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Major tech companies continue to acquire new London offices, despite Brexit concerns

Major tech companies continue to acquire new London offices, despite Brexit concerns

by • Cities, Facilities management, News, Property

Major tech firms continue to acquire large London offices, despite Brexit concernsThe repercussions of a no-deal Brexit are being hotly debated but there are some indications that it’s yet to impact the Capital’s commercial property sector. A number of leading tech and creative companies have continued to acquire large volumes of office space across London. According to figures from CBRE, take-up of Central London office space stood at 1.2m sq ft in July 2018, above the 10-year monthly average of 1.0m sq ft. The increase in July was largely down to two Facebook deals at 11/21 Canal Reach, N1 and Building P2 Handyside Street, N1, where in total 600,600 sq ft of office space has been filled. The creative industries sector led July take-up at 679,400 sq ft, representing 61 percent of the space taken; with the business services sector acquiring 17 percent of space, with 133,200 sq ft going to flexible office providers. In the past 12-months, business services has been the principal sector, accounting for 31 percent of take-up ahead of the creative industries (25 percent) and banking and finance sector (16 percent).

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How will Crossrail impact the office landscape of London and beyond?

How will Crossrail impact the office landscape of London and beyond?

by • Comment, Property

We are now just a few months away from the grand opening of the central section of Crossrail, the 118km long railway line spanning London and the South East which will, once completed, will deliver a direct connection between all of London’s main employment centres; linking Heathrow with Paddington, the West End, the City and Canary Wharf. This ambitious redevelopment plan will bring huge positive change to the City and is estimated to generate over 850,000 new jobs in the Capital, as well as making the lives of those already working in London easier and more efficient.

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Financial centres in UK cities outside London are set to suffer most from Brexit

by • Cities, News

Although news reports about the impact of Brexit on the UK’s financial services sector have focused almost exclusively on London, a new report from the Centre for Cities claims that the decision to leave the EU will have a disproportionately larger impact on the centres in the UK’s other major cities, which employ two thirds of all people in the sector. The report explores the financial and professional services sectors in cities across the UK, and looks at what the relationships are with London-based firms in these industries. The report by the think tank supported by the City of London Corporation London: The geography of financial services in the capital and beyond looks at how much individual cities across the UK export in services, and what proportion of these services exports came from the financial sector.

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New analysis sets out to define fastest growing sectors in London in 2018

New analysis sets out to define fastest growing sectors in London in 2018

by • News, Property

A new analysis from Instant Offices sets out to identify the largest business sectors driving London’s economy. It claims that the three most prominent are information and communication, financial and insurance, and professional, scientific and technical services. The UK Business Register and Employment Survey (BRES) showed distinct trends in growth for specific sectors, in London and in the UK as a whole.

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A quarter of London start-ups have considered relocating to deal with Brexit uncertainty

A quarter of London start-ups have considered relocating to deal with Brexit uncertainty

by • News

It has now been more than two years since the UK voted in favour of leaving the European Union, and new research Studio Graphene in partnership with City Road Communications claims to reveal new information about how Brexit has impacted on London’s early stage businesses. Based on a survey of more than 100 founders of London startups, the study shows that since the EU referendum the vast majority of entrepreneurs have remained loyal to the capital, showing no sign that they want to move to help improve the growth prospects of their business. It also uncovered the way young companies are responding to the challenges posed by Brexit.

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London, Singapore and Seoul are the top smart cities in the world

London, Singapore and Seoul are the top smart cities in the world

by • Cities, News, Technology

London, Singapore and Seoul make up the top three smart cities worldwide, according to new research from the Eden Strategy Institute. The 2018-19 study, in partnership with ONG&ONG Experience Design (OXD), involved 140 smart cities ranked across 10 measures; clarity of vision, leadership, budget, provision of financial incentives, support programmes, talent readiness, a people-centric approach, development of an innovation ecosystem, implementation of ‘smart’ policies and, finally, a track record of previous initiatives and projects. New York and Helsinki rounded off the top five cities, with Montreal, Boston, Melbourne, Barcelona and Shanghai finishing in the top 10.

