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BNP Paribas move to 5 Aldermanbury Square

Filed under: News — Tags: 5 Aldermanbury Square, BNP Paribas, Chancery Lane, city, commercial property, london, London office space, London offices, West End — Krista Harrison @ 10:14 am

BNP Paribas Real Estate has agreed terms for its headquarters move to 5 Aldermanbury Square.

The firm are reported to have signed for 35,000 sq ft of space for a move in autumn. The move is part of a company-wide initiative to base their Investment Solutions business in one building.

Their headquarters are currently based at 90 Chancery Lane, London and staff from both these offices and their Old Broad Street offices will be relocated to the new headquarters. They also have an office at 30 Charles II Street, which will be kept for its West End agency and management teams. (more…)

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City lettings gold mine

Filed under: News — Tags: city, commercial property, London office space, London offices, Mayfair, office space, West End — Krista Harrison @ 9:00 am

Many law firms, investment companies and banks are relocating their offices to Mayfair and the Square Mile.

Many financial corporations and law firms are making the most of great office space deals in the City of London and other areas of the capital.

Law firm Stephenson Harwood have agreed to 128,000 sq ft of space at 1 Finsbury Circus, owned by Hermes Real Estate. They will be leasing almost the whole property with the exception of the seventh floor on a 15-year let. They are reported to be paying £35 per square foot with 4 years rent free, with a fixed minimum uplift upon the first review in the fifth year of the lease. (more…)

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Value and demand of London office space increases

Filed under: News — Tags: city, knight frank, london, London office space, London offices, West End — Krista Harrison @ 12:39 pm

A lack of supply in office space in the capital has pushed the value of available spaces up by 43% according to Knight Frank. They are expecting office rental costs to increase by 19% due to the shortage.

London’s internationally facing economy is starting to benefit from the beginnings of growth in both financial markets and international trade. However the recession led to less new development and building in the capital, which in turn is now causing new difficulties for the extra business coming in, as firms struggle to find space. (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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Land Sec ready for major Central London developments

Filed under: News — Tags: Central London, Land Securities, London office space, recessions, West End — Amy Edwards @ 10:38 am

Land Securities have announced they are ready to invest in a set of major developments in Central London after securing a high number of lettings in the third quarter of 2009.

The planned developments will cost £655 million in total and are due to be completed by summer 2013. Capital expenditure for the project is estimated to be around £345 million. The project includes work on Park House on Oxford Street and two schemes in Victoria; Wellington House and Selborn House. The UK’s biggest commercial landlord was unwilling to say more about the future but did say that it was expecting good rental growth from the West End in the next 12 months.

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