Search Results for: london

Commercial property investment in central London hits ten year high, claims report

Commercial property investment in central London hits ten year high, claims report

by • News, Property

Commercial property investment in central London has seen its strongest trading in a decade, according to Savills. The real estate adviser claims that over £2.3bn was invested in central London commercial property in July, with total turnover for 2017 to the end of July reaching £11.5bn, a 24 percent increase on the same period last year. July was the strongest month recorded since March 2007 for the City as sales were boosted by the acquisition of 20 Fenchurch Street for almost £1.3bn to a Hong Kong-based property group.

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London Mayor launches strategy to make the city “one of the greenest on the planet”

London Mayor launches strategy to make the city “one of the greenest on the planet”

by • Cities, Environment, News

The Mayor of London, Sadiq Khan has launched a new environmental strategy which he claims will help make the capital the world’s first ‘National Park City and one of the greenest cities on Earth’. The strategy includes plans for a new £9million Greener City Fund to boost trees and green infrastructure; improved planning policy proposals to encourage more green roofs, green walls and rain gardens; the creation of a ‘Challenge Map’ to prioritise areas in need of green infrastructure; and a series of measures to tackle pollution, promote cleaner energy & make more than 50 per cent of London green by 2050. As part of the strategy, the Mayor will use planning regulations to protect the Green Belt and incorporate into new developments more ‘green roofs’ (roofs covered with grass and plants which are excellent for soaking up rainwater), green walls (which can be added to the outside walls of buildings by busy polluted roads and are covered in plants to help boost air quality), ‘rain gardens’ (small green spaces which help prevent flooding), and habitats for wildlife.

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Mayor announces plans to boost digital connectivity across London

Mayor announces plans to boost digital connectivity across London

by • Cities, News, Technology

The Mayor of London, Sadiq Khan, has announced a package of measures which he claims will boost digital connectivity across the capital and tackle London’s areas of poor connectivity – known as ‘not-spots’ – including the appointment of a troubleshooting ‘Not Spot Team’. Meanwhile, Transport for London is working to bring mobile connectivity to London Underground tunnels – one of the most high-profile not spots in the country. In spite of Brexit, London is still widely regarded as Europe’s leading technology hub, with a growing sector of over 40,000 digital technology businesses employing almost 200,000 people, as well as major bases of many leading global tech companies. But while the capital leads the way in tech growth, there are parts of the city where slow and unreliable broadband is a source of concern and frustration for businesses and residents alike, such as in Rotherhithe and parts of Westminster and the City of London.

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Google wins approval for new London headquarters

Google wins approval for new London headquarters

by • Cities, News, Property

Google’s much talked about plan to build a new London headquarters in King’s Cross has been approved by Camden Council. The building, designed by Thomas Heatherwick and BIG in collaboration with BDP replicates some of the campus facilities now associated with a tech campus including a garden, 200m jogging track on the roof, swimming pool, massage parlours exercise  rooms and facilities for badminton, five-a-side football and basketball. The finished 11-storey building will be more than one million square feet in size of which Google will occupy 650,000 sq ft. Motorised timber blinds on the outside of the building keep direct sunlight out. Solar panels on the roof will deliver an annual output of 20MWh. The main contractor Lendlease will start on site next year on a contract believed to be worth around £350m.

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Coworking provider Mindspace set to open first London location

Coworking provider Mindspace set to open first London location

by • Company news, Coworking

Coworking provider Mindspace has announced that it will be opening its first coworking property in London. Opening in December 2017, the new location will span two floors and around 30,000 sq ft which the firm claims will accommodate 700 members. Mindspace currently operates 13 coworking spaces across the European mainland in locations such as Berlin, Hamburg (pictured), Munich, Tel Aviv and Warsaw and was founded in 2014 by Dan Zakai and Yotam Alroy. Mindspace’s first coworking space in London will be located at the Relay Building on Whitechapel High Street, directly above Aldgate East tube station and within walking distance of the City and Shoreditch.

 

Other UK cities must rebalance London-centric commercial property market

Other UK cities must rebalance London-centric commercial property market

by • Cities, News, Property

It is up to the UK’s other cities to rebalance the country’s London focussed commercial property market according to a new report, ‘What investors want: a guide for cities’, published by the think tank Centre for Cities with support from Capita. It examines the top priorities for investors when choosing which places to invest in, and offers practical advice for cities on how to make their places as attractive as possible for investors. The report shows that just over half of all investment in Britain’s commercial property market in 2016 – worth over £43bn in total – was spent in London. This was significantly more than the South East, the second most successful region, which secured nearly £5bn of investment, equivalent to 11% of the total share across Britain.

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Mayor launches initiative to enhance the design of Londons buildings and spaces

Mayor launches initiative to enhance the design of Londons buildings and spaces 0

by • Architecture, Cities, News, Property, Workplace design

The Mayor of London, Sadiq Khan, has this week launched his Good Growth by Design programme to ‘enhance the design of buildings and neighbourhoods for all Londoners’. In a speech at the London School of Economics, the Mayor spoke of his vision for the future of London as the city’s population heads towards 10 million people. In what is claimed to be his first major intervention on this topic, the Mayor is calling on London’s architectural, design and built environment professions to help realise his vision of London as a city that is socially and economically inclusive as well as environmentally sustainable. According to the Mayor’s office, the Good Growth programme will leave a legacy of world-class buildings, outstanding public realm and large-scale regeneration for Londoners of the future.

