Mitsubishi Estate has announced plans to invest £800 million in the redevelopment of the former ITV Studios site on London’s South Bank, a project that is expected to create 4,000 jobs and provide significant new space for the capital’s creative industries. The Japanese developer will deliver a 600,000 sq ft mixed-use scheme, to be called Vista, which will combine offices, studios, galleries and exhibition areas. As part of the development, 40,000 sq ft has been allocated as affordable workspace for creative businesses, a measure intended to support start-ups and smaller firms in the sector.

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Fintech firm Revolut has announced the opening of its new global headquarters in Canary Wharf, in a week that has seen more than £110 billion committed to the UK financial services sector. The company confirmed it will invest £3 billion over the next five years and create around 1,000 new skilled jobs. (more…)

US pharmaceutical company Merck, known as MSD in Europe, has withdrawn a planned £1 billion investment in a new discovery centre in London, citing the UK’s challenging environment for life sciences. The decision will result in the closure of discovery research operations in the country and the loss of 125 jobs, although other research activities will continue. The facility, a 25,000 square foot headquarters in the Knowledge Quarter near King’s Cross, had been under construction and was due to open in 2027. The cancellation comes at a time when the government has identified life sciences as a key growth sector in its industrial strategy, with ambitions to make the UK Europe’s leading life sciences economy by 2030 and the third most significant globally by 2035. (more…)

New research from CBRE has found that the average London flex office agreement now stands at 22 months, a record high since CBRE started tracking the data in 2020. In addition to longer commitments from occupiers, pricing in the capital has increased in recent years for best-in-class locations, with CBRE’s data showing H1 2025 rents in Mayfair & St James’s achieving an average of £315 per sq ft, and a top rate of £380 per sq ft, the highest in the UK. (more…)

Office-based businesses across Central London could face a steep increase in business rates from April 2026, according to new research by property consultancy Colliers. The analysis suggests that occupiers of prime office space may collectively see bills rise by £432 million, bringing total business rates liabilities to £5.23 billion—a 9 percent increase on current levels. Colliers examined 27 Central London areas, focusing on Grade A office spaces over 10,000 sq ft, to assess the expected financial impact of the 2026 Rating Revaluation. The forecast draws on changes in rental values between April 2021 and April 2024 and anticipates a higher business rates multiplier for properties with rateable values (RVs) above £500,000. (more…)

The UK government has unveiled a significant restructuring of the public sector, aiming to relocate 12,000 civil service jobs from London to regional hubs across the country. This initiative is part of a broader effort to decentralise government operations, enhance efficiency, and bring decision-making closer to communities. As part of this plan, eleven government offices in London are slated for closure, including prominent sites such as the Ministry of Justice in Victoria, the Department of Health and Social Care, and the Department for Work and Pensions at Caxton House. The consolidation is projected to save £94 million annually in property costs by 2032. (more…)

The London office market is demonstrating strong signs of recovery, with declining vacancy rates and robust demand for high-quality spaces. Both occupier and investor activity surged in the third quarter of 2024, reflecting renewed confidence in the capital’s commercial real estate sector. Despite challenges posed by elevated supply levels, the market’s recovery trajectory points to a potential upswing in rents and investment activity heading into 2025, driven by stabilising vacancy rates and continued demand for Grade A office space. (more…)