Search Results for: london

April 4, 2017

Commercial property investment in London’s West End at record high ⁰

Despite its reputation as the most expensive office location on Earth, commercial property investment in London’s West End has hit a record high of £1.93 billion in the first quarter of 2017, according to Cushman & Wakefield. The figure is up by 22 per cent on the five-year first quarter average, surpassing the West End’s previous record of £1.8 billion in 2013. The report suggests that interest from overseas investors and several large deals had boosted the figures, including the sale of the Facebook Campus and One Kingdom Street. Across the whole of central London, the total volume invested hit £4.18 billion – up from £3.7 billion in the same period last year and approaching the 2015 level of £4.6 billion. The City also enjoyed a strong first quarter, with total transaction volumes increasing nine per cent on the year prior to £2.25 billion.

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March 28, 2017

London’s law firms cut back on half of new leases as they rethink their real estate ⁰

by Mark Eltringham • Facilities management, Flexible working, News, Property, Workplace design

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.

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March 9, 2017

London, New York and Hong Kong are most expensive cities to rent office space ⁰

by Neil Franklin • News, Property

London has been named the third most expensive city in the world for office space, behind New York and Hong Kong, according to an analysis by Kit Out My Office on office rental prices. The analysis mirrors many similar studies that identify these cities as the most expensive on the planet in which to do business. The report looked at the cost of leasing office space of 10,000 square foot and associated business costs, such as property tax, service charges, and Internet access. However, all is not doom-and-gloom for businesses looking to relocate or start-up in London. Initiatives and grants are available for businesses, such as Enterprise Investment Schemes and R&D tax credits. The report claims that alongside being named the third most expensive city for office space, the decision by the UK to leave the EU has caused an air of uncertainty and posed many questions that are still unanswered. For example, how will EU workers be treated and will there be levies for companies that trade with Europe.

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March 7, 2017

London businesses bounce back from initial concerns over the Brexit vote ⁰

by Sara Bean • Cities, News, Property

London firms’ optimism has rebounded since a poll taken just after the EU Referendum, according to the latest CBI/CBRE London Business Survey; as its the most recent data reveals that a fifth of companies (19 percent) feel more positive about the economy over the next six months, compared to 4 percent in the last Survey. Firms are also more optimistic about their own businesses over the next half year, with over a quarter (26 percent) feeling positive (compared to 8 percent in the last Survey). Over eight in ten (84 percent) of London’s companies see Crossrail 2 as being central to the capital’s successful expansion. Meanwhile, a similar number of firms (80 percent) think sticking to the Government’s current timetables for building Heathrow’s third runway is vital to London’s attractiveness as a place to invest. As the city continues to expand eastwards, businesses recognise the importance of developing the right infrastructure to support growth in the area, especially in the Docklands. Four fifths of firms (84 percent) think that river crossings in East London are essential for boosting the city’s growth.

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March 7, 2017

Jump Studios completes design for London offices of Cloudflare ⁰

by Mark Eltringham • Case studies, Company news, Workplace design

London-based architecture practice Jump Studios has designed the first UK office for tech firm Cloudflare in London. The company, headquartered in San Francisco, is one of the fastest-growing start-ups in the world and is classified as a Unicorn1 company. The new office is a refurbishment of a former paper factory in London’s Southwark area. The refurbished 7,000 square foot office includes around 100 desks with large social areas connected to the outside terrace space. The central area of the office is a form of ‘spine’ constructed from OSB (Oriented-strand board). This spine maintains physical and visual connectivity throughout the floor and forms walls, rooms, storage and shelving units for Cloudflare to display tools, gadgets, books and awards. Informal meeting spaces sit within and around the spine for employees to relax and hold meetings in throughout the day.

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March 3, 2017

Global migration plays an important role in London’s ongoing success, says report ⁰

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

Demand for construction workers in London looks set to grow due to the completion of Crossrail and the extension of the Northern Line alongside other infrastructure projects. But a new analysis reveals the Capital is struggling to attract and train the workforce needed; with London and the South East having a shortfall of 60,000 people in the construction industry. This is according to a first of its kind analysis of the role of migration on London’s economy by London First and PwC. ‘Facing Facts: the impact of migrants on London, its workforce and economy’ argues that London’s growing workforce is significantly contributing to economic growth and helping to create more jobs in the capital. The report, which draws on a comprehensive range of information, including detailed ONS Labour Force Survey data shows how London’s total workforce has grown from 4.3 million people in 2005 to just under 5.2 million, made up of people from around the UK, the EU and the rest of the world.

