The Regeneration of East London

East London Regeneration LondonOfficeSpace.com @officeinlondonAs one of the world’s most vibrant cities, London’s innate dynamism means that the metropolis is in an almost continuous state of change. According to the Office for National Statistics, the population of the British capital has grown by more than 12 per cent in just ten years. This increase in population has also meant a rise in cultural diversity and in the creation or transformation of new areas in the city. When it comes to transformation, few London areas have undergone changes that are as significant as those that East London has experienced. In this article we look briefly at the history of East London and then examine how the recent regeneration projects that have taken place in the area have affected its economy and its inhabitants.

A brief look at the history of East London

The history of East London is inevitably linked to London’s port and its docks, as they were for several centuries a trading hub. East London experienced a notable expansion during the 19th century, when the railway reached Stratford and linked it with the docks, Custom House, and Woolwich.

The railway infrastructure was damaged during the Second World War, and although they were once part of the world’s largest port, the London docks experienced a sharp decline in activity between the 1960s and the 1980s. The closure of the docks severely affected the economic and social make-up of East London, and what had previously been a thriving area became stricken with unemployment, poverty, racial tension, and crime. The population went from almost 600,000 at the turn of the 20th century to barely 140,000 in 1981.

Key regeneration initiatives in East London Continue reading “The Regeneration of East London”

Key London Icons

Whether you have already been to London or not, it is likely that you are familiar with some of the most representative icons of the British capital. But just how much do you know about their history? Below you will find some interesting facts about London’s key icons.

London Underground LondonOfficeSpace.com @officeinlondon London Underground

Being 150 years old, the London underground (also known as the tube) is the world’s oldest transportation system of its kind. The underground was created in order to alleviate London’s road congestion, which was already notorious back in 1850. The first line to open was the Metropolitan line, which at the time only ran between Paddington and Farringdon Street.

Today, the underground serves 270 stations along 250 miles in London, Essex, Hertfordshire, and Buckinghamshire, and it is used by more than 3 million people every day. Perhaps the tube lacks the imposing interiors of other underground systems (like the Moscow underground), but it certainly has other attractions, such as deers, woodpeckers, grass snakes, and other forms of wildlife that have been known to live in the underground network.

Black London Cabs

Also known as Hackney carriages, the black London cab is one of the most iconic sights on the streets of the capital. The first Hackney carriages were horse-drawn and navigated the streets of London since 1662, although the first black London cab as we know it only appeared in 1901.

Much has changed since the days when London cabs were powered by horses. Today, there are even mobile applications that allow you to use your smartphone to hail, track, and pay for your black London cab ride. Continue reading “Key London Icons”

Overview of London’s Commerical Property Market – 1st Quarter of 2013

According to the latest data published, during the first three months of 2013 the commercial property market in London has been characterised by a slowdown trend in the property take-up rates. As a result, the availability, vacancy rates, and number of properties under offer have increased, although yields on investment have generally remained stable. During this period, take-up rates for all kinds of commercial property in central London were 2.5 million square feet. This means that take-up has declined by 13 per cent when compared to the figures belonging to the last quarter of 2012 and to the ten-year average. Of these 2.5 million square feet, 1.6 million were taken up in the West End, while the rest belongs to commercial property taken up in the City. The City experienced the largest number of transactions, with 35 per cent of the total, followed by the area known as Midtown, which comprises the districts of Bloomsbury, St Giles, and Holborn. Transactions in this area accounted for 33 per cent of the total. Next is the West End with 26 per cent, and then Southbank (with 5 per cent) and the Docklands (with 1 per cent).

Commercial property availability figures rose by 4 per cent and now stand at 17.17 million square feet, which is in fact the highest figure that the market has experienced since 2009. The amount of available Grade B commercial floor space has also increased during this quarter, and is now 7 per cent higher than during the last quarter of 2012.

Approximately 2.5 million square feet of commercial floor space are currently under offer in Central London. Vacancy rates stand at 5.4 per cent, a figure that represents a reversal of the trend observed so far, in which the occupancy market had proved resilient to the pressures brought about by the recession.

Recent trends in the London office property market
Continue reading “Overview of London’s Commerical Property Market – 1st Quarter of 2013”