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New government estates strategy will see thousands of jobs relocate away from London

New government estates strategy will see thousands of jobs relocate away from London

by • News, Property, Public Sector

estates strategyThe UK Government has announced it latest plans to save around £3.6bn over the next two decades by dramatically scaling back its property estate and relocating thousands of staff as part of its new 12 year estates strategy. The Cabinet Office has outlined the plans to move thousands of public sector jobs, including senior roles, out of London by 2030, reducing Whitehall buildings from around 65 to 20 over the same period. Around 20 so-called Government hubs will be set up in the regions by the end of this parliament in 2022. In total, the strategy commits to reducing the number of government-owned office buildings from 800 to under 200, with an estimated saving of £3.6bn over 20 years.

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London’s poor connectivity is holding back commercial property occupiers

London’s poor connectivity is holding back commercial property occupiers

by • News, Property, Technology

Connectivity is more than just broadband speeds and 4G coverage. New research from property consultancy Cluttons claims to reveal the impact it has on everything from the properties we choose to live in, to the places where we can work and our overall happiness both at home and in the office. The research suggests that London is lagging behind other national and global hubs when it comes to good connectivity in both residential and commercial property, failing our needs both as residents and businesses.

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London seen as most desirable city in the world to work, but the UK falls in country standings

London seen as most desirable city in the world to work, but the UK falls in country standings

by • News, Property, Workplace

A comprehensive study into global talent mobility claims that London is the most desirable city for overseas workers worldwide, beating New York, Berlin and Barcelona. In the four years since the first study conducted by The Boston Consulting Group (BCG) and totaljobs, the UK has dropped three places in overall attractiveness, from second to fifth in the country rankings. Decoding Global Talent 2018 (registration required), claims to be one of the most expansive studies every undertaken into workforce migration trends. Shining a spotlight on the UK’s attractiveness to global talent, the research reveals the world’s most desirable destinations for work.

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Asian investment in City of London offices now hitting record levels

Asian investment in City of London offices now hitting record levels

by • News, Property

Asian money is pouring into office investments in the Square Mile at a pace rarely seen before, according to a new analysis by Savills. About £3.4 billion of Asian capital has been invested in London offices already this year, according to a study from the property consultancy. That is 70 per cent of the total volume and a record high for the first six months of a year. In the past three months alone, Asian buyers have snapped up £3.5 billion of buildings in London’s financial district. This is the highest figure for a second quarter since 2007, when the commercial property market was at its peak just before the credit crunch hit, according to Savills.

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Coworking trends are influencing design and layout of central London offices

Coworking trends are influencing design and layout of central London offices

by • Architecture, Cities, Facilities management, Flexible working, News

Coworking trends are influencing design and layout of central London offices

The rise of coworking and flexible working are affecting the design and layout of central London offices, with many traditional offices being given makeovers to reflect current trends in wellness and connectivity. And according to Cluttons’ Central London Office Market Outlook for Spring 2018, the Central London office market continues to experience a comparatively low vacancy rate – currently standing at 5.9 percent percent well below the 15 year average of just under 8 percent, which is more or less the same following Brexit in mid 2016. In comparison, following the peak of the last cycle at the end of 2007, the overall vacancy rate in Central London moved out from 7 percent to an average of 8.2 percent in the following two years. Landlords have been generally far more responsive to the recent downturn than in previous cycles; not only in relation to rent but also lease flexibility, together with a willingness to cap service charges and dilapidations with older style buildings. Alongside this, the volume of flexible office space in London rose by 20 percent last year as smaller firms move into serviced or managed offices.

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UK technology sectors continues to outpace rest of the economy, and not just in London

UK technology sectors continues to outpace rest of the economy, and not just in London

by • News, Technology

The UK’s digital technology sector continues to grow faster than the rest of the economy, according to the latest Tech Nation Report for 2018. Turnover of digital tech companies grew by 4.5 percent between 2016-17 compared to UK GDP which grew by 1.7 percent over the same period. This means that the tech sector grew at 2.6 times faster than the rest of the economy. At the same time the number of jobs in digital tech rose five times the rate of the rest of the economy, demonstrating how the digital tech sector is one of the best performing sectors in the UK economy. 2017 proved to be an amazing year for the UK digital tech sector with some of the biggest fundraisings and exits seen in years, as international investors flocked to fund UK-based firms, according to the report. British digital tech companies raised £4.5bn in venture capital investment during the year, almost double the previous year.

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