Audit commission urges UK councils to make better use of property

by • News, Property, Public Sector

real estateUK local authorities should make better use of their £170 billion estate, including divesting or reusing around £2.5 billion worth of surplus assets, according to a new report from the Audit Commission. The report acknowledges that the estate has already shrunk by a third over the last decade but says there is still scope for councils to be more proactive in the way they manage property, not least when it comes to decisions about the use of idle or underused buildings and land. As the local government estate continues to shrink due to spending cuts and a range of Central Government initiatives such as the One Public Sector estate scheme, it was vital councils understood the properties in their portfolio and regularly reviewed them, according to the report’s authors.

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Property sector calls for introduction of mandatory energy standards

by • Environment, Facilities management, News, Property

Property sector urges government to introduce mandatory energy standardsAhead of the Queen’s Speech today, business leaders from some of the UK’s biggest property owners, developers and occupiers are urging the Government to end the “prevarication” around the introduction of mandatory energy standards for privately rented commercial buildings, amid concerns there is “significant opposition” to them within the Coalition. The UK Green Building Council has released the text of a letter sent to Prime Minister David Cameron by the heads of major companies including Legal and General, Whitbread, Land Securities and Marks & Spencer on the Government’s proposed minimum energy performance standards (MEPS). It argues that commercial buildings are responsible for around one fifth of the UK’s total carbon dioxide emissions. More →

Commercial property helps fuel rise in number of new construction projects

by • Facilities management, News, Property

Commercial property fuels growth in construction projectsConstruction growth in the three months to June was at its highest peak since the start of the year, driven by a renewed strengthening of non-residential properties, according to new figures from industry analysts Glenigan. Following reports from the Confederation of British Industry (CBI) that the economy is growing at its fastest pace since its records began in 2003,the Glenigan Index, which covers the value of projects starting in the UK over the previous three months, is 20 per cent higher than a year ago. Its non-residential index is up by 24 per cent compared to the same period in 2013, the strongest rate of growth seen since the three months to January of this year; largely fuelled by the private sector, with the industrial, office and hotel and leisure sectors all seeing healthy improvements. More →

New tenants reflect strong demand for office accommodation on Regent Street

by • Facilities management, News, Property

Sstrong demand for office accommodation on London's Regent StreetIn one of the most substantial West End lettings this year, global asset and investment manager, Tudor Capital Europe LLP is to locate its new UK headquarters to Crown Estate’s 10 New Burlington Street development. The firm will move into some 40,000 sq ft across two floors at the £250m redevelopment, which forms part of Regent Street’s £1 billion regeneration. This follows on from a 30,000 sq ft letting to Ares Management at the same building. The addition of Tudor Capital Europe to the line-up at 10 New Burlington Street means the office element (around 100,000 sq ft) is 75 per cent let at completion. The move illustrates strong demand for office accommodation on Regent Street, where office take up rose by 90 per cent in the 12 months prior to March 2014, compared to an increase of 31 per cent over the wider West End in the same time span. More →

Green light (at last) for nine acre Birmingham City Centre mixed use development

by • Architecture, News, Property

commercial propertyThe developer of a major new mixed use project on a 9 acre site in the centre of Birmingham has announced that work will begin soon, after nearly ten years of delays. The £500 million Arena Central scheme was initially announced in 2004, then significantly extended and revised in 2011 to double the amount of commercial property available as part of the development. The first impressions of the finalised plans were published earlier this year and featured open public spaces, an urban meadow, cascading water features, ramps and a pedestrian spine that connects the elements of the site and connects to the main shopping areas in Broad Street and city centre residential areas to the South.  All in all, landscape architect Gillespies has designed four acres of soft landscaping within the development, nearly half of its total footprint. The first office building for the site will be designed by Make Architects. The building, named Arena 1 will be a 144,000 sq. ft. set to complete in 2016.

Barangaroo South Tower 2 in Sydney is now Oz’s greenest large office building

by • Environment, Facilities management, News, Property

Barangaroo SouthOne of Sydney’s landmark new office towers has just been awarded a 6Star Green Star –Office Design V3 rating, the Green Building Council of Australia’s highest environmental accreditation. South Tower 2 in Barangaroo South is part of a $6 billion carbon-neutral development alongside Sydney Harbour. The 42 storey skyscraper is part of a three commercial building cluster in Barangaroo South called International Towers Sydney. Each of the buildings incorporates arrange of sustainable features including cooling systems using water from the harbour and solar shading. The buildings also make use of the development’s shared environmental features including an on-site backwater treatment plant which will recycle up to one million litres of water a day for use by the local community. The intention is to create a world class sustainable community in the city.

