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Activity climbs in third quarter for London office market

Activity climbs in third quarter for London office market

LondonThe latest research from Avison Young claims that the London office market’s recovery continued in the third quarter of 2021, with activity in the occupier market increasing to 2.4 million sq ft, 26 percent above the previous quarter and 1.1 percent above the 10-year quarterly average. More →

London ranks as top smart city in the ‘Cities of the Future Index’

London ranks as top smart city in the ‘Cities of the Future Index’

LondonThrough analysis of mobility, technology, business and environmental data, London ranks as the number one most intelligent and future-proof city for cities with a population of over three million people, with New York and San Francisco taking second and third place respectively, according to a new index from EasyPark, the parent company of RingGo. More →

London office market falls thanks to uptake of remote work

London office market falls thanks to uptake of remote work

london office marketA new report from property consultancy Cluttons looks at the new challenges the Prime Central London office market faces in 2021/22, with issues such as Brexit and the immediate impacts of the global pandemic – but also longer-term problems like changing lifestyle preferences, the uptake of remote working and climate change. More →

London ranks 78th in the top destinations to work remotely

London ranks 78th in the top destinations to work remotely

destinationsRemote, has released a first-of-its-kind Best Destinations for Remote Work report that showcases the top 100 global destinations for remote workers, along with unique insights into location-specific incentives. The report is paired with an interactive tool and database with information on hundreds of cities across the world for users to create personalised rankings on where to work remotely based on their individual preferences. More →

Central London office pre-lets surge due to pent-up demand

Central London office pre-lets surge due to pent-up demand

LondonCompletions in central London are expected to hit a three-year high, with 5.5m sq ft scheduled for delivery by the end of this year, according to Savills research. More →

Demand for office space outside London could soar, claims KPMG report

Demand for office space outside London could soar, claims KPMG report

New ways of working will boost UK productivity and increase employment levels in cities outside of London, according to a new report from KPMG. And as businesses in some sectors prepare for employees to spend two to three days a week working from home on a permanent basis, demand for office space could see capacity potentially increase by as much as 40 percent, according to a new KPMG report, New working patterns and the transformation of UK business landscape.

The increased availability of office space in major business hubs is expected to attract businesses from smaller areas to fill up the vacant space, with cities like Manchester, Bristol, Glasgow, Leeds and Birmingham set to see employment rise by 5-10 percent as a result. This will have a significant knock on effect for demand for office space.

Areas in central London are also expected to benefit, as well as smaller towns and cities with a large proportion of the workforce working partially from home. Meanwhile, less dense business areas could see a decline in employment and may need to be transformed into more residential, leisure, retail and other uses.

As the business landscape consolidates, KPMG analysis also claims the change could boost overall UK labour productivity by 0.5 percent, thanks to businesses being able to tap into a larger pool of workers, suppliers, and clients.

Yael Selfin, Chief Economist at KPMG UK, commented on the report: “As we emerge from the pandemic, businesses need to adapt to the new environment they will be facing. Some may choose to relocate to larger business hubs to boost profitability, while others in less central areas could see their local customer base profile change. While the overall impact on the UK economy is expected to be positive, the changes ahead could prove challenging for those businesses already saddled by the pandemic.”

The report examines how local high streets in residential towns and neighbourhoods are expected to reap the benefits of greater homeworking through increased demand by residents during the week. But the impact on high streets across the UK is unlikely to be uniform. Some places may be hit relatively hard by the loss of office workers due to their proximity to a larger business hub, which may be compounded by the loss of commuter footfall among remaining employees due to the prevalence of working from home.

Yael Selfin added: “As people spend more time working from home and less time in the office, we could see a revival of the local high street.

“They will need to transform into places of purpose to meet demand for community-based services, hospitality, culture, as well as retail. High street offering in smaller towns and cities may need to become more focused on residents’ needs and less focused on businesses and commuters.

“This transformation will require local government, residents and businesses to work together to map their future shape and make concrete plans to support and enable the necessary changes to make the most of the new post-Covid business reality.”

Chris Hearld, Head of Regions at KPMG UK, commented: “Over time, a shift in business location could support the rise of several major business hubs across the UK. An increase in the concentration of businesses and workers has the potential to make those businesses located there more productive and enable these areas to serve as the engines of economic growth. This should also support the Government’s Levelling Up agenda. Cities like Manchester, Leeds, Birmingham, and Newcastle stand to benefit from such a consolidation of business locations. For this to happen they will need government to work closely with local leaders to ensure the transition is smooth and any barriers to growth are quickly ironed out.”

London office leasing activity gathers momentum in Q2 2021

London office leasing activity gathers momentum in Q2 2021

LondonThere was a spring in the step of the central London office market in Q2 2021 with more businesses committing to new office space, as plans to return to workplaces took shape. Research by DeVono Cresa claims that just over 1.98 million sq ft was transacted, representing an upturn of 21 percent on the previous quarter and the highest quarterly total since the outbreak of the pandemic. More →

Shaping London’s future: Mayor’s Resilience Fund Winners Announced

Shaping London’s future: Mayor’s Resilience Fund Winners Announced

Mayor’s Resilience FundThe Mayor of London, in partnership with Nesta Challenges, has announced the winners of the Mayor’s Resilience Fund, a £1 million innovation programme set up to support London’s businesses and community groups to emerge stronger from COVID-19 and to ensure the capital is prepared for future disruptive challenges. More →

ISDA’s new City of London office features KI desks, storage & meeting tables

ISDA’s new City of London office features KI desks, storage & meeting tables

After outgrowing their offices at One Bishop’s Square, the International Swaps and Derivatives Association (ISDA) worked with interior design studio Shaw Studios, and Furniture dealer, Day2 Interiors to relocate to 25 Copthall Avenue/London Wall. More →

Central London office leasing rises by almost a third in Q1 2021

Central London office leasing rises by almost a third in Q1 2021

central LondonAccording to proprietary research by DeVono Cresa (DC), Q1 2021 saw 1.6 million sq. ft of office space leased across central London, representing a 27 percent increase on Q4 2020. As lockdown restrictions in the UK are eased, demand, availability and rents across central London have all trended as predicted and led to a leasing landscape that benefits tenants reviewing their space needs. More →

More than half of international tech professionals looking beyond London

More than half of international tech professionals looking beyond London

professionalsA recent survey by Frank Recruitment Group, claims that more than half of tech professionals thinking about moving to the UK would consider choosing a city outside of London. Conducted by Frank Recruitment Group’s Salesforce recruitment arm, Mason Frank International, the survey asked over 1,800 IT professionals from around the world for their opinions on the tech jobs market, salaries, and benefits. More →

Milliken’s London showroom becomes first in the UK to receive Well Certification

Milliken’s London showroom becomes first in the UK to receive Well Certification

Flooring designer and manufacturer Milliken announced that it has been awarded WELL Certification at the Platinum level for its Clerkenwell Showroom by the International WELL Building Institute (IWBI). The prestigious distinction was awarded through IWBI’s WELL v2 pilot, the next version of the WELL Building Standard. WELL is the premier building standard to focus on enhancing people’s health and wellness through the buildings where we live, work and play. More →