February 4, 2016
Maturing TMT sector fuels demand for office space in Central London 0
The Technology, Media and Telecoms (TMT) sector was the largest source of demand for office space in Central London in 2015, for the fifth consecutive year finds the latest Knight Frank London Report, Canary Wharf is set to have the strongest Central London office rental growth in 2016 with an increase of 12.8 percent. This is followed by Shoreditch at 10 percent and Midtown at 9.6 percent. Affordability is the main driver, along with the development of Crossrail, integrating Canary Wharf with the rest of Central London, and a general shortage of available offices across London pushing tenants seeking high quality affordable offices eastwards. Expansion by TMT firms is contributing to the shift, as they are increasingly seeking larger offices. Shoreditch’s increase in office rents will principally be driven by Tech sector expansion as the more mature, established heavy weight tech firms have firmly established a London rival for California’s ‘Silicon Valley’ in the area.
February 5, 2016
What the commercial property market tells us about trends in office design 0
by Paul Goodchild • Comment, Property, Workplace design
It’s become commonplace in recent years for certain people to foresee the death of the office. The problem with this argument is that, in spite of its drawbacks, office life maintains an attraction for both employers and employees and there will always be an upper limit on how long people want to spend away from other people. Things are changing but the death of the office is a myth. As we’ve known for at least a quarter of a century, there is no absolute need for us to go to work at all. Theoretically we could just do away with offices completely if we wanted to. But as we have seen, the fact we have evolved technology to the point where we could forget about bricks and mortar, doesn’t necessarily mean we will. Not only are there practical reasons for offices to continue to exist, there are emotive ones too. If you want evidence of this, look no further than the records currently being set by the UK’s commercial property markets.
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