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Workplace design and management of TMT sector aped by other firms

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

Male midlifeThe publication of a report last week by the British Council for Offices highlights the wider impact of workplace design trends and commercial property arrangements  in the increasingly important Technology, Media and Telecoms (TMT) sector. Not least it suggests that they are having a transformational influence on the way firms in other sectors approach leases, workplace design and the changing nature of work. It is no coincidence that the TMT sector is the one most commonly associated with the employment of the much-talked-about Gen Y demographic, nor that the business practices most commonly associated with this overly-stereotyped group are those that are having the greatest influence in the way we design and manage offices.

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Supply of new office space in London continues to fall short of demand

by • Architecture, News, Property

Glass half emptyOne of the downsides to London’s attractiveness as a business destination, as we reported yesterday, is its inability to provide enough office space to satisfy the rapacious demands of the companies who want to work there. Survey after survey reveals the same thing. Even though London has a healthy pipeline of new offices under construction, it cannot keep pace with demand. The latest survey to make the same point comes from Deloitte Real Estate whose London Crane Survey claims that the 9.2 million sq. ft. of office space currently being built will fall short of what is needed. The report claims that London office space is likely to remain in short supply for two years as the new occupancy levels of offices continues to outstrip supply. The report claims that 2014will see 7 million sq. ft. of Grade A office space delivered, the largest volume for over a decade but nearly half has already been let even before construction is complete.

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Availability of commercial property in London lowest for six years

by • News, Property

Commercial Property LondonAccording to a report from CoStar News, prepared by CBRE, the availability of commercial property in Central London continued a long term fall during April to 13.76m sq ft, the lowest level since June 2008. This caused the availability of offices in central London to fall to 6.2 per cent, significantly below the 10-year average of 7.6 per cent, the agent said. Demand remains strong according to the report with the volume of office space under offer in central London up by over 65 per cent since the end of last year to reach the highest level for 13 and a half years. Under offers are currently at 4.73m sq ft, their highest point since September 2000, when under offers stood at an all-time high of 5.92m sq ft. The report claims that there are a total of seven buildings across central London with more than 100,000 sq ft currently under offer, including 10 Fenchurch Avenue (above). More information here.

New NHS purchasing framework announces list of appointed firms

by • Architecture, News, Property, Public Sector

NHS procurementDetails have been announced of the firms appointed to a new NHS purchasing framework designed to provide best value and improved service levels across a range of procured services including architecture, quantity surveying, health and safety, environmental management, project management, mechanical & electrical and building consultancy. The procurement division of NHS Shared Business Services (NHS SBS), claims to have redesigned the existing construction consultancy framework which was originally only open to architects and quantity surveyors, to cover a total of 11 different disciplines and covering 12 different regions. The new framework, which was first announced last month, will apply to all 600 NHS Trusts and their commissioning organisations as they procure consultancy services for new build and refurbishment works for buildings.

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London large commercial property pipeline leads rest of Europe

by • News, Property

London Commercial Property London will be home to 35 new large office buildings before the end of this year making it one of Europe’s most important destinations for major corporates wishing to occupy over 5,000 sq. m. of commercial property, according to a new report from Colliers International. The survey of 23 major European cities found that together they will offer just over 800 readily-available and high quality large scale offices to choose from by the end of 2014. The 2014 EMEA Office Report claims that this year will see London become the city with the joint third highest availability of large offices in Europe, up dramatically from 11th place.  London matches Amsterdam in having 60, trailing Paris with 62 and Moscow with 98. London, however, stands out as having a strong pipeline of new large office developments.

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British Land announces first letting at Marble Arch House in West End

by • Facilities management, News, Property

Marble Arch HouseJust a month after its launch, Marble Arch House in London’s West End, which includes 61,200 sq ft of new office space over seven floors, has been let by British Land. Fulcrum Asset Management has signed a ten year lease at £78.50 per sq ft, and will move into the 9,000 sq ft fifth floor of the building in the summer. British Land entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House, located on Seymour Street in the Portman Village, in 2011. The scheme, designed by Bennetts Associates Architects, includes 6,400 sq ft of green roof space, designed to encourage wild grasses, as well as birds, bees, butterflies and other wildlife. The office space features natural light from both east and west, with shading louvres that minimise glare and overheating, while maintaining views towards Hyde Park. More →

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