wellbeing is lack of civility

Top UK workplaces honoured at BCO national awards ceremony

Top UK workplaces honoured at BCO national awards ceremony

by • News, Property, Workplace design

London workplaces dominated at this year’s annual British Council for Offices National Awards dinner last night as a record six awards went to offices in the capital. London’s Sky Central was awarded the Best of the Best workplace at the British Council for Offices’ (BCO) annual National Awards in London last night. The office was also recognised as the Best Corporate Workplace in the UK, joining a list of six other award winners recognised for excellence in office space. Sky Central was praised by judges for bringing 3,500 of Sky’s workforce under one roof at their landscaped campus near Heathrow, West London. The judges were impressed by the building’s eighteen 200-person workspace neighbourhoods, arranged around six cores that resurrect ‘Büro Landschaft’ inspired planning rules. Judges also commended the vast array of services and amenities on offer, including six restaurants and cafes, a 200-seat state of the art cinema, 200-person event space and a technology ‘lounge’. We know all about Sky Central and a full write up from Sky’s then Workplace Director Neil Usher can be seen here.

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Offices rents in London skyscrapers and tech hubs are amongst highest in world

by • News, Property

Rents for office space in London skyscrapers are still the highest in Europe, according to a report from Knight Frank, suggesting that the capital remains one of the most sought after business hubs in Europe despite Brexit. Knight Frank has also reported on the costs of office space in East London’s tech hubs and found they are amongst the highest in the world, with rents akin to those seen in the City of London. According to the study, prime rents in London buildings over 30 storeys stood at $110 per square feet over the first half of the year, nearly double the $58 per square feet and $54 per square feet rent for buildings in Paris and Frankfurt respectively.

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Growing concerns about staff wellbeing will transform real estate over coming years, claims study

Growing concerns about staff wellbeing will transform real estate over coming years, claims study

by • News, Property, Wellbeing, Workplace design

The UK commercial property market will be transformed over the next few years as a growing number of firms use their workplaces to address the physical and mental wellbeing of staff, claims a new report from law firm CMS. The report, Smart Healthy Agile, is based around the findings of a survey of 1,000 office workers and 350 real estate firms. It claims that the most common problems associated with office life and sedentary lifestyles, such as weight gain, stress, depression and musculoskeletal disorders are encouraging employers to adopt a different approach to working culture and office design.

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Groundbreaking White Collar Factory building opens in London

by • Company news, Property, Workplace design

Derwent London has announced the opening of White Collar Factory. The firm claims that the project is one of the most visionary developments of recent years, White Collar Factory combines the look of a well-built industrial space with modern office design. Located near Old Street Roundabout in North East London and designed by architectural practice Allford Hall Monaghan Morris (AHMM), the features of the White Colla Factory include 3.5m high ceilings, concrete core cooling, a 150m rooftop running track, communal roof terrace, a new landscaped public space and the ability to accommodate flexible occupation. The 293,000 sq ft mixed-use development includes a 237,000 sq ft office tower, where the first tenants are already in occupation. Tenants include Adobe, AKTII, BGL, Box.com, Capital One, Runpath, Spark44, The Office Group and Workshop Coffee. The tower forms part of a new urban campus with a further 56,000 sq ft of offices, studios, incubator space, restaurants and apartments, set around a new landscaped area of public realm, ‘Old Street Yard’.

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The government announces a major new office for public servants in the West Midlands

The government announces a major new office for public servants in the West Midlands

by • News, Property

Thousands of public servants in the West Midlands will move to a new building in central Birmingham, as the government continues its drive to modernise its office estate. HMRC working with the Cabinet Office has signed a 25 year lease to take 238,988 sq ft at 3 Arena Central, which is a new office development in the centre of Birmingham. The building will see around 3,600 public servants from several government departments move there from 2020, including from HMRC and Department for Work and Pensions (DWP). The hub will be the base for one of HMRC’s regional centres. DWP plans to move staff into the hub from existing offices in the city. The move is part of the Government Hubs Programme, which will reduce the number of isolated and under-used offices that the government has by co-locating departments in shared buildings across the UK. Departments moving to hubs will need less space as they adopt smart working principles, which will reduce their operating costs. Providing modern, flexible office space will further deliver value for money by improving staff wellbeing and productivity

London faces potentially large loss of office stock under office-to-residential conversion rights

London faces potentially large loss of office stock under office-to-residential conversion rights

by • News, Property

A total of 13.3 million square feet of London office space could be lost to office-to-residential conversions carried out under new Permitted Development Rights introduced in 2013, according to new research published by the British Council for Offices (BCO). This figure comprises of 7.5 million ft² of office space in London which has already been converted to homes since the introduction of the rights, with a further 5.7 million ft² of conversions in the capital having approval. An average of 2 million ft²/year has been converted each year since the rights were introduced in 2013, or 0.7 percent of the total London office stock.

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The mega trends that continue to reshape the workplace around the world

The mega trends that continue to reshape the workplace around the world

by • Events, Features, Property, Technology, Workplace design

Last week, over 600 workplace and property experts met in London at the CoreNet Global Summit 2017 to discuss some of the most important trends affecting the sector. The debates underlined one important fact about property and workplaces, which is how they are shaped by major, globalised events as much as they are local needs and the objectives of specific organisations. This quickly became evident on day one, which demonstrated how dramatic shifts in the geopolitical landscape, all of which are impacting corporate real estate – from America First to Brexit – remain key talking points for the industry. Opening speaker Linda Yueh (University of Oxford and London Business School) explored several possible scenarios, including how the focus of ‘Trumpism’ would have a significant effect on the U.S. role on the world stage, with the priority on the domestic economy leaving little scope for global trade. She also predicted that a ‘hard Brexit’, with no new trade deal with the EU, will be the most likely outcome for the UK’s withdrawal process; and that businesses will need to focus on alternative WTO rules as an urgent priority. Other impacting factors covered by Yueh included the rise of a dominant global middle class, and China’s need to rebalance its economic growth drivers.
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Regional office property market benefits from growth in office based employment

Regional office property market benefits from growth in office based employment

by • Cities, Facilities management, News, Property, Public Sector

GPU New Waverley offices in EdinburghStrong demand and a lack of supply is helping to boast the regional office rental market, according to Savills’ latest Regional Offices Market Watch. The firm anticipates that take-up will reach 9.8 million sq ft (910,450 sq m) by the end of 2017, a 4 percent increase on 2016 and 9 percent up on the 10 year average. This is due to a number of large Government Property Unit (GPU) deals completing in the second half of the year. As a result of strong demand, total availability across the UK fell by 1 percent to 30 million sq ft (2.787 million sq m) in the first half of the year, which equates to just 1.8 years worth of available Grade A supply. What’s more, Savills notes that office based employment across the regional cities is forecast to grow by up to 4.6 percent over the next five years, leading to a net additional 55,000 jobs, representing a need for a further 5 million sq ft (464,616 sq m) of office space.

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Eight pathways launched to combat unethical practices in construction supply chains

by • Architecture, Facilities management, News, Property

A new eight stage action programme called APRES, has been released by the Building Research Establishment (BRE) to support the responsible and ethical sourcing of materials, products and people. This call to action has been created in partnership with Loughborough University and presents eight pathways to best practice to combat modern slavery and unethical practices in supply chains. The pathways aim to take organisations and individuals from the level of ‘Baseline’ to ‘Best in Class’ performance.

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