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More London convention one of highlights of Workplace Week, which starts today

by • Facilities management, News, Workplace design

More London convention highlight of Workplace Week

PwC More London Offices

Tours of Google, Mintel and Lloyds of London are just some of the highlights of Workplace Week, the annual week-long celebration of workplace innovation which starts today. Organised by AWA to raise money for Children in Need, the inaugural Workplace Week in 2009 happened after Andrew Mawson, AWA’s managing director, had the idea for a workplace-related event raising money for the charity. This year’s week includes a programme of 90 minute ‘working workplace’ tours involving some of the UK’s most innovative workplaces; including Google, Mintel, Innocent Drinks, BDO, Edelman, Lloyds of London, Guardian Newspapers, CBI, Invesco, Prostate Cancer, and PWC Embankment Place. The week will also feature a one-day convention at PWC’s More London office near London Bridge on Thursday 6 November entitled, ‘the Work/place Revolution….taking human performance to new levels’. The focus here will be on taking human performance to new levels, with a range of speakers offering case studies, insights and new research. (more…)

New London hotspots emerging as affordable office space runs dry

by • Facilities management, News, Property

New London hotspots emerging as affordable office space runs dryFlexible working initiatives such as hot-desking and home working have done little to dampen demand for the right office space, finds Cluttons in its latest London property outlook guide, which reveals very few areas of central London are now able to offer good office space for less than £40/sq ft. Echoing research by JLL earlier this week Cluttons reports that for the third quarter of this year current office letting activity was 17 per cent above the long-term average with more than almost 9m sq ft already acquired this year. Occupiers are showing a taste for larger offices, with a total of 21 transactions so far this year measuring upwards of 50,000 sq ft, accounting for a quarter of the space acquired. This is further eroding the supply pipeline, and is leading areas such as Aldgate and Whitechapel, Bethnal Green in the east, and Vauxhall in the south, to emerge as the next peripheral hotspots for those requiring offices on a more affordable basis.

Occupiers’ expansion plans fuel demand for Central London office space

by • Facilities management, News, Property

Principal Place office space

Amazon to move to Foster & Partners’ designed development Principal Place

The already intense levels of competition for prime Central London office space look set to increase. New data by JLL reports that leasing figures in the Central London office market are set to top those reached in 2013, with City lettings showing potential to reach over 7 million sq ft for the second year in a row and the West End on track for 3.3 million sq ft by the close of 2014. Strong take-up in these markets, combined with a resurged market in the Docklands, will see Central London take-up figures on track to exceed last year’s total of 11 million sq ft. While consolidation and lease expiries have been main drivers up to now, a buoyant economy means occupiers expansion plans are bringing new requirements to the market. Amazon’s recent decision to take a 400,000 sq ft pre-let at mixed-used development Principal Place at Shoreditch, is an early example of this and it’s expected more occupiers will follow suit.

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Availability of office space in central London has fallen a fifth since last year

by • Facilities management, News

Availability of office space in central London fallen a fifth since last yearIncreased pressure on London rents are being predicted as the latest figures by DTZ show the availability of office space in central London is now 20 per cent lower than the same period in 2013, and 30 per cent below the 10 year average. While London office take up rose by 17 per cent over the same period in 2013, all Central London markets, except the South East fringe, are seeing year-on-year decreases in supply of at least 15 per cent. The North West fringe, the Docklands and the West End have seen the biggest falls in availability over the past 12 months (down 53%, 36% and 30% respectively) with availability in the City falling by 17 per cent over the same time period. A significant development has been the availability of second hand space falling by a third (33%) to 5.6 million sq ft over the past 12 months – 47 per cent below the ten year average. (more…)

London ranked the best city to invest in major office refurbishment

by • Facilities management, News, Property, Workplace design

office refurbishmentLondon offers the best returns on office refurbishment of any city in the world, according to a new report from ARCACDIS. The firm’s survey of buildings more than 20 years old in thirteen cities found that returns on capital invested in major refurbs (which extend the life of the office by up to 20 years) in London were nearly ten percent, significantly higher than second placed Warsaw (7.5%) and Milan (6%). However, London was only ranked second for return on investment in minor office refurbishment, defined as a refurbs that aims to extend the life of the building by up to 5 years. Top place in this instance went to Madrid (9.6%), followed by London (8.5%) and Shanghai (7.9%). The least attractive market for office refurbishment was found to be Dubai, which the report claims is due to the large supply of new office space.

