Search Results for: brexit

June 14, 2016

JLL survey claims occupiers and investors think voters will shun Brexit ⁰

According to a new survey from JLL of top international corporate occupiers and UK-based investors into their business attitudes to the EU referendum, 80 percent held the view that the UK will vote to remain in the EU. The survey claims that investors are less fearful of impact of Brexit on their long term property strategies than corporate occupiers and that the London office market is viewed as the property sector that would be most impacted by a vote to leave. The survey also revealed attitudes of corporates and investors to future property market decisions in the event of a Brexit. 60 percent of the investors surveyed felt that there would be no changes to their property strategy in the short or long term as a result of a leave vote. Only 30 percent expect reduced allocations in UK property. Of the corporate occupiers surveyed, almost half foresaw they would need to review their UK business space in both the short or long term.

June 9, 2016

Commercial real estate investment strong despite Brexit-related slowdown ⁰

by Sara Bean • Cities, Facilities management, News, Property

Partly due to the uncertainty leading up to the EU referendum, employment intentions within Financial and Business Services (FBS) have slowed, but rental growth within the commercial property sector should remain healthy, particularly if the ‘remain’ vote prevails, the latest Real Estate investment forecasts from Colliers has revealed. Offices will continue to drive rental growth across the commercial property sector and it’s expected that rents will rise by 6.8 percent this year and average 3.9 percent in 2016-2020. Although it’s slowed a little, Central London will continue to attract demand and push the overall rate up, with a still strong growth of 8.4 percent in 2016. In addition, the artificial barriers between individual London ‘villages’ are increasingly breaking down, creating a fluid market for office occupiers in the capital, with more options for geographical relocations and expansions. This will continue to benefit the Rest of London, which is expected to see rents increase by 8.1 percent this year.

June 3, 2016

Uncertainty about the consequences of Brexit in construction sector ⁰

by Mark Eltringham • Environment, News, Property

Uncertainty about the consequences of a possible UK vote to leave the EU is having an adverse effect on the country’s construction pipeline, according to the Markit/CPS survey of activity in the market. According to the study, new building orders declined during May for the first time in three years although at 51.2, the index remains above the neutral 50 threshold which indicates that the trend remains positive. The May study specifically asked respondents how their work had been affected by the Brexit vote with one third saying it had had a negative effect. Meanwhile, an April study from CBRE found that demand for office space in London had remained robust through the first quarter despite fears that uncertainty about the market and the wider economy related to the referendum would dampen demand. Meanwhile, a new survey from the IEMA claims that two-thirds of members believe environmental issues will be given lower priority if the UK leaves the EU.

May 27, 2016

Canary Wharf bucks London’s Brexit office market slow down ⁰

by Sara Bean • Cities, Facilities management, News, Property

Canary Wharf has outperformed the Central London office market during the past 12 months, with rental growth reaching 26.7 percent, ahead of Mayfair and St James’. It seems Canary Wharf’s high quality purpose built space, coupled with its relative affordability when compared to the rest of London, has helped attract significant deals in recent months. The most notable deal during Q1 was Thomson Reuters take up of 300,000sq ft in St Martin’s 5 Canada Square. Faisal Durrani, Cluttons head of research, explained, “It was only a matter of time before the area began to draw in occupiers, particularly from the City and City fringes. It’s a market that has undersold itself and its full potential is yet to be realised but we may be approaching a significant turning point in its attractiveness. In recent months, the Central London market has experienced Brexit nervousness and general settling of the market but Canary Wharf has bucked this trend.”

May 25, 2016

HR failing to inform European staff on implications of Brexit ⁰

by Sara Bean • News, Workplace

The majority of non-British Europeans living in the UK don’t feel informed by HR about potential work policy changes caused by Brexit and nine out of ten are worried about what will happen should the referendum lead to an exit vote. The study of 1,000 Europeans by totaljobs also found that one in three (33 percent) would feel discriminated against if they were to look for a job in the UK in the current climate. Of those Europeans already living in the country, (87 percent) are worried about the potential impact of a Brexit vote, with half (49 percent) fearing for their job security and over a third (37 percent) for their personal lives. Worryingly for employers, nearly half (40 percent) of respondents said that the British decision to hold the Brexit referendum has negatively affected their opinion of the country and is forcing some (25 percent) to reconsider their career options outside of the UK.

