Search Results for: london

April 10, 2015

Central London occupiers prepared to pay more for upper floors and terrace ⁰

by Sara Bean • Facilities management, News, Property

There is a growing trend for London occupiers prepared to pay more for upper floors, particularly with access to a terrace, as according to the latest research by Cushman & Wakefield (C&W), unprecedented rental rates are being paid for tower floors and roof gardens. Central London office leasing activity overall, was 2.4 million sq ft for the first quarter of 2015, which equals the same period in 2014, which marked the highest first quarter volumes since 2007. Momentum in the City of London office market has also continued, with a total of 1.8 million sq ft let, up 34 percent for the same time last year. The West End recorded a relatively quiet quarter, with leasing volumes down to just over 600,000 sq ft – the lowest level since mid-2013. However, this is against a backdrop of falling vacancy rates, leading to the increasing migration of commercial occupiers out of the West End.

April 7, 2015

New masterplan submitted for £5bn East London development

by Mark Eltringham • Cities, News, Property, Technology

Developers have submitted a revised masterplan for the £5 billion Greenwich Peninsula mixed use development in East London. The new plans not only increase the number of homes on site but also include a greater focus on digital arts and media studios as well as more high rise buildings in keeping with London’s current predilection for tall buildings and emphasising the shift in London’s centre of gravity eastwards. The original plan, created by Farrell & Partners and dating back to 2004 are described as outdated by developers Knight Dragon, who have submitted the new mixed use plan for around 15,000 dwellings, 59,000 sq.m. of hotel, retail and recreational space and 60,000 sq.m. of office space as well as a design district, space for healthcare buildings, educational facilities, transport hubs, visitor attractions, parking, cycling paths, community facilities and parks.

April 2, 2015

London workers take longer lunch breaks than staff in other regions

by Mark Eltringham • News, Wellbeing, Workplace

London’s workers take 25 percent longer for lunch break than their contemporaries elsewhere in the UK, according to Avanta’s London Worker Index. The report, based on a survey of 1,500 people in the capital, also found that some 24 percent of male workers report using their lunch break to take a nap, compared to just 14 percent of their female colleagues. In addition to napping, the survey found that 54 percent of London workers use their lunch break to go shopping, whilst a similar number (52 percent) run errands. More than a quarter (27 percent) visit the gym and over a third (28 percent) meet up with friends. However, not every Londoner is quite so lucky. Almost a quarter (23 percent) of Londoners skip lunch three or more times per week, and one in ten don’t take lunch breaks at all.

March 26, 2015

London remains world’s most expensive city in which to live and work

by Sara Bean • Facilities management, News, Property

London has retained its place as the world’s most expensive city for businesses to accommodate their employees. But according to the latest analysis from Savills, Hong Kong and New York are closing the price gap. The three cities have dominated the Savills Live/Work Index since its launch in 2008 and form a tight group of world class cities where it now costs over US$110,000 per employee per year to rent typical office and living space. London is now 7.3 percent cheaper in dollar terms than in June 2014, while 4th placed Paris has slipped below the US$100,000 per employee threshold for the first time since mid-2012 as a result of rental falls, dollar appreciation and euro weakness. Meanwhile, fuelled by an improving US economy and tech industry expansion, San Francisco has outpaced all other cities in the live/work index, with growth in rent and other real estate costs of 55.1 percent since 2008.

February 26, 2015

London reveals latest plans to move cars, bikes and people underground

by Mark Eltringham • Cities, News, Property, Public Sector

The Mayor of London has revealed the latest plans to move the city’s pedestrians, bikes and cars underground and elevated on decking. The latest proposals would see a number of the capital’s major roads mounted or buried with the space saved at ground level converted to greener and more pleasant uses (and property development obv). An announcement from the Greater London Authority claims that over 70 sites across London have been considered for the scheme which will include new tunnels, fly-unders and decking. It follows hard on the heels of another proposal to create the Underline, a network of cycle lanes and walkways based on the city’s existing web of unused tunnels. The roads proposed for the new scheme include the A4 in Hammersmith, the A13 in East London and sections of the North Circular Road.

February 18, 2015

Record uptake of London office space continues…but at a price

by Mark Eltringham • News, Property, Technology

Take up of leased office space in London has hit its highest level since 2000, claims a new report from BNP Paribas Real Estate. The recorded level of 4.49 million sq. ft. during the final quarter of 2014 was driven by serviced office operators and occupiers in the technology, media and telecoms sectors. TMT firms accounted for just under a third (31 percent) of the market in Q4 and 24 percent for the whole year. However the market is still characterised by a mismatch of supply and demand which means not only low vacancy rates in key business districts but also sustained upward pressure on rents. The average office rent per square metre in the City of London has risen by 17 per cent from £560 to £655. In the prime parts of the West End rents have jumped 8 percent over the year to £1092 per square metre.