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BBC announces further moves out of London to reduce cost of property estate

by • Company news, Facilities management, Workplace

BBC announces more moves out of London to MediaCity

MediaCityUK in Salford

The BBC has announced plans to move more of its BBC teams out of Media Village, London W12, to bases in Salford, Birmingham, Caversham and other buildings in London. It’s part of the corporation’s strategy to reduce the size and cost of its property estate, invest more of the Licence Fee in programmes, and build its presence outside the capital. Around 120 Future Media roles and 102 Technology roles will move to Salford during 2015, joining around 3,000 colleagues already based at MediaCityUK. Anne Bulford, Managing Director Finance and Operations, said: “We are well advanced with reducing the amount of space the BBC occupies in London W12. Spending less on these buildings will enable us to invest more of the Licence Fee in programmes, as well as continuing to build up our presence out of London, ultimately bringing us closer to audiences. BBC Worldwide is due to leave the Media Centre early in 2015, so we are developing proposals on how to accommodate the remaining occupants and free up this building to release savings.” (more…)

Government must solve problem of London’s wasted commercial property

by • Comment, Facilities management, Property

London commercial propertyThe UK Government needs to act on the growing issue of wasted commercial property space in Greater London, and it needs to do so as a matter of some urgency. Statistics from the Department for Communities & Local Government (DCLG) show that since 1998, a worrying 58 per cent of London boroughs have seen vacancy rates either increase or stay the same. What is most concerning for businesses in the London region is that this rising figure, coming at a time when commercial rents are soaring, has gone unchecked since 2006, the time at which the DCLG stopped collating the data because of budgetary cuts. One of the worst performing boroughs is the City of London, which has seen a 100 per cent increase in vacant commercial properties during the period from 1998 up until the point at which the DCLG stopped publishing data.

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Building conservation award goes to Sixty London gatehouse

by • Architecture, News, Property

Sixty London gatehouse awardA City Heritage Award for Building Conservation has gone to architects KPF and the City of London Corporation for the rebuilding of the Sixty London gatehouse and restoration of the adjoining Holborn Viaduct. The schemes, which were completed in the Autumn of 2013, were honoured for their high standard of craftsmanship and finish. Sixty London replaces Bath House, a former mixed-use development designed in 1967, and rebuilding the northeast gatehouse, destroyed during the Second World War, was a crucial part of the KPF design. The gatehouse re-establishes the original symmetry of four gatehouses which historically stood at the intersection. The new office building comprises 212,000 sq ft of office space from Basement to ninth floors and is designed to achieve a BREEAM ‘Excellent’ rating. It also won the ‘Best Large Commercial Building’ category at the London region Local Authority and Building Control (LABC) Building Excellence Awards in May. (more…)

Demand for London commercial property pushing occupiers into earlier relocations

by • Facilities management, News, Property

London commercial propertyThe revival of London’s financial, professional and business sectors, along with sustained demand from the TMT (Technology, Media and Telecoms) market is resulting in increasing demand for commercial property across Central London. This along, with a restricted supply of existing stock, due to conversion of office to residential usage is prompting many occupiers into making relocation decisions well in advance of a lease break or expiry. Cluttons’ London Property outlook for the second quarter of this year shows that rental costs are increasing in response to sustained demand, with a west to east migration by occupiers in evidence. Many tenants are also relocating from London’s West End to the Southbank area; while further out, ‘fringe’ areas such as Stratford are drawing tenants. (more…)

Supply of new office space in London continues to fall short of demand

by • Architecture, News, Property

Glass half emptyOne of the downsides to London’s attractiveness as a business destination, as we reported yesterday, is its inability to provide enough office space to satisfy the rapacious demands of the companies who want to work there. Survey after survey reveals the same thing. Even though London has a healthy pipeline of new offices under construction, it cannot keep pace with demand. The latest survey to make the same point comes from Deloitte Real Estate whose London Crane Survey claims that the 9.2 million sq. ft. of office space currently being built will fall short of what is needed. The report claims that London office space is likely to remain in short supply for two years as the new occupancy levels of offices continues to outstrip supply. The report claims that 2014will see 7 million sq. ft. of Grade A office space delivered, the largest volume for over a decade but nearly half has already been let even before construction is complete.

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Design skills cited as one reason why London is the world’s best city

by • Environment, Events, News, Workplace design

Clerkenwell design weekFor the first time, London is the world’s best city for business, culture and finance, according to the latest edition of PWC’s annual Cities of Opportunity report.  And the city’s reputation as a global leader in design is cited as one of the main reasons. The index of thirty of the world’s most important cities claims that London’s sheer economic clout, technological infrastructure and its design and development skills are just a few of the factors that led to the city usurping New York for the first time. When the survey was last carried out, it was ranked third. London is ranked one of the top three best places for intellectual capital and innovation alongside Paris and San Francisco and has leapt from eighth place last year to joint first place (with Seoul) in terms of its technological readiness.

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Availability of commercial property in London lowest for six years

by • News, Property

Commercial Property LondonAccording to a report from CoStar News, prepared by CBRE, the availability of commercial property in Central London continued a long term fall during April to 13.76m sq ft, the lowest level since June 2008. This caused the availability of offices in central London to fall to 6.2 per cent, significantly below the 10-year average of 7.6 per cent, the agent said. Demand remains strong according to the report with the volume of office space under offer in central London up by over 65 per cent since the end of last year to reach the highest level for 13 and a half years. Under offers are currently at 4.73m sq ft, their highest point since September 2000, when under offers stood at an all-time high of 5.92m sq ft. The report claims that there are a total of seven buildings across central London with more than 100,000 sq ft currently under offer, including 10 Fenchurch Avenue (above). More information here.

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