Search Results for: economy

February 20, 2014

European cities vie to wear Tech Hub crown

by Mark Eltringham • News, Property, Technology

You may not realise it, but apparently there is a close fought race being run between European cities for the title of European Tech Hub. According to a new report from Colliers International the front runners are London, Berlin, Dublin, Paris, Amsterdam, Munich and, in a Eurovision-like extension of Europe’s borders, Tel Aviv. London is currently in pole position but Berlin and Dublin are hot on its heels as they vie for the title of Europe’s ‘Silicon Valley’, according to latest research from Colliers International, global real estate advisors. According to the report, London needs to stay on its toes if it is to fend off the upstarts from Germany and Ireland. Berlin, in particular, is expected to add some 100,000 jobs to its tech sector within the next seven years.

February 19, 2014

Employment is on the rise but pay not matching the rate of inflation

by Sara Bean • News, Workplace

The latest labour market statistics shows employment has continued to rise, but at a slower rate than seen last month. However, at 67.2 per cent, record-breaking numbers of women are now in work, the highest since records began. The figures published today by the Office for National Statistics (ONS) show the employment rate in the three months to December 2013 rose to 72.1 per cent, lower than the previous three months and with just a small rise in total pay of 1.1 per cent. This slower pace of growth in employment and pay is reflected in the latest CIPD/ SuccessFactors quarterly Labour Market Outlook survey, which reveals that, although recruitment intentions remain positive, the rate of increase has slowed significantly and the vast majority of organisations expect to give pay awards below the current rate of inflation. More →

February 12, 2014

Government BIM target ‘unachievable’, claim construction industry experts

by Mark Eltringham • Architecture, Facilities management, News, Property

The majority of building industry experts surveyed by law firm Pinsent Masons believe that one of the key UK Government target for the uptake of Building Information Modelling is now unachievable due to unfit contracts and the lack of a collaborative approach between clients and builders. The Government had hoped that all central Government construction projects would achieve BIM Level 2 by 2016. But according to the new report, nearly two thirds (around 64 percent)of the 70 people surveyed claimed it was impossible for the target to be met. ‘Level 2’ refers to a collaborative 3D setup in which all project information, documents and data are electronic with fully integrated software and interfaces.

February 6, 2014

London office rents are set to reach historic high by 2018

by Sara Bean • News, Property

London office rents are set to reach an historic high by 2018, fuelled by demand from the technology, media and telecoms (TMT) sector. Demand for office space by technology and media firms across central London was more than double of the finance sector in 2013, with major deals signed by Google, Amazon, Facebook, Twitter, News Corp, and Ogilvy & Mather. According to data from Knight Frank, record levels of overseas investment are helping London build its reputation as a global hub. Geographically, it is not just the City and the West End that are seeing a massive surge in demand; take-up in Docklands increased by nearly 20 per cent last year, while completely new districts are emerging which include London Bridge, Battersea and Nine Elms. More →

February 5, 2014

Corruption in procurement perceived as widespread across EU

by Mark Eltringham • Facilities management, News, Public Sector

According to the EU’s newly published Anti Corruption Report, around 15 percent UK firms believe that corruption has prevented them from winning a public contract at at least one point during the past three years. Although this rate compares favourably with an EU average of 32 percent, the report concludes that the total cost to the European economy of corruption is some €120 billion. The most commonly cited practices cited by the firms responding to the survey included specifications and procurement processes tailored for certain firms, conflicts of interest in bid evaluation and collusion between suppliers. Although under a fifth of UK businesses claim to have been directly affected, nearly half (46 percent) feel corruption is widespread compared to an EU average of 75 percent.

January 31, 2014

Economic recovery may be constrained by lack of skills and office space

by Mark Eltringham • Property, Technology, Workplace

There are signs that the nascent recovery in the UK economy is already starting to put pressure on the availability of skilled employees and appropriate commercial property for the most rapidly growing sectors. While the Government has announced that the UK’s economy has been growing at its fastest rate since 2007, a new survey published by the UK Commission for Employment and Skills (UKCES ) has claimed that nearly a quarter of vacancies in the UK have gone unfilled because of a shortage of much-needed skills. At the same time, claims a new report from DTZ, demand for commercial property is strengthening with take-up growing across the country while the availability of Grade A office space is declining rapidly.

January 27, 2014

Cities report highlights skewed nature of UK economic recovery

by Mark Eltringham • News, Property

The Centre for Cities has today published its seventh annual report into the economic conditions in the 64 largest urban areas in the UK. The Cities_Outlook_2014 report paints a picture of a patchy economic recovery across the UK, with many cities such as Edinburgh, Birmingham, Manchester, Nottingham, Liverpool and Leeds seeing an upturn in their economies, but one that lags significantly behind that of London. The capital continues to disproportionately attract investment and people from across the UK and overseas, sometimes to the detriment of other towns and cities. The report argues that more power and finding needs to be devolved away from London to ensure that the UK enjoys a sustainable and balanced economic recovery.

January 24, 2014

Fewer projects put on hold as construction sector recovery continues

by Sara Bean • News, Property

In the week the ONS announced the UK unemployment rate has dropped to 7.1 per cent, comes more evidence of the recovery from the built environment. Figures released by construction industry analysts Glenigan have revealed that the value of UK projects put on hold during 2013 was the lowest since the start of the recession in 2008. In total, £12 billion of potential projects were put on hold last year, compared to £47 billion in 2012 and a peak of £80 billion in 2009. According to Glenigan economist Tom Crane, the value of stalled projects have been falling since 2009, but the latest figure shows the continuation of an encouraging trend, with a 16 per cent fall in the value of underlying projects. More →

January 22, 2014

Plans submitted for 19 storey tower in Manchester business district

by Mark Eltringham • News, Property

Developers have submitted plans for the development of a new tower on the site of an existing office building in Manchester city centre. Allied London is looking to create a new 19 storey office in Spinningfields, the city’s troubled £1.5 billion business district which ran into development problems at the height of the recession between 2007 and 2010. The new building a will offer over 340,000 sq. ft. of office space and is designed by Ian Simpson Architects who were responsible for the design of the Beetham Tower. The ground floor is also likely to incorporate retail outlets, cafes and restaurants. A final decision on the application from the local authority is due in April. Quay House, the current building on the site, is argued by the developer to be under-occupied and outdated.

January 16, 2014

Surge of turnover and employment growth in UK’s creative businesses

by Mark Eltringham • News, Workplace

The Government has released new statistics that demonstrate the increasing importance of the creative sectors to the UK economy, although concerns remain about the UK’s creative skills base. The figures reveal that the overall turnover of creative businesses increased by just under 10 percent in 2012 and employment increased by 8.6 percent over the same period, more than any other sector. The creative industries are now worth more than £70 billion a year and employ 1.68 million people. While employment in the UK as a whole grew by 0.7 percent over the whole economy, jobs growth in the creative sector was 8.6 percent. There was also growth in export sales, up over 16 percent between 2009-11 and worth £15.5bn in 2011.