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LONDON |
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End of year figures from Metropolis/Cityoffices show that total London lettings reached 9.3m sq ft in 2009. Despite a strong end to the year this was 20% down on 2008's total. The City totalled 4.3m sq ft, Midtown reached 1.5m sq ft and the West End was 2.1m sq ft. New Grade A space lettings reached 3.8m sq ft - 41% of all take-up, a major rise on 2008's 2.5m sq ft or 20%. Financial Services and professional topped the business sectors table. - (28-01-2010)
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Hedge Fund Research has revealed the industry has enjoyed its biggest gains in a decade in 2009 and Toscafund is predicting 100,000 extra London financial jobs by 2020. New launches by SAC Capital, Tyrus Capital and CIFM are bolstering Mayfair offices. - (27-01-2010)
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Research by Cityoffices reveals that a record-breaking 74 London office move deals over 5,000 sq ft were agreed in December 2009, totalling 1.8m sq ft. The City saw 800,000 sq ft of deals and Docklands saw 500,000 sq ft of lettings. Nearly 50% of transactions were for new Grade A space requiring extensive fit-out. Average rents were £40 psf and rent free periods averaged a little under two years. - (21-01-2010)
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Land Securities plan to start work on three West End office developments in 2010 with the intention of completion in 2013. The developer is looking to start Park House in London W1, Selborne House in SW1 and possibly Victoria Interchange. Park House includes more than 100,000 sq ft of retail and 160,000 sq ft of office space. Selborne House is close to Parliament. Land Securities is prepared to build both without pre-lets, ahead of likely completion in 2013.
- (14-01-2010)
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Hammerson has had its Bishops Place regeneration project approved yesterday by LB Hackney. The revised scheme includes 233 Shoreditch High Street (the Light Bar building) and relates to a 1.3ha (3 acre) site in London, E1. The 1.5m sq ft project, designed by Foster + Partners, will include about 59,922 sq m (645,000 sq ft) of offices, a hotel, residential, and retail space. - (05-11-2009)
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Macquarie Bank, the Australian bank, has now signed to take 19,509 sq m (210,000 sq ft) offices on the lower, ground and most upper floors at Exemplar's, under construction, Drapers Gardens office scheme at 12 Throgmorton Avenue, London, EC2. Macquarie will relocate from City Point where its lease expire in 2011. Macquarie will pay about £43 a sq ft on a 20-year lease, with four years rent-free. - (30-10-2009)
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City of London office rents are forecast to rise in 2010 with London leading the European property cycle according to the latest market report from DTZ. Prime City rents are expected to rise by 8% next year but rents in other Euroepan cities are expected to fall further. DTZ has upgraded its previous forecast for the London office market to reflect current optimism and the view that this might be the start of the next property cycle. - (14-10-2009)
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The London mayor has backed the £150m refurbishment of the 9,300 sq m (100,000 sq ft) former Commonwealth Institute in High Street Kensington, London, W8. The refurbishment will include space for the Design Museum and three new residential blocks by Chelsfield. The architects for the Parabola scheme are Rem Koolhaas and Reinier de Graaf of OMA. Further negotiations will be needed before work can start. - (19-06-2009)
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The latest Drivers Jonas Crane Survey, researched by Cityoffices.net, has found that despite 10.3m sq ft under construction (of which 7.15m sq ft is available to let) there were only six significant starts in Q4 2008 and Q1 2009. There are 30 buildings available to let at the moment of greater than 100,000 sq ft. DJ said developers should expect more prelets in 2010-11 for completion in 2013. Tenant’s choices will be reduced over the next few years. In addition short-term lease extensions being agreed now could generate further demand.
- (11-06-2009)
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Wood Wharf Limited Partnership, comprising British Waterways, Canary Wharf Group and Ballymore Properties, has submitted detailed plans for two office buildings at Wood Wharf, E14. The two office buildings (W01 & W02-03) will be located on the northern side of the site. Building W01 designed by Kohn Pedersen Fox Associates, will be 134m tall and provide 84,600 sq m (911,000 sq ft) of office space over about 30 storeys. Building W02-03, at a height of 194m, is designed by Clarke Pelli and provides 149,000 sq m (1.6m sq ft) of floor space over about 40 storeys. - (04-06-2009)
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Stanhope is now the developer of the NoHo Square scheme in Mortimer Street, London, W1. The 1.3ha (3 acre) NoHo site was owned by Kaupthing, the Icelandic bank, but a £50m deal will see Stanhope in control of a joint venture. It is thought that Kaupthing will write off £200m of debt on the project. The planned 82,776 sq m (891,000 sq ft) of luxury apartments and 32,980 sq m (355,000 sq ft) of offices is expected to be redesigned with a media industry focus. - (21-03-2009)
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