Plans approved for new London offices.Stratford City’s International Quarter is set to get offices, homes and a hotel.
The Olympic Delivery Authority (ODA) has approved a £1.3billion scheme laid out by London & Continental Railways (LCR) and Lend Lease.
The development in the International Quarter, Stratford City is set to see four million sq ft of grade A office space being constructed, along with a hotel and 350 homes.
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.
A real estate company has revealed figures that show the London office space market is still going strong.Figures released by Cushman & Wakefield show that London office space leasing has defied the national decline in take-up.
Central London’s office space leasing sector enjoyed a strong third quarter, according to property consultant and real estate broker Cushman & Wakefield.
The firm claim that more than two million square feet of commercial space was leased in the West End, Docklands and the City, representing a fifty four per cent rise compared to the last quarter’s figures.
Research carried out has shown that million of pounds will be lost by companies as office workers increasingly favour online shopping over the high-street.Support specialists ELAS have found that employees will spend almost an hour a day online shopping in the coming weeks, at a cost of over £5 billion to businesses.
Festive gift buying will cost £5 billion as email discounts tempt workers to shop from their desks, new research by a business support specialist has shown.
Salford-based company ELAS found that workers will be encouraged by email discount sites to respond as soon as they get the emails in the morning, which could potentially cause huge losses for businesses throughout the country.
A joint venture partnership has been announced to start construction of new green offices at Bevis Marks beside ‘The Gherkin’ tower.A £115 million joint venture featuring AXA will be completed by 2013 and will house more than 160,000 square feet of prime office space.
AXA Real Estate, the global financial institution, has teamed up with Eurohypo Bank of Germany and the fund manager MGPA to build over 172,000 square feet of environmentally friendly retail and office space beside the infamous ‘Gherkin’ tower in the City of London.
The joint venture partners are investing £115 million in the mixed-use property at No.6 Bevis Marks, located at the centre of the City of London insurance district. The building will rise 16 storeys from a plot adjacent to 30 St Mary Axe, the site of the ‘The Gherkin’.
London Ikea offices will cost £25 million and planning permission will be placed at the start of 2012.Scandinavian Company Ikea have announced plans to build a 26 acre plot in London that will see new offices constructed in the south east of the country.
Flatpack furniture giants Ikea have spent £25 million on a 26 acre plot of Land in East London as they plan to construct 480,000 square foot of prime office space.
The Scandinavian company has revealed that it plans to build what has been dubbed ‘flat pack city ‘, as part of its first British commercial property development. The new suburb is called the ‘Strand East’ project in Stratford and will include a 250 bedroom hotel, 1,200 homes and a range of retail and office space.
West Midlands Pension Fund have purchased prime office space in London.Accountancy firm Pricewaterhousecoopers LLP will leave their St Andrew’s house offices in late 2013, to make way for the pension fund’s occupancy.
West Midlands Pension Fund has acquired 51,000 square feet of prime central London office space, after buying St Andrew’s House in conjunction with ING Real Estate Investment Management for £25.2million.
The commercial real estate located in London’s Mid-town district is currently occupied by Accountancy and consultancy firm pwC who have the lease until late 2013.
Research has shown that dirty desks are costing firms a fortune.Swab test research by an office supplies company reveals shocking statistics about the state of the nation’s office components.
Office supplies firm Viking have conducted a poll that has revealed that UK businesses could lose over £3.4bn in the coming Winter months as a result of illnesses such as flu and the common cold, with dirty and mouldy desks and contagious keyboards to blame.
Dr Lisa Ackerley, a charted environmental health practitioner said: This research has shown that there are some very unhygienic desks right now in the UK, which is very worrying those who work in ope plan offices tend to starting coming down with illnesses this time of year.”
“Keeping equipment such as keyboards, phones and desks as germ free as possible is even more important during the cold and flu season,” she added.
The research involved taking over 300 workspace swabs and Viking found that bacteria and in some cases mould were found on many worker’s keyboards.
London comes first in poll of the top 25 serviced office markets in the world.Research reveals that London is the global market leader in serviced office space.
According to a new report revealed this week, London has come in at number one in a poll of the top 25 serviced office markets in the world.
Since 2008 the serviced office market has recorded an 18.5% rise in locations meaning there is more commercial property available for businesses.
Currently London has 414 business centres which generate £517 per workstation per month, whilst New York comes in 2nd place with just 103 centres generating £517 per month.
Paris has the most expensive office space on the world’s market with 100 centres at £949 per month.
The long-awaited real estate building located in Cannon Place, London is now ready for use.The London office of international real estate company Hines is celebrating the completion of its new landmark development in Cannon Place.
The Hines building project is a joint development with Network Rail and London Underground and the construction holds 400,000 square feet of prime office space in the capital, together with 10,000 square feet of retail facilities. The commercial property also incorporates the re-development of Cannon Street station, which is situated below the office building.
The development partnership has been widely praised by the architecture industry, due to its innovative glass and steel design. Hines adopted complex techniques which have been used in the construction of the world’s major suspension bridges, to give the appearance of the building ‘floating’ above the underground station.