February 5, 2015

Digital economy spreads nationwide but London still dominates

by Mark Eltringham • News, Property, Technology

The UK Government has published what it says is the first comprehensive analysis of the UK’s digital economy clusters as part of an ‘interactive data project’ called Tech Nation*. The project shows the development of digital businesses by region across the UK. The project has been developed by Tech City UK, the government’s flagship organisation focused on the UK’s digital economy. The project suggests that there are now nearly 1.5 million jobs in the UK digital sector with around three quarters (74 percent) of them outside London. While the Government is keen to portray this as a nationwide success story, this still means that there are twice as many jobs per head in London’s digital sector as the national average and, as we reported earlier, the Government’s rollout of fast broadband to rural areas remains woefully inadequate.

January 27, 2015

Adobe completes refurbishment of central London offices

by Mark Eltringham • Company news, Workplace design

Adobe has completed a refurbishment of the reception of its central London offices. The project includes new stone-clad walls and floor coverings to give the space an industrial feel by complementing the existing concrete floors and exposed internal pillars. Similarly, new carpet was specified in a ‘distressed’ finish. Bespoke elements of the design include the specially made reception desk and graphical manifestations on walls and meeting room partitions that range from the corporate to the abstract. “Adobe is the world’s biggest digital marketing company in an industry that is serious and creative, and we wanted our new reception to reflect this.” said Mike Walley, EMEA site operations manager for Adobe. The lighting in particular has transformed the space.” The project was carried out by K2 Space.

January 13, 2015

Investors priced out of London commercial property turn to regions

by Mark Eltringham • Cities, News, Property

According to a report from Reuters, foreign competition in the London commercial property market is forcing local investors to invest in regional cities to tap rising rents there, with many making purchases privately to avoid auctions or even building office blocks from scratch. Commercial property in London has become a popular safe haven for investors from places such as Russia, China and southern Europe as a result of the financial crisis, and office prices have bounced back strongly from the lows. From a $4 billion battle for control of the Canary Wharf financial district to the creation of the capital’s tallest building, The Shard, thanks to oil money from the Gulf, many of London’s landmarks have had a helpful overseas financing hand.

January 12, 2015

Availability of office space in Central London has fallen by half since 2009

by Sara Bean • News, Property

The amount of available office space in Central London has fallen by almost half since 2009, new figures reveal. The latest end of year research by Deloitte Real Estate show that the availability of office space has fallen 14 per cent over the last 12 months, and warned that rents will probably rise by around six to over eight per cent as a result. In an analysis of the submarkets across the West End, Deloitte reports that Victoria has seen the greatest decline in available office space, falling 46 per cent in just 12 months. While the City of London market has not seen as dramatic a decline in available space, hovering around five million sq ft throughout 2014, it still remains at its lowest level for seven years. This is despite over 3 million sq ft of new office space completing construction during 2014 – a new high.

January 7, 2015

City of London office market reaches the highest volume of lettings for 15 years

by Sara Bean • Facilities management, News, Property

Central London leasing activity hit the highest volume since 2007 last year, while the office market in the city reached its highest volume for 15 years. Take up of central London office space totalled 12.4 million sq ft, when 12.7 million sq ft was let; which is 15 per cent ahead of 2013 totals. According to the latest research by Cushman & Wakefield, while all areas of the capital saw an upturn in activity during 2014, the City of London market recorded the highest volume of lettings for 15 years, with 7.2 million sq ft of transactions completed compared to 7.4 million sq ft in 1998. West End lettings reached 4.0 million sq ft; on a par with the last peak in 2007. Even Docklands saw take-up double in comparison to 2013 to exceed 1.0 million sq. ft for the first time since 2010; and the serviced office sector is thriving.

December 16, 2014

Central London office take-up hits highest level since 2010

by Sara Bean • Facilities management, News, Property

Take-up in the central London office market is expected to hit its highest level since 2010, bolstered by a massive increase in demand among firms in the Professional and the tech, creative and new media sectors. These sectors are forecast to employ a further 110,000 people across Westminster, the City of London, Southwark and Tower Hamlets in the next decade, which is expected to further increase demand. According to DTZ’s latest Central London Offices Update overall office take-up is expected to reach 14.5m sq ft in 2014; up by 30 per cent on the five year average and at the highest level recorded since 2010. However , availability has continued to fall, with just 9.5m sq ft of office space currently remaining – the lowest level since 2001. This restricted availability is leading to a higher level of competition for space which is driving up rents. More →