May 4, 2016

Brexit debate having negligible effect on regional office market ⁰

by Sara Bean • Cities, Facilities management, News, Property

Demand for office space in the UK regional office markets has remained strong for the first quarter of this year, despite uncertainties surrounding a potential Brexit. A total of 1,381,350 sq ft of office space was taken in the ‘Big 6’ regional cities in the Jan-April period, just marginally below the final quarter performance of 2015 but 27 percent higher than the five quarterly average, CBRE has revealed. The leading cities in terms of year-to-date take-up are Birmingham, Edinburgh and Glasgow, with total volumes of around the 285,000 sq ft mark in each of these three cities. All of these markets have substantially outperformed their five year quarterly average and have each supported a strong level of pre-letting activity. In the case of Glasgow, the volume for the beginning of 2016 has been twice the quarterly average. The strong start in this market is the result of Morgan Stanley signing a large pre-let for 154,814 sq ft at the first phase of Bothwell Exchange.

April 21, 2016

Brexit referendum has not diminished demand for London office property ⁰

by Sara Bean • Facilities management, News, Property

Political uncertainty over the Brexit referendum has done little to diminish demand for London office property, despite it causing the commercial property market to experience a nervous start to the year. According to the latest research from Colliers, the number of vacant offices still remains low, with occupiers appearing to be relatively un-phased by external political and economic upheaval. There has been some high profile lettings and a healthy number of new large scale enquiries in the first quarter of this year – but transactions and searches have become protracted and supply shortages are undermining occupier expansion plans. However demand for office space amongst media and tech firms is diminishing in some locations. While Q1 2016 figures show that media and tech accounted for 38 percent of demand for office space across London, in the traditional media enclave of the West End, the figure fell to just 13 percent of demand, down from 45 percent in 2015.

July 29, 2024

Chancellor to accelerate the sale of public buildings to plug budget gap

by Marvin Gort • News, Property

In an effort to tackle the fiscal challenges and balance the UK’s budget, Chancellor Rachel Reeves is set to announce significant measures aimed at reducing government spending and optimising public sector assets including public buildings, today. Reeves will lay out her plans in her first major speech as chancellor, where she will highlight what she describes as a £20 billion gap in government spending, attributing it to the economic mismanagement of the previous government. More →

July 10, 2024

Living the dream of better times for a new generation

by Grant Gibson • Business, Comment

As a new Labour Prime Minister settles into office with a thumping majority behind him and with the Conservative opposition in utter disarray, it’s difficult not to think back to 1997 and the wave of euphoria that over took the nation. Here was a Labour government that seemed to understand the issues the country faced and the direction of travel it needed to take in the future. Tony Blair was 43 years old when he took office (nearly 20 years younger than Keir Starmer is now) and had an instinctive grasp for what Generation X craved. After all, he was the first British Prime Minster to grow up with rock and roll and appeared to embody a generational shift like no politician before him. More →

April 19, 2024

We can have a dramatic impact on people’s lives with simple, small and cost-free changes

by Mark Eltringham • Cities, Comment, Flexible working, Wellbeing

London, the crouching monster, like every other monster has to breathe, and breathe it does in its own obscure, malignant way. Its vital oxygen is composed of suburban working men and women of all kinds, who every morning are sucked up through an infinitely complicated respiratory apparatus of trains and termini into the mighty congested lungs, held there for a number of hours, and then, in the evening, exhaled violently through the same channels. More →

April 1, 2024

British workers now entirely unproductive, claims report

by Mark Eltringham • News, Wellbeing, Workplace

The overwhelming majority of UK workers don’t do anything productive at all, according to a new report published today. The study of available research into the illnesses, injuries, distractions, wastes of time, procrastinations, productivity drains and paralyses that afflict British workers found that the annual cost to the British economy is around £1.8 trillion, equivalent to 98.9 percent of GDP.

March 7, 2024

There never was a new normal

by Nick Gold • Comment, Flexible working, Wellbeing

Four years ago this month, we were all given our first ‘work from home’ mandate. A clear, unambiguous instruction from the UK government that, in the grip of a quickly spreading global pandemic, we should all work from home where possible. And amid the biggest seismic shift of our lifetime, it was an easy instruction to follow. Hunker down and wait patiently until we find a ‘new normal.’ But four years on, the question remains – are we nearly there yet? Are we ever going to find a ’new normal’? More →