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JP Morgan moves to new London office space

Filed under: Uncategorized — Tags: Cushman & Wakefield, European property market, financial firms office space, JP Morgan offices, London office space, Uk Office Space — Lee Kozlowski @ 2:25 pm

JP Morgan to move office space.

Financial company searches for new tenants in Canary Wharf offices.

Financial services and asset management company JP Morgan has started its search for potential tenants for the Lehman Brothers building in Canary Wharf. Property consultants Cushman & Wakefield and DTZ have been instructed by the company to sublet around 700,000 square feet of office space in the London based offices.

JP Morgan are due to move out of the offices located at Alban Gate and Aldermanbury Square within the next year. The banking services company is to move from the two offices into one location, 25 Bank Street, in Canary Wharf before next year. (more…)

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London office space is second most expensive in the world

Filed under: News — Tags: Cushman & Wakefield, Hong Kong office space, London office space, most expensive office regions, survey of world's most expensive office space, Tokyo office space, Uk Office Space — Lee Kozlowski @ 11:09 am

London ranks second in most expensive office locations.

The UK capital is second on a list of the world’s most expensive office regions.

London has ranked second in a survey to determine the world’s most expensive office space destination. The list is compiled by the professionals at Cushman & Wakefield yearly to show the increase or decrease in office leasing costs around the world. (more…)

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Increase in office occupancy leads to new office developments

Filed under: News — Tags: City and Docklands, Cushman & Wakefield, Docklands office space, increased occupancy, London City office space, office space, West End office space — Adam @ 10:03 am

A report by Cushman & Wakefield showed that 3.1million square feet of London office space has been rented in 2010, a figure 330% higher than in the same period in 2009.

Figures show that the West End, City and Docklands have had a significant growth in occupancy for the beginning of this year, perhaps because companies have decided to relocate to new offices to take advantage of low rental prices.

Cushman & Wakefield, real estate experts, have suggested that this growth could encourage developers to construct new buildings to meet the growing demand for office space.

(more…)

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United States Embassy design competition winner announced

Filed under: News — Tags: architecture, Battersea, CABE, commercial property, Cushman & Wakefield, Kieran Timberlake, London office space, London offices, Nine elms, US Embassy — Krista Harrison @ 10:11 am

The winner of a competition to design the new US Embassy in London has been announced this week. Kieran Timberlake, an architecture firm from Philadelphia won the pitch to design the building facing off fierce competition from high profile names such as Morphosis Architects, Pei Cobb Freed & Partners and Richard Meier & Partners.

The competition was judged by respected figures from British and American Architecture including property developer and patron of the arts Baron Peter Palumbo and British architect Lord Richard Rogers. (more…)

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Banks unwilling to lend to property investors until 2011

Filed under: News — Tags: Bank Of England, banks, commercial property, Cushman & Wakefield, Jones Lang LaSalle, lending, recession — Amy Edwards @ 9:04 am

A new survey has revealed that many of the UK’s major financial institutions are unwilling to lend to property investors until 2011.

The survey, by Jones Lang LaSalle, has cast fresh doubt over the recovery of the commercial property market across the country. The unwillingness to lend could have a devastating effect as the UK recovers from the economic downturn as it means buyers will struggle to access finance and companies will find it difficult to re-finance. The Daily Telegraph reports that there is currently £250 billion of debt unpaid to the sector. (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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London rents rise for the first time in 3 years

Filed under: News — Tags: Bloomberg, Clyde & Co, Cushman & Wakefield, London office space — Amy Edwards @ 4:52 pm

In the latest promising sign that the UK property market is on the road to recovery, Cushman & Wakefield have reported that London rents have risen for the first time in 3 years.

According to Bloomberg, rents for the most expensive office areas in London rose by 3.5% to £44 per square foot in the last quarter of 2009. Tenants signed leases for 2.6 million square feet in the entire London office market in the three months from September from December. That’s the largest amount of new leases since the collapse of the Lehman Brothers in September 2008. (more…)

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