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Insurance industry favours London office space

Filed under: News — Tags: City office space, London office space, NB Real Estate, recession — Amy Edwards @ 9:56 am

New statistics have shown that it was the insurance sector that propped up the struggling London commercial property market last year.

Research from NB Real Estate revealed that 30% of all the City office lettings in Q4 of 2009 went to insurance companies. This equates to around 250,000 square feet of the total 860,000 square feet leased in the fourth quarter. It’s believed the insurance sector, who were one of the only industries to escape the recession practically unscathed, chose to take advantage of the low rents and available office space in 2009. (more…)

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West End regains title as world’s most expensive office space

Filed under: News — Tags: DTZ, dubai, hong kong, London office space, paris, recession, West End — Amy Edwards @ 9:01 am

London’s West End has knocked Tokyo off the top of the list to regain the title of the world’s most expensive office space.

DTZ has said stabilising rents and business confidence has pushed the West End back up to the top spot, beating Dubai, Tokyo and Paris. The result comes as part of DTZ’s Global Occupancy Costs Survey and the firm predicts the West End will hold onto this title until at least 2013. The West End was named as the most expensive business district from 2002-2008 when it was pushed down to 5th place as the recession took hold. The pound’s current strength against the dollar is also believed to have had a major impact on the rankings. (more…)

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Available London office space drops for 1st time in 2 years

Filed under: News — Tags: London office space, recession, rents, RICS — Amy Edwards @ 9:18 am

RICS’s UK Commercial Property Survey has revealed that office vacancy rates in London have dropped for the first time in 2 years.

Office rents have risen as available space is being snapped up, marking the first step of the recovery for the commercial property market. Demand for real estate soared in the fourth quarter of 2009, with 14% more chartered surveyors reporting an increase in take-ups from tenants. This reflects an increase from 8% in the third quarter. Many property agents believe this is the latest sign that office rents in the capital have bottomed out and think this could be the start of a new-found optimism for the UK market. (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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