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Central London offices saw a boost in comparison to the rest of the UK in December

Central London offices see a boost in take-up for Q4.

The West End in particular has seen a boost in investment.

Office space take-up in Central London is said to have reached a preliminary total of 3m sq ft in the final quarter of 2011, up an impressive 12% on the previous year.

Q4 was the best performing part of the year being the only time that the amount of take-up exceeded the ten year quarterly average of 2.9m sq ft, however based on a year-on-year basis take-up was 4.6m sq ft lower than last year and 1.6m sq ft lower than the ten year average. (more…)

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Lack of demand for offices in The City

Filed under: News — Tags: CBRE, City of London, Colliers International, Evolution Securities, Jones Lang LaSalle, London office space, Mike Bessell, minerva, office space, Savills, Walbrook — Beth Hepple @ 12:16 pm

New office developments in the City of London are unoccupied.

Costs and lack of demand are just two of the reasons why offices are remaining empty according to new reports.

Many of the office developments in the capital are remaining unoccupied due to a lack of demand and the high expense of office space in the weak financial climate.

The current economic downturn has also seen some companies extend existing leases rather than seeking out new ones upon expiration.

Some of the most well-known skyscraper projects have remained empty following their completion including Minerva’s Walbrook in London’s financial district. The Walbrook is just one of the buildings that remains unoccupied in the area, two years after its completiton. In fact it is estimated that in the vicinity, 66% of the office space completed this year is yet to be leased.

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London leasing numbers lowest in two years

Filed under: News — Tags: CBRE, London commercial properties, London office space, office space statistics, UBS jobs, Uk Office Space, West End office space — Lee Kozlowski @ 2:15 pm

Leasing numbers fall in London.

New figures show that the amount of companies renting office space in London has decreased.

New figures from CB Richard Ellis show that prime London office leasing has fallen to a 2 year low. The main reason being attributed to this is that global economic fears and the current financial climate. Overall, a total of 744,000 square feet has been leased in London over the past three months.

This is a quarter below the same period during 2010 and a 35 percent drop from the ten year average. Figures for Central London, which includes the West End retail and theatre district, fell from 19 percent to 2.2 million square feet. (more…)

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Portfolio of London offices for sale

Filed under: News — Tags: CB Richard ellis, CBRE, commercial property, london, London office space, London offices, recession, simon halabi, skyscrapers, UK commercial property — Krista Harrison @ 10:15 am

A portfolio of eight London office buildings is to be put up for sale by CB Richard Ellis Group Inc.

The buildings belong to entrepreneur Simon Halabi, and are being sold to repay investors part of the £1.15 billion in defaulted bonds which back the buildings. (more…)

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Lebanese investor buys prime London commercial space

Filed under: News — Tags: bloomsbury square, CBRE, commercial property, Jones Lang LaSalle, London office space, London offices, moritz group, office space, UK commercial property, victoria house — Krista Harrison @ 9:00 am

M1 Real Estate, an investment firm from Lebanon, has bought Victoria House in Bloomsbury Square for £175 million.

Moritz Group, of Ireland sold the building and were advised by Jones Lang LaSalle, M1 Real Estate were advised by CB Richard Ellis during the purchase.

Victoria House is an art-deco style building, which was built in 1929 and refurbished in 2003 by Garbe. It holds around 300,000 sq ft of office space and 50% of the building is let by government-backed tenants. The average lease terms at offices in the building are about 9.5 years. (more…)

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What next for the regeneration of Waterloo?

Filed under: News — Tags: CBRE, development, london, London office space, London offices, morgan stanley real estate fund, P&O Estates, regeneration, shell, southbank, Waterloo — Krista Harrison @ 9:00 am

The future of a trio of towers planned in Waterloo as part of a major regeneration scheme is now in doubt after plans were rejected last year following a public inquiry. The 1.5 million square foot redevelopment of the Elizabeth House site were turned down in October as secretary of state, John Denham, felt that they did not not fit in with the rest of the area.

John Denham argued that the towers would “materially detract from the size and importance of Big Ben by virtue of their bulk and disturbing aspects of design.” The three towers were often nicknamed the Three Sisters, although some saw them more as the ‘Ugly Sisters’. (more…)

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UK commercial property market could be experiencing a “false dawn”

Filed under: News — Tags: CBRE, Cushman & Wakefield, King Sturge, London offices, UK commercial property — Amy Edwards @ 9:01 am

King Sturge have warned the UK commercial property market could be experiencing a “false dawn” and predict that the “mini boom” could fade away by the end of 2010.

Commercial property investors are being warned to be cautious about the current upturn as King Sturge fear depressed conditions could last until 2012. There are worries the rise in rents, mainly across the capital, could lead to the market being “overvalued” again. This in turn could lead to falls which would continue well into the next 24 months. (more…)

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