Search Results for: real estate

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 24, 2014

Acquisition of Dublin office site marks strengthening demand in Ireland’s capital

by Sara Bean • Company news, News, Property

A 1.7-acre office development site in Dublin has been acquired for €40.5 million by Development Securities in a joint venture with Colony Capital and two leading Irish commercial developers. The site already has existing planning consent for the development of a 166,000 sq. ft. grade A office building which would replace an existing five storey, vacant office building that currently occupies the site. Located on Burlington Road, within Dublin’s prime commercial core, the office development will be marketed for pre-lets over the near-term, with initial site works expected to commence within the next 6 months and the building’s completion by in mid to late 2016. The move reflects a wave of office development in the Irish capital, where, according to a report by CBRE Ireland, a complete lack of office development over the last three years has manifested itself in supply shortages of Grade A office accommodation in core locations.

June 18, 2014

Lack of joined up thinking hampers efforts to reduce commercial property energy consumption

by Mark Eltringham • Environment, Facilities management, News, Property

A new report commissioned by the Green Construction Board, Property Industry Alliance and UK Government claims that efforts to tackle energy consumption in commercial property and reduce the associated emissions of greenhouse gases needs a new approach to the way policies are understood, monitored and enforced. The warnings come in a paper produced by Deloitte which suggests that while the associated potential for savings and a wide range of environmental and economic benefits are beyond question and the Government has the will to make them happen, there is a lack of cohesive thinking in current policies and legislation coupled with a shortfall in innovation and investment. When the report was commissioned last year, it was done so on the basis that buildings remain the UK’s largest contributor to carbon emissions, with energy use in non-domestic buildings accounting for 17 per cent of the total.

June 9, 2014

Workplace Strategy Summit starts this morning with stellar line up of speakers and topics

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

The world’s foremost workplace conference kicks off this morning and Insight will be there to cover all of it. . Speakers include Franklin Becker, Frank Duffy, Alexi Marmot, Wim Pullen, Ian Ellison, Ziona Strelitz, Andrew Laing, Chris Kane and Simon Allford will address the most important and up to date issues relating to workplace strategy. To coincide with the event, the latest issue of Work&Place will be published before being issued to around 25,000 IFMA members worldwide and made available free online to everybody. The event builds on the success of the first Workplace Strategy Summit held at Cornell University. Updates will be available on Twitter. #IFMAsummit14

June 6, 2014

IFMA & BIFM to discuss work and place at Workplace Strategy Summit

by Sara Bean • Facilities management, News

Leading academics and experts in the fields of facility management and real estate are meeting to discuss the most innovative concepts to emerge in workplace strategy at the Workplace Strategy Summit, beginning this weekend at the Wokefield Park Conference Centre in Berkshire. The International Facility Management Association (IFMA), British Institute of Facilities Management (BIFM) and IFMA Foundation will come together from 8-10 June to discuss the themed “Innovation on the Edge.” The editorial team at Workplace Insight has produced a special issue of the Occupiers Journal, Work & Place featuring in depth articles, case studies and comments from some of the key speakers at the event. Paul Carder, publisher of Work & Place said: “As well as the journal’s obvious relevance to the creators and managers of places we were also keen to find subjects which are equally relevant to managers of the “work” process.”

June 6, 2014

Audit commission urges UK councils to make better use of property

by Mark Eltringham • News, Property, Public Sector

UK local authorities should make better use of their £170 billion estate, including divesting or reusing around £2.5 billion worth of surplus assets, according to a new report from the Audit Commission. The report acknowledges that the estate has already shrunk by a third over the last decade but says there is still scope for councils to be more proactive in the way they manage property, not least when it comes to decisions about the use of idle or underused buildings and land. As the local government estate continues to shrink due to spending cuts and a range of Central Government initiatives such as the One Public Sector estate scheme, it was vital councils understood the properties in their portfolio and regularly reviewed them, according to the report’s authors.

