The 2023 business rates revaluation will come into effect on the 1st of April 2023, the first of its kind for six years and according to business rates experts at Colliers could have a material impact on the provision of affordable workspace in the capital, historically located in the “fringe” locations. Colliers claims that this is because rents and hence rateable values in fringe locations such as Hackney, Southwark and Hammersmith & Fulham have increased at a greater pace than in historic ‘core’ office locations such as the City, Islington and the West End, and those fringe locations have now become equally or in some cases more expensive locations than those in the Central London core. (more…)

The Central London Office leasing market has seen occupiers expanding their footprint at record levels, according to the research from real estate advisor, CBRE. Following what CBRE claims was an unprecedented downturn in activity as a result of the pandemic, Central London office take-up reached 12.7m sq ft for the 12-months to the end of Q2 2022, an increase of 153 percent when compared to the same period last year and 5 percent above the ten-year average. (more…)

A study of the London office market from Gerald Eve suggests that there is now the highest number of lettings since before the pandemic with activity focused on smaller requirements and environmentally friendly buildings. Lettings between 10,000 and 20,000 sq ft made up a significant portion of demand with 713,000 sq ft (or 23 percent) of all activity, which totalled 3.1m sq ft in Q1. Tenants are now voting with their feet for best-in-class space, with sustainability at the forefront of decision making. Post-covid requirements continue to shape the criteria for office space as subjective business-linked or staff retention demands rank higher than overall cost in the search for office space. (more…)

Six London workplaces have been recognised at the annual British Council for Offices’ (BCO) Regional Awards. The London Awards Lunch returned in-person to the London Hilton on Park Lane, recognising the highest quality developments in London and setting the standard for excellence in the office sector across the UK. The winning workplaces include:  80 Charlotte Street (Commercial Workplace); Plumtree Court, 25 Shoe Lane (Corporate Workplace); Dojo, The Brunel Building, 2 Canalside Walk (Fit Out of Workplace); ASOS HQ, Greater London House, 180 Hampstead Road (Refurbished/Recycled Workplace); Pennybank , 33-35 St John’s Square (Projects up to 1,500m sq. ); 1 Triton, 1 Triton Square, Regent’s Place (Innovation) (more…)

British Land has signed 34 new deals totalling 238,000 sq ft across its central London campuses. Since the half year results, nine businesses have signed 125,000 sq ft at newly refurbished buildings at Broadgate. New occupiers include customer engagement platform, Braze (49,000 sq ft, Exchange House); proprietary trading firm, Maven Securities (38,000 sq ft, 155 Bishopsgate); US-based law firm, Jenner & Block LLP (13,000 sq ft, 10 Exchange Square) and markets’ infrastructure and technology platform, Symphony (7,000 sq ft, 135 Bishopsgate). (more…)