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It’s better for you to be busy + A new era for commercial property? + Changing behaviour by design

It’s better for you to be busy + A new era for commercial property? + Changing behaviour by design

In this week’s Newsletter; The commercial property sector heads off in a new direction; why busier people tend to look after themselves more; executives love Big Data but have no idea what to do with it; procrastination isn’t all bad – read why right now, don’t put it off; changing benhaviour by design isn’t as easy as some might think; a Shakespearean take on tech addiction; and how local innovation fuels global design trends.  You can also download our most recent briefings on key topics, produced in partnership with Boss Design and BW Workplace Experts; dowlnload the new issue of Work&Place; visit our  events page curated by Herman Miller, follow us on Twitter and join our LinkedIn Group to discuss these and other stories. And don’t forget to subscribe – the form is there on the left.

British Property Federation announces plans to modernise commercial property sector

British Property Federation announces plans to modernise commercial property sector

The British Property Federation (BPF) has launched a Technology and Innovation programme for the UK commercial property sector – to support the sector in its digital transformation – following the Government’s challenge to all sectors of the economy to improve productivity and deliver growth. The programme is launched with the publication of a new report produced by Future Cities Catapult, commissioned by the BPF, to understand the barriers to and opportunities for improving the productivity of the real estate sector through the application of technology.

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RICS announces standards to tackle unfair commercial property service charges

RICS announces standards to tackle unfair commercial property service charges

RICS standards aim to tackle unfair commercial property service charges

New mandatory requirements that will ensure service charges to commercial tenants are transparent, upfront and fair, and that any costs incurred are in accordance with the terms of the occupational leases, have been announced by RICS. The Institute, which has long called for a fairer and more professional approach to property management to help outlaw “rogue” landlords and managing agents says ‘Service charges in commercial property’ will help regulate the activities of landlords and their agents, whilst protecting tenants from having to pay for unscrupulous repair or maintenance costs. It has worked with major property bodies representing owners, occupiers and managing agents – including BPF, BRC, BCO, PMA, CoreNet, REVO, PMA alongside ICAEW and Law Society, the professional bodies for accountants and lawyers – to produce the recommendations that reflect the needs and opinions of landlords and tenants and the specific considerations of different sectors.

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Network Rail agrees £1.46bn commercial real estate sale to Telereal Trillium and Blackstone Property

Network Rail agrees £1.46bn commercial real estate sale to Telereal Trillium and Blackstone Property

Network Rail has agreed terms with Telereal Trillium and Blackstone Property Partners for the sale of its commercial real estate portfolio. Proceeds from the £1.46 billion transaction will help fund the railway upgrade plan, bringing improvements for passengers and reducing the need for taxpayers to fund the railway, according to a statement from Network Rail. Telereal and Blackstone will hold equal ownership stakes and intend to be long-term owners of the estate. Both parties have adopted a ‘tenants first’ approach, cemented in a tenants’ charter, which offers a commitment to engage with all tenants and communities in an open and honest manner. Telereal will oversee the day-to-day property management of the portfolio.

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London’s poor connectivity is holding back commercial property occupiers

London’s poor connectivity is holding back commercial property occupiers

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

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

A clearer more enforceable energy efficiency policy is needed for commercial buildingsThere 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.

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Commercial property lending surged in the second half of 2017

Commercial property lending surged in the second half of 2017

facilities managementCommercial 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

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

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

Nova development at VictoriaTake 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).

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

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

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.

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

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

State Street Bank at Quartermile 3 EdinburghTechnology, 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 →

Agile working driving structural change in New Zealand commercial property

Agile working driving structural change in New Zealand commercial 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.

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

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

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.

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