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 14, 2014

World’s most energy efficient office retro-fit opens in Norway

by Mark Eltringham • Architecture, Environment, Facilities management, News

What is claimed to be the world’s most energy efficient office building has been opened in Norway. Powerhouse Kjørbo in Oslo is Norway’s first energy-positive building and the, according to its developers, the first in the world to be retro-fitted to produce more energy than it consumes. The building is part of the Powerhouse project, a collaboration between a range of organisations with an interest in developing and promoting energy efficient office buildings. The Powerhouse consortium defines an energy-positive building as any building which generates more clean and renewable energy in its operational phase than was used in its construction and lifetime, including materials, operation and disposal.

May 6, 2014

Walkie talkie lands two more tenants as demand for City space grows

by Sara Bean • Facilities management, News, Property

The ‘Walkie Talkie’ skyscraper, 20 Fenchurch EC3 – dubbed the ‘Walkie Scorchie’, after its unusual design was found to reflect and magnify the sun’s rays onto nearby parked cars – is now 87 per cent let, after securing a further two tenants. Insurance firm CNA and UK law firm DWF LLP are taking 35,000 sq ft and 43,000 sq ft respectively at the 38-storey building. The latest two lettings come after joint developers Canary Wharf and Land Securities achieved the building’s first completion milestone on 17 March, when they handed over possession of the first completed office floors to tenants. The rest of the office floors were completed as planned in April. The remaining space, the Sky Garden – a landscaped garden, dining and viewing area on the top three floors, which will be operated by rhubarb – remains on schedule for completion before the end of the year. More →

May 6, 2014

US employers hold very mixed views on flexible working, claims report

by Mark Eltringham • Flexible working, News, Technology, Workplace

It’s not just companies in the UK who appear to have mixed and sometimes contradictory views on the principles of flexible working. A new study from the US based Families and Work Institute in partnership with the Society for Human Resource Management has found that while more and more firms are open to the idea of working from home for permanent employees, other forms of flexible working such as job sharing, career breaks or sabbaticals to deal with personal and family issues. The 2014 National Study of Employers found that two-thirds (67 percent) of US organisations now allow employees to work from home at least some of the time, up from 50 per cent in 2008. In addition, 41 per cent of firms let workers decide their own working hours, compared to 32 per cent in 2008. However there are falls in the proportion of employers willing to let staff work flexibly in other ways.

May 2, 2014

Unprecedented rise in demand for commercial property outstrips supply

by Sara Bean • Facilities management, News, Property

There was a marked increase in demand for office space in the first quarter of this year. According to the latest RICS (Royal Institution of Chartered Surveyors) commercial property survey, tenant demand for commercial property rose at an unprecedented rate; with 52 per cent more surveyors polled reporting higher demand from clients for space. Proving that the recovery is no longer limited to the capital, this increased demand is being seen in all regions outside of London. However, demand for commercial property is fast outstripping supply, resulting in rising rents. Following four quarters of declining supply as suitable commercial space is snapped up – 30 per cent in this latest poll are reporting a further drop in the availability of office space, with expectations for rising rents at the highest level since before the financial crisis. More →

April 30, 2014

CoreNet issues phase one of road-map to zero energy buildings

by Sara Bean • Environment, Facilities management, News, Property

CoreNet Global and the Rocky Mountain Institute have issued new guidance that lays out a framework for corporations to better manage their energy usage. According to Next Generation Energy Management, corporations have made progress in energy management and performance since 2007 when CoreNet Global and RMI first collaborated on this topic. Over two-thirds of corporations now have a sustainability agenda and staff as well as energy management plans, and nearly half have dedicated energy managers, a position that was only just emerging in 2007. However, research indicates that in many cases, these efforts have plateaued, so the new report is designed as Phase One of a road map toward the goal of net-zero buildings, in which buildings use the same or less energy than they generate through the use of renewables such as solar and wind power. More →