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March 2, 2017

Brexit effect means London’s real estate is much better value than last year ⁰

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

In the two years running up to the Brexit vote, London vied with New York and Hong Kong for the title of most expensive world city to accommodate employees and last year it was crowned the most expensive world class city for international businesses to rent office and living space for their employees. Now Brexit’s impact has made the UK look much better value on a world stage as the devaluation of sterling means it now ranks closer to Paris and Tokyo, leaving New York and Hong Kong in a league of their own with much higher accommodation costs. It now costs an average of US$88,800 per person to rent office and housing space in London, well below the price tag of June 2014 of US$124,500, according to the latest Savills Live-Work Index which measures annual accommodation costs per worker in leading world cities. By this measure, London is now 10 per cent cheaper in these terms than it was in December 2008.

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February 27, 2017

London commercial property market letting down its small businesses ⁰

by Mark Eltringham • News, Property

Small businesses are poorly served by London’s current commercial property market, claims a new report from the think tank Future of London. The Workspace That Works report calls for local government, developers and landlords to address the threats this poses to the capital’s economy. The report claims that SMEs make up 99 per cent of all businesses and 41 per cent of employment in the capital, in line with the rest of the UK, but London faces a number of unique structural challenges such as the growing number of offices being converted to residential use, high rents and a general lack of suitable development sites. The report highlights the growth of shared spaces as a key factor in providing dedicated space for niche firms with significantly reduced costs for small businesses and start-ups.

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February 15, 2017

Demanding working culture in City of London creates ticking stress timebomb ⁰

by Neil Franklin • News, Wellbeing

Demanding bosses and increased work pressures are turning up the pressure and stress levels for City workers with staff expected to be always available, new research from MetLife claims. Its study of 104 senior decision makers from financial institutions and investment banks found 95 percent say they are expected to be always available for work with weekends seen as a continuation of the normal working week. They work on average 23 weekends a year, with 50 percent of executives saying weekends have been disturbed by work at least 25 times in the past year. Complaining about stress makes no difference – just one in seven (14 percent) of those questioned say bosses have taken action when they have complained about pressure at work.

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February 14, 2017

Cautious London job market post-Brexit, as EU nationals consider options ⁰

by Sara Bean • Cities, News, Workplace

The more recent employment figures for London suggest that until the terms of Brexit are known and put in motion, the jobs market will remain cautious. This is according to the latest Morgan McKinley London Employment Monitor which found that despite an 81 percent increase in jobs available and an 83 percent increase in professionals seeking jobs; compared to a 115 percent increase in jobs this time last year, the 2017 spike was muted in comparison. The 83 percent increase in job seekers month-on-month is coupled with a 29 percent decrease, year-on-year. Contributing to the decrease is the trickling off of non-British EU nationals working in the City, who comprise up to 10 percent of its workforce. In a post-Brexit survey of professionals conducted by Morgan McKinley, these individuals reported either moving abroad, or considering leaving London because of Brexit.

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February 8, 2017

Take up of flexible space confirms London’s status as a global coworking pioneer ⁰

by Mark Eltringham • Flexible working, News, Property

The ‘gig economy’ continues to drive London’s thriving flexible workplace sector which accounted for 8.8 percent of total office take-up in 2016, according to a new study from Cushman & Wakefield. The report claims that the pace of development will continue for the foreseeable future, not least because of the number of corporate occupiers taking on coworking space. Flexible office space accounted for more than 4.5m sq ft of take up in London over the past five years as the capital has cemented its place as the leading global market for coworking, according to the research. In 2016, flexible office take-up amounted to 842,888 sq ft across Central London, representing 8.8 percent of total take-up – slightly above the five-year average of 8.4 percent.

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February 3, 2017

Plans unveiled for £1 billion mixed use scheme in East London ⁰

by Mark Eltringham • Cities, News, Property

Developers Knight Dragon have unveiled the details of a landmark £1 billion project as part of the Greenwich Peninsula regeneration in East London. Designed by architect and engineering firm Santiago Calatrava, the Peninsula Place development marks the latest shift in London’s shift eastwards. The scheme will total 1.4 million sq ft including a new tube and bus station, theatre, cinema and performance venue, bars, shops and a wellbeing hub. Above this will rise three office towers, apartments and hotels, all connected to the Thames by a new land bridge. The developers claim that Greenwich Peninsula is London’s largest single regeneration project. Over the coming years, the £8.4 billion transformation of the Peninsula will provide 15,720 new homes in seven new neighbourhoods: home to central London’s first major film studio, a new design district, schools, offices, health services and public spaces.