March 28, 2017
London’s law firms cut back on half of new leases as they rethink their real estate 0
The number of new leases taken up by the largest law firms in London fell by more than 50 percent last year, claims a new report from CBRE. The study of the 100 largest firms in the capital found that the firms are rethinking their real estate strategy in the light of new developments in flexible working, technology and the result of the Brexit referendum. According to the report, the total space taken through new leases in 2016 was just under 500,000 sq ft – 55 percent down on 2015 and 36 percent below the 10-year average. The report found that no law firms had signed deals for more than 90,000 sq ft last year. The largest deal of 2016 was CMS’ leasing of 84,199 sq ft at Cannon Place ahead of its merger with Nabarro and Olswang, with lawyers from the three firms set to consolidate into one building.
March 15, 2017
Mobile and internet connectivity should be a priority for commerical real estate 0
by Sara Bean • Comment, Facilities management, News, Property, Technology
Cluttons has proposed that a mobile coverage rating should be added to lettable workspace criteria, because despite mobile and internet connections being the fifth essential utility for the modern environment they are often overlooked when leasing space. With the rise of dependence on SIM-based equipment, the property firm argues that workplaces should be let with a coverage rating, measuring connectivity within a property. It argues that given the fast-paced evolving nature of the sector, landlords who invest in excellent telephony infrastructure are likely to secure tenants for longer periods and potentially achieve higher rental values. The approach is being borne out by the government recognising the importance of better mobile and internet infrastructure, by making it a focal point to extend superfast broadband to 95% of the UK by the end of 2017. This comes as no surprise given that several emerging markets are leap-frogging the adoption of technology and are quickly outpacing the UK in the sophistication of infrastructure on offer to occupiers. London is ranked near to the bottom of the internet connectivity league table when looking at Europe.
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