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London office rents set to soar in Q4

Savills report predicts office space rents will rise in key European cities in Q4.

The real estate advisor believes a lack of development will cause rents to soar in cities like London and Frankfurt.

Office space rents are set to soar in key European cities in the last quarter of 2011 according to a new report by real estate advisor Savills. The firm believes that a lack of development could lead to a major hike in office rents right across the globe, with London and Frankfurt both setting the tone.

Although lettings begun to pick up in Q3, a lack of speculative development in recent years means an office space shortage in key central business districts could be a very real possibility. With a rising number of businesses planning a relocation in the new year and a lack of new or prime office space in the City, businesses wishing to relocate in or to the capital could be forced to shell out much more than they’d originally anticipated. (more…)

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Aon agrees to take 10 floors in the ‘Cheesegrater’

Filed under: News — Tags: Aon office space, Aon to lease office space in the Cheesegrater, British Land, Cheesegrater office space, Derwent London, leadenhall building, London office space — Amy Edwards @ 9:17 am

Aon has agreed to pre-let 10 floors in the new Leadenhall Building in London.

The risk management company will lease close to 200,000 sq ft in the City’s new ‘Cheesegrater’.

The risk management company Aon has agreed to pre-let nearly 200,000 sq ft of office space in the City’s new Leadenhall Building. As part of a deal with the property owners British Land and Oxford Properties, Aon will lease 10 floors out a possible 47 when the building is completed in 2014.

Located at 122 Leadenhall Street, the new Leadenhall Building has been designed by Richard Rogers and has been dubbed the ‘Cheesegrater’ thanks to its unusual design. Measuring in at 736 ft tall, the Leadenhall Building will become one of the London’s most iconic office space buildings behind the Shard and the ‘Gherkin’ once it’s completed (more…)

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Ropemaker Place fully leased

Filed under: News — Tags: British Land, commercial properties in London, London office space, Ropemaker Place, Uk Office Space — Lee Kozlowski @ 10:22 am

London office building reaches full occupancy.

High quality commercial property Ropemaker Place sees three new lease deals.

Ropemaker Place in London is now at full occupancy following three new deals that took up the last remaining space. The building is let by British Land and is located within the City of London. Both retail and office space is available in the commercial property and the most recent tenants are Cycle Surgery, EAT and POD.

Additionally, global financial information services company Markit has chosen to extend its presence in the building. Previously the firm leased 85,000 square feet but it has taken up the option to lease an additional 22,000 square feet of space.
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British Land posts strong profit figures

Filed under: News — Tags: British Land, British Land profit figures, Land Securities, London commercial property, London office space — Amy Edwards @ 9:22 am

British Land has posted stronger than expected profit figures.

The UK’s second largest commercial property company posts profit figures of £256 million and confirms London office rents are on the rise.

The UK’s second largest commercial property company British Land has surprised industry analysts by posting stronger than expected underlying profit figures.

Figures out this week show that the firm’s pre-tax figures fell 24% in the year to 31st March to £830 million but their underlying profit figures rose 2.8% to £256 million. The firm said the figures show that despite the country’s sluggish economy, “consumers are still shopping and good businesses are looking to grow.” (more…)

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American Insurers lease office space in Cheesegrater building

Filed under: News — Tags: Aon Corp, British Land, Cheesegrater Building, London office space, Oxford Properties group, The Leadenhall Building, Uk Office Space — Lee Kozlowski @ 9:35 am

Aon lease space in Cheesegrater building.

American insurers take up London office space.

The Leadenhall Building, or Cheesegrater as its more commonly known, has just found another new tenant in the form of Aon Corp. The skyscraper is currently under construction in the City of London financial district and is expected to be completed by the second quarter of 2014.

US insurers Aon are to lease 191,000 square feet of office space within the tower. According to the developers, British Land and Oxford Properties Group, the company also have the option of leasing a further four floors in the building. (more…)

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London office proposal submitted by British Land

Filed under: News — Tags: 5 Broadgate Building, Blackstone Group, British Land, London office space — Lee Kozlowski @ 9:38 am

British Land submit new London office plans.

London office design proposal submitted by the Blackstone Group and British Land.

British Land and the Blackstone Group have submitted a detailed planning application for the 5 Broadgate Building in London.

The group plan to create a world class office development that will be able to accommodate well over 5000 employees of the financial service provider UBS.The design has been created by Ken Shuttleworth from Make and will feature cutting edge design whilst still remaining efficient for the everyday office use of the financial service company.
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British Land award Land Lease development contract

Filed under: News — Tags: British Land, Land Lease property solutions, London office space, Regent's Place London — Lee Kozlowski @ 9:48 am

Land Lease receive £150 million construction contract.

London office space to be developed by property solutions company Land Lease.

Property solutions providers Lend Lease have been awarded a £150 million construction contract by British Land plc.
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British Land to redevelop West End office

Filed under: News — Tags: Baker Street, Baker Street office space, British Land, McAleer & Rushe, office space, redevelopment, West End, West End office space — Adam @ 10:11 am

2-14 Baker Street has been bought for £29million by British Land, as part of £100million redevelopment plan.

British Land has acquired a prime office location in London’s West End, in order to take advantage of the increased demand for office space.

The property was sold, in an opportunistic deal, by Irish developer McAleer & Rushe.

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Companies donate offices for ‘The London Twin Peak Challenge’

Filed under: News — Tags: Action Against Hunger, British Land, Broadgate Tower, charity, charity event, CityPoint, fund-raiser, London office space, office space — Adam @ 8:56 am

CityPoint and Broadgate Tower have been donated as race locations for a 935 foot, 67 floor charity fund-raiser.

On Sunday 23rd May fund-raisers will participate in the ultimate office challenge, a race to the peak of CityPoint and Broadgate Tower, two of London’s most iconic buildings.

The event is being organised by Action Against Hunger, who attempt to raise money for malnourished people in over 40 countries worldwide.

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Construction of Cheesegrater may be restarted due to demand for London offices

Filed under: News — Tags: British Land, Cheesegrater, Heron Tower, increase demand, office space, Sky-scrapper, The Pinnacle, Walkie Talkie — Adam @ 9:32 am

British Land recently announced that it was seriously thinking about reviving the Cheesegrater project, the controversial 47-storey skyscraper at Leadenhall Street, City of London.

British Land, a property investment firm, originally put the project on hold because the recession caused a decrease in demand for office space.

However with the firm leasing out 465,000 square feet of London offices since February, they thought that there was finally an increased demand for offices.

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