Search Results for: commercial

June 19, 2018

A clearer more enforceable energy efficiency policy is needed for commercial buildings

by Sara Bean • Environment, Facilities management, Legal news, News

There is a critical need for to simplify the regulatory framework designed to improve energy efficiency in commercial buildings finds a recent report from the Environmental Industries Commission (EIC) Carbon Management & Sustainable Buildings Working Group. It also suggests that Brexit could act as a spur to rethink the right combination of policies to reform enforcement systems. The report, Improving non-domestic energy efficiency after Brexit, one of a series EIC is publishing setting out its members’ views on the impact of Brexit on environmental policy and how policy should evolve after the UK leaves the EU, covers the breadth of energy efficiency policy for non-domestic buildings. As part of its research, EIC surveyed England’s local authorities, who have responsibility for trading standards, finding that out of those that responded (122 out of 149), no local authorities have been issuing fines for failing to display Energy Performance Certificates or Display Energy Certificates.

April 30, 2018

Commercial property lending surged in the second half of 2017

by Neil Franklin • News, Property

Commercial property lending in the UK surged at the end of last year, according to the latest figures from Cass Business School. New commercial property lending overall reached £44.5bn for the whole year, equalling figures for the previous year. Commercial lending had dropped by 24 per cent in the first half of the year, however, the second half of 2017 was much busier, adding another £26.8bn in new lending. The total value of loan books identified by the CASS research increased by four per cent to £199bn by the end of the year, including both drawn and undrawn amounts. The research from Cass showed that non-bank lenders were actually the most active group, increasing their market share of new loans to 14 per cent from 10 per cent a year earlier. In total, they wrote £6bn of new loans of which 60 per cent was sourced from insurance and pension funds

April 19, 2018

Demand for commercial office space in London’s West End at highest level for six years

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

Take up of commercial office leases in London’s West End had its strongest start to the year since 2012, with the banking and finance sector continuing to actively seek space, new figures from CBRE have revealed. The amount of office space under offer on in Central London at the end of Q1 2018 stood at 3.2m sq ft, representing an increase of 6 percent on the previous quarter and showing a 3 percent increase on the same point last year. Take-up in Central London reached 2.8m sq ft in Q1 2018, with its largest deal boasting a 65,900 sq ft letting to WS Atkins at Nova North in Victoria. Availability in Central London increased by 7 percent to 14.3m sq ft but that is still below the total 12 months ago. A total of 1.1m sq ft of development and refurbishment space completed in Q1. A further 2.3m sq ft is expected to complete before the end of the year, of which 54 percent has already been committed to be leased. By the end of the quarter, 9.1m sq ft was being actively sought by occupiers, primarily from the banking and finance sector (26 percent) and creative industries sector (24 percent).

April 16, 2018

Local authorities spend £3.8bn on commercial property in last five years

by Mark Eltringham • News, Property, Public Sector

Local authorities have invested around £3.8 bn in commercial property over the last five years, a new study claims. The report (registration required) from property consultancy Carter Jonas and Revo claims that of the £3.8 bn invested, nearly half was spent on the acquisition of office space. It found that Spelthorne Borough Council in Surrey (pictured) was the largest local authority investor committing £477.1 m to assets within its domain. This is more than double its nearest rival Warrington Borough Council (£219.5 m) and is largely down to the purchase of BP’s International Centre for Business & Technology in Sunbury for £360 m.

April 9, 2018

Rising demand for Grade A office space helps sustain Edinburgh commercial property market

by Sara Bean • Cities, Coworking, Facilities management, News, Property, Public Sector

Technology, media, and telecommunications (TMT) companies are continuing to play a prominent role within Edinburgh’s office market, accounting for approximately 30 percent of transactions in the city. But rising demand for Grade A office space in Edinburgh by a variety of organisations, including coworking, private and public sector tenants has fuelled significant occupier demand during the first quarter of 2018, according to analysis by property consultancy, Knight Frank. The latest commercial property figures show approximately 460,000 sq. ft. of new occupier requirements came onto the market in the first three months of the year from companies looking to lease office space in Edinburgh. More →

March 30, 2018

Agile working driving structural change in New Zealand commercial property

by Mark Eltringham • Coworking, Flexible working, News, Property

Technological developments and agile working methodologies are driving significant, structural changes in the requirements for commercial property in New Zealand, according to new research from CBRE. One of these structural shifts is the rise in agile working, which has profound implications for the way office space is used. Unassigned seating is just one aspect of a truly agile business. Activity based working, third party space, coworking and flexibility around the way office space is used and leased are other real estate parts of a wider transformation into an agile organisation.

