The demand for office space in Central London has seen a leading developer let a record level of commercial space in the last 12 months.
According to developer Great Portland Estates, which has a property portfolio valued at £2 billion in the Capital, commercial rentals for the firm totaled over £29m during the last year – with foreign investors and office space demand from tech and media firms said to have boosted the market.
The Crown Estate has revealed plans to transform three sites in St James’s.The £400 million project will create around 300,000 sq ft of mixed use accommodation, including 200,000 sq ft of office space in the West End.
The Crown Estate has announced proposals to spend around £400 million redeveloping three separate sites in the St James’s area.
The scheme, known as St James’s Market, will create around 300,000 sq ft of mixed use accommodation, including 200,000 sq ft of office space on Regent Street and Haymarket. The proposals also include plans to create a 10,000 sq ft pedestrian square with public art and to revitalise a 24,000 sq ft public area. (more…)
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…)
Lease expiration and clause breakage may lead to office space difficulty this year.Companies are expected to relocate and downsize whilst rents are expected to have a strong value.
Many companies will have the option of downsizing the amount of office space that they lease in 2012 as many of their leases expire.
According to predictions by Jones Lang LaSalle (JLL), there is 6.2m sq ft of office space in Central London that is set to expire or experience a break clause this year as companies seek more cost effective ways of meeting their property needs. (more…)
This year has seen an increase in office development activity.The 4% increase was highlighted in a report by real estate company BNP Paribas.
A new report has shown that the office development pipeline for property in Central London has increased since the beginning of the year.
The BNP Paribas Real Estate RADAR London report states that there has been an increase of about 4% to 19.7 sq ft with a rise in the amount of office space under construction and with planning permission. However, the amount of space at planning application stage has decreased due to consent being granted to several large schemes. (more…)
A leading development company is concerned about the effect of the Eurozone crisis on the London commercial property market.The chief executive of Greater Portland Estates has expressed worries over the state of the office rental market as the company struggle to secure letting for a future venture.
The Eurozone debt crisis is putting the brakes on London’s office rental market as less companies look to expand into new buildings in the the city, according to a leading commercial property developer.
The supply of office space in Central London is almost 10 million square feet down on its peak two years ago and no speculative developments have started, according to research conducted by Knight Frank.Investment turnover throughout Central London fell to £2 billion, which is thought to be a result of a lack of available space at the beginning of the year, according to research by a leading commercial property company.
Take up of office space in London rose to 3.2 billion square feet this autumn and the volume of transactions increased in all size brackets. The report went onto say that the availability of office space has continued to fall it and it now stands at 15.9 million square feet which represents a vacancy rate of 7 per cent. This finding is supported by a continued downward turn in speculative construction, which now totals 4.7 million square feet.
The report goes on to give an overview of the three areas that make up central London, the West End,City and the Docklands.
In the City, take-up returned to an average 1.5 million square feet, with availability falling to 9 million square feet, reflecting a seven percent vacancy rate. Whilst prime headline rents remain unchanged at £55 per square foot and investment availability rose to £3.8 million.
In Docklands, office space take-up over the quarter increased to 400,000 square feet and availability rose three per cent to 1.5 million square feet. Prime headline rent in the area remained at £36 per square foot and no investment transactions have taken place so far this year.
Whilst the West End performed well, with an increase in take up to 1.3 million square feet, this represents a fourteen per cent improvement, with availability rising to 5.4 million square feet. Prime headline rents stayed at £92.50 per square feet and investment turnover continued to rise, with the amount now totalling £958 million.
Office space take up in the City of London doubles.Statistics show that take up of office space in the City of London has doubled.
Recent research from property experts CB Richard Ellis shows that office space take up in Central London doubled during May 2011. Statistically this means there a was a 24% increase in transactions when compared with the figures from last year. Overall there was a total of 777,900 square feet of office space taken up during the month.
However, the rest of London did not see such positive results. Office space within the City of London and Southbank actually saw falls in the amount of commercial office space being taken up. When looked at from a six-month rolling average office take-up remained pretty much static and fell 6% in the City but rose 12% in West End London. (more…)
APM expands its London office portfolio.London office space has been acquired by APM Property Consultants.
APM Property Consultants has expanded its presence in Central and West End London with the addition of a new office to its portfolio. The firm have acquired Saunders House in Ealing Broadway which brings the company’s overall total amount office space to 200,000 square feet across the UK. (more…)
A financial report announced that Central London has seen a significant decrease in investments since the current government announced plans for the general election.
Cushman & Wakefield, a leading commercial property firm, reported that during the first quarter of 2010 investment in commercial property has fell by 50%.
As the announcement of the general election happened within the first quarter, it is thought to have had an impact on the investment within the capital.