Search Results for: london

June 27, 2014

Government must solve problem of London’s wasted commercial property

by Paul Statham • Comment, Facilities management, Property

The 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.

June 26, 2014

Building conservation award goes to Sixty London gatehouse

by Sara Bean • Architecture, News, Property

A 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 →

June 16, 2014

Demand for London commercial property pushing occupiers into earlier relocations

by Sara Bean • Facilities management, News, Property

The 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 →

May 21, 2014

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

by Mark Eltringham • Architecture, News, Property

One 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.

May 20, 2014

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

by Mark Eltringham • Environment, Events, News, Workplace design

For 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.

May 19, 2014

Availability of commercial property in London lowest for six years

by Mark Eltringham • News, Property

According 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.

May 12, 2014

London large commercial property pipeline leads rest of Europe

by Mark Eltringham • News, Property

London will be home to 35 new large office buildings before the end of this year making it one of Europe’s most important destinations for major corporates wishing to occupy over 5,000 sq. m. of commercial property, according to a new report from Colliers International. The survey of 23 major European cities found that together they will offer just over 800 readily-available and high quality large scale offices to choose from by the end of 2014. The 2014 EMEA Office Report claims that this year will see London become the city with the joint third highest availability of large offices in Europe, up dramatically from 11^th place. London matches Amsterdam in having 60, trailing Paris with 62 and Moscow with 98. London, however, stands out as having a strong pipeline of new large office developments.

April 30, 2014

BCO’s London workplace design and fit-out award winners revealed

by Mark Eltringham • Architecture, Facilities management, News, Workplace design

Yesterday the British Council for Offices announced what it considers London and the South East’s best recently completed workplaces at an awards dinner. The winners included One Eagle Place, BBC Broadcasting House and Brent Civic Centre, who will now go forward to the national awards which will be announced in October. Earlier this month, the regional finalists for Scotland, the Midlands and East Anglia were announced. Ceremonies will be held to announce the regional winners for the North of England and South West during May. Yesterdays’ event saw PwC’s One Embankment Place designed by t p bennett crowned as Refurbished/Recycled Workplace, Argent’s One Stable Street office win the small office category, while the award for Best Fit Out of a Workplace went to The Walbrook Building designed by Scott Brownrigg. The renovation of BBC Broadcasting House and Brent Civic Centre shared the award for Best Corporate Workplace.

April 11, 2014

Allied London announces plans for development of former Granada site

by Mark Eltringham • News, Property

Property Developer Allied London has announced plans to transform part of the former Granada Studios site in Manchester into a new media hub when it takes control of the building in June. The new building is to be branded Hello House and will offer workspace specifically aimed at media and PR companies, including startups and SMEs as well as established businesses. Not only has the site already enjoyed a long associated with one of the UK’s most famous and well-established media firms, it is also be able to take advantage of Manchester’s growing reputation as one of the country’s most important media and tech locations. The revamped space will include a rooftop media bar and facilities to encourage tenants to work together and develop new joint opportunities. Allied London has already signed up its first tenants.

April 9, 2014

Foreign investment fuels record quarter for London commercial property

by Mark Eltringham • News, Property

More London, Riverside

Foreign investment in London’s commercial property market has fuelled a record breaking start to 2014, according to a new report from Cushman & Wakefield. The influx of overseas capital dominated deals in the first quarter of the year and, in turn, drove total investment levels that exceeded £4.3 billion, three quarters of which came from abroad and was centred on East London and Docklands . The 32 deals covered in the report included the sale of the More London estate to a Kuwaiti investor for £1.7 billion and concluded the busiest quarter since 2007. According to the report, foreign investors are attracted by London’s status as a safe haven. Last month we reported how domestic investors were looking outside the capital for opportunities but the Cushman & Wakefield report now suggests that interest from domestic investors and occupiers is increasing as the UK economy improves.

April 3, 2014

Plans unveiled for London’s £1.5 billion Silvertown Quays development

by Mark Eltringham • News, Property

Plans have been released for the £1.5 billion redevelopment of Silvertown Quays in the East of London. The 7 million sq. ft. mixed use scheme will cover 62 acres on the site of the Royal Docks directly opposite the Excel exhibition centre. The development will include around 2.5 million sq. ft. of commercial and retail space, and some 2,500 new homes along with education, research and exhibition facilities. As announced by London Mayor Boris Johnson in 2013, one of the key features of the project will be an avenue of ‘brand pavilions’, where companies from across the world will be invited to showcase their products. The district will be served by a new bridge connecting it to the ExCel site giving access to transport links, including the new Crossrail station with express services to the City of London, West End and beyond.

March 28, 2014

CBI moves to new flagship London office at Cannon Place

by Sara Bean • Company news, Property, Workplace design

The CBI is moving out of the Centre Point building this weekend to take up residence at its new flagship offices in London’s Cannon Place on Monday (31st March). The UK’s leading business group is leaving the Centre Point building in London’s West End after 34 years to relocate to new offices in Cannon Place, above Cannon Street station, where its new headquarters will be based. The 25,000 sq ft space on the fourth floor of the eight-floored Cannon Place will be open plan and home to around 200 staff. It will boast a member lounge with work stations and meeting rooms, as well as regular exhibitions showcasing the best of British business from around the globe. This first exhibitor will be Bristol-based film and television company Aardman Animations, the makers of the award-winning Wallace and Gromit series. More →