March 22, 2018

Action is needed to protect commercial property driving growth of UK cities

by Mark Eltringham • News

A new report from the Centre for Cities think tank outlines the scale of urban transformation in big Northern and Midlands cities over recent decades and its dependence on the ready availability of commercial property. The report, City Space Race, shows that the number of people living and working in Manchester, Leeds and Birmingham city centres has soared in comparison to other cities across the country but also warns that planning reforms are needed to enable these cities to provide both the commercial space and housing they need to continue to thrive. The report, sponsored by law firm DAC Beachcroft, examines the challenges British cities face in managing competing demands for residential and commercial space – especially in their city centres, where high skilled, high paying businesses increasingly choose to locate.

March 8, 2018

Data, AI and the commercial property sector – what’s the connection?

by Nick Riesel • Comment, Property, Technology

The property industry is not the first to be permeated by artificial intelligence, and it is far from being the last. Machine learning is working its way into various sectors, but it’s proving to be of great use particularly in the property sector, providing a helping hand for humans to help reach their professional goals. One of the ways in which AI is being used successfully within the property industry is to analyse data more efficiently. This is particularly significant, as collection and analysis of data can often be time and resource-consuming and difficult to navigate; with the help of intelligent software, however, it is easier to infer the “story” or direction that a batch of data is pointing in, and consequently come to a clearer conclusion or evaluation.

March 8, 2018

Commercial property sector worth £4.8bn to Scottish economy

by Mark Eltringham • News, Property

The Scottish commercial property sector contributes almost £4.8 billion to the Scottish economy and supports more than 92,000 jobs, according to a new report. Compiled by the University of Strathclyde’s Fraser of Allander Institute under commission by the Scottish Property Federation (SPF) its findings include a comprehensive look at the potential economic impact of new commercial work. In total, the commercial real estate element of Scotland’s construction industry has a direct impact of around £2.4bn to Scotland’s economy, however taking into account the additional spill-over effects of the industry, the sector is estimated to have a total impact of around £4.8bn.

March 7, 2018

Europe continues to attract high levels of commercial property investment

by Mark Eltringham • News, Property

Research released by Knight Frank in the European Quarterly, Commercial Property Outlook (Q3 2017) highlighted how 2017 European investment volumes were on course to beat those of 2016. In fact, a total of €47.4 billion was invested in European commercial property in the third quarter (Q3) 2017; a 13 percent increase on the same quarter of 2016. A new report from commercial property firm Savoystewart.co.uk claims to uncover the countries attracting the most interest in investment in Europe. In analysing the figures, Savoystewart.co.uk found several countries experienced a spike in commercial investment in 2017. Most notably in Finland, with a total investment of €5.6 billion, Q1-Q3 – a rise of 121.60 percent on figures from 2016. Hungary (89.90 percent), Romania (73.50 percent), the Czech Republic (43.30 percent) and Netherlands (41.70 percent) followed, with considerable increases measured.

March 1, 2018

Prospects for UK commercial property continue to improve, claims report

by Mark Eltringham • News, Property

The latest edition of the Investment Property Forum’s (IPF) UK commercial real estate consensus report claims that the commercial property sector’s sentiment for the current year continues to improve. In its latest report, IPF said the “outlook for 2018 has improved over the three months since the last survey” was conducted, with average rental and capital value growth rates increasing in virtually all sectors. It claims that the rental value growth average forecast has risen to 0.8 percent from 0.4 percent three months ago. Also, the average capital value growth rate has now increased to -0.2 percent from -0.7 percent in November with industrial growth now expected to be 4.0 percent from 2.7 percent in the last survey.

February 28, 2018

Modest growth in UK construction activity is driven by commercial office projects

by Sara Bean • Facilities management, News, Property

Construction activity in the UK has stabilised after a prolonged period of decline, according to the latest JLL and Glenigan UK Commercial Construction Activity Index. Key findings for the last quarter of 2017 show an overall increase in construction activity for the second consecutive quarter, driven mainly by commercial office developments. This follows overall growth of 7.9 percent in the third quarter of 2017, halting a sharp decline seen since mid-2015. Highlighting movement across different sectors, growth in office construction was up 11.2 percent to £4.5 billion, education (up 12.0 percent to £3.5 billion) and community (up 19.9 percent to £0.6 billion) sectors.