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Serviced and coworking offices top London leasing market for the first time

Serviced and coworking offices top London leasing market for the first time 0

by • Coworking, Flexible working, News, Property

 Serviced and coworking office space providers have accounted for the largest share of space leased in Central London for the first time, according to new research from Cushman & Wakefield. During the first half of 2017, serviced office or co-working providers – such as WeWork and The Office Group – accounted for 884,235 sq ft of newly-leased office space in central London. The second quarter of the year in particular witnessed a dramatic escalation in activity by serviced office and co-working providers with 651,540 sq ft leased – around a quarter of central London’s take-up across April, May and June. This was more than London’s traditionally dominant occupational sub-sectors such as technology, media and financial services. The H1 2017 total is more than serviced office and coworking providers accounted for in the whole of 2016 (853,178 sq ft). and is just a deal or two shy of the sector’s average annual take-up between 2012 and 2016 (908,972). It seems certain therefore that serviced office and co-working providers will this year surpass their record annual volume of 1,267,926 sq ft set in 2014, according to the firm.

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Hong Kong and London’s West End again top global commercial property costs, according to CBRE

Hong Kong and London’s West End again top global commercial property costs, according to CBRE 0

by • News, Property

Hong Kong (Central) and London’s West End topped the list of prime commercial property occupancy costs again, according to CBRE Research’s latest annual Global Prime Office Occupancy Costs report. Hong Kong’s (Central) overall prime occupancy costs of US$303 per sq. ft. per year topped the “most expensive” list, followed by London’s West End (US$214 per sq. ft.), New York (Midtown) (US$203 per sq. ft.), Hong Kong (West Kowloon) (US$190 per sq. ft.) and Beijing (Central Business District (CBD)) (US$183 per sq. ft.).  Global prime office occupancy costs—which reflect rent, plus local taxes and service charges for the highest-quality, “prime” office properties—rose 1.9 percent year-over-year, with the Americas up 3.6 percent, EMEA up 0.8 percent and Asia Pacific up 1.2 percent.  Durban (South Africa) had the highest increase in occupancy cost overall, though Stockholm (Sweden) registered some of the fastest growth in Europe, along with Palma de Mallorca (Spain), Belfast (U.K.) and Amsterdam (Netherlands). In Asia Pacific, Shanghai (Puxi) in China had the highest growth in occupancy cost, followed by Guangzhou, Bangalore and Shanghai (Pudong). Buenos Aires showed the biggest increase in the Americas overall, while suburban Denver, suburban Houston and New York Midtown South saw the largest occupancy-cost increases in the U.S.

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Commercial property giant acquires controlling stake in London based flexible office provider

Commercial property giant acquires controlling stake in London based flexible office provider 0

by • Company news, Flexible working, Property

While we should never read too much into a single piece of business, the news that one of the world’s largest property investors is buying a young and still growing British flexible office provider is surely a sign of things to come. As Blackstone, a private equity giant with £140 billion of real estate assets worldwide acquires a controlling stake in The Office Group for £500 million, we must view the deal in the context of a market in which the most dynamic players are WeWork and its contemporaries. The Office Group has grown from seven buildings to thirty-six since it was founded in 2003 and provides flexible office and coworking space to start-ups, freelancers, small businesses and increasingly, corporates such as Facebook, Dropbox and British Gas.

Google submits revised plans for vast new campus in London

Google submits revised plans for vast new campus in London 0

by • News, Property, Technology, Workplace design

Google has submitted a revised application for planning permission to Camden Council for its proposed £600 million King’s Cross Campus in London. This building will be the first, wholly owned and designed Google building outside the United States. Construction on the purpose-built 11-storey building, comprising of more than 1 million square feet, of which Google will occupy 650,000 sqft, will commence in 2018. The building, designed by Heatherwick Studio and Bjarke Ingels Group (BIG) will feature a natural theme, with all materials sourced through Google’s healthy materials programme. This new building, combined with the current building at 6 Pancras Square and an additional third building, will create a Google campus with the potential to house 7,000 Google employees. The new building is being developed from the ground up and will contribute to the Knowledge Quarter and King’s Cross’s growing knowledge-based economy. The original plans for the building from 2013 by AHMM had been put on hold, although some features such as a running track remain.

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Brexit uncertainty fails to impact London office demand, as occupiers push ahead with relocations

Brexit uncertainty fails to impact London office demand, as occupiers push ahead with relocations 0

by • News, Property

Since the announcement in June last year that Britain would be leaving the EU as a result of Brexit, there has been a widespread assumption that occupier demand, and hence wider market confidence in the commercial property market, would be knocked. Yet that does not seem to be the case, according to a study by real estate  advisers Knight Frank, who have tracked financial and TMT requirements over the last 12 months, and compared them to key years in the property cycle. The study claims  that the property market has mirrored the wider  UK economy, which has proved resilient following the vote to leave the EU. Firms have reported a shortage of skilled workers across a range of industries including IT, accountancy and engineering. Demand for staff is growing within all sectors and all regions of the UK, but there are fewer and fewer people available to fill the vacancies. A survey of UK CEO’s conducted by PWC at the start of the year reported that six in every ten respondents expected an increase in company headcount during the course of the year. Furthermore, a number of large international firms have acquired new offices, and many companies expanded across Central London including Expedia, WeWork, HSBC Digital and Zoopla.

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