March 2014 – London Office Buzz

Overview of London’s Commercial Property Market – 1st Quarter 2014

Posted on March 26, 2014

So far, 2014 has had a promising start in terms of the overall health of the UK’s real estate market. According to the most recent indicators, the British economy is experiencing its strongest growth levels since 2007, and this has undoubtedly had a positive knock-on effect in the UK’s real estate market. Take a look at the key trends and figures that have marked the commercial property market in London during the first quarter of the year.

The London office market: key facts and figures

During the first quarter of 2014, the predominant theme in the London office property market has been increased investment activity and the investors’ willingness to take on bigger risks and to get involved in larger transactions. This trend has been mostly evident in the geographical expansion of the office market within and beyond the city’s boundaries. In previous quarters, activity in the office market concentrated around the Central London area. However, during the first quarter of the year, occupiers and investors have shown an increasingly strong preference for out-of-town offices (whose yields have increased to 4 per cent) and for properties in the Thames Valley area, whose current investment yields average 6 per cent. Nevertheless, office space located in the city’s West End commands the highest investment yield values at an average of nearly 8 per cent, followed by City office floor space, which is currently yielding returns of 6 per cent.

The key role played last year by the technology, media, and communications sector in the growth of the London office market has continued to be evident during the first quarter of 2014. Analysts at Deloitte affirm that during the remainder of the year, the TMT sector will continue to be the most important source of demand in the capital’s office market. Likewise, analysts have noticed increased demand for office space from banking and financial companies, whose requirements for additional floor space seem to be back on track thanks to the generalised optimistic outlook of the British economy.

Another highlight of this quarter involves the drop in office vacancy rates, which currently stand at 6.8 per cent. This figure is a clear improvement over the long-term average for the city, which has been close to 8 per cent for the past five years. In Central London and the West End, class A prime office rents average £120 per square foot. Last year ended with average rental values of £110, but during the first quarter of 2014 rising demand has resulted in significant price increases.

Outside the West End, leasing activity has been particularly buoyant in areas like King’