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Office lettings in central London in January 2010 topped 1.2m sq ft, according to figures from Cityoffices and Metroinfo. Some 60 deals over 5,000 sq ft were signed, including two large deals to Macquarie Bank and Blackrock. The insurance sector was particularly active. Over half (600,000 sq ft) of the office space let was recently completed, further shrinking the availability of new office floorspace. Rents edged higher. - (24-02-2010)
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The US Government has appointed architect Kieran Timberlake to design its new £324m embassy at Nine Elms, Battersea, London, SE11. The winning design is a glazed box on a colonnade and crystalline second skin. The size is expected to be about 46,450 sq m (500,000 sq ft). The anticipated ground breaking is in 2013 with completion in 2017. - (24-02-2010)
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The BBC has admitted that it has gone nearly £60m over budget on its £1bn redevelopment of Broadcasting House, Portland Place, London, W1. Most of the mistakes occured during phase 1 to 2004. The new HQ will become the new home to BBC News and Radio, including the World Service at the end of 2010. Around 4,500 staff are expected to relocate to Broadcasting House in the next year.
- (24-02-2010)
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Macquarie Bank, the Australian investment bank, is understood to have agreed to take 20,160 sq m (217,000 sq ft) offices at British Land's Ropemaker Place in the City of London for its 1000 London staff. Terms are undisclosed. Macquarie was close to letting Drapers Gardens last year has been outbid by Blackrock. The bank has a lease expiry at City Point in 2011. Ropemaker Place is now almost 80 percent let. Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Securities leased almost 230,000 sq ft in the building last year. - (12-02-2010)
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British Land chief executive Chris Grigg said: "We have over 250,000 sq ft of (office) space under offer, including nearly 220,000 sq ft to Macquarie, and have over 650,000 sq ft of additional new space available from recent development activity”. - (09-02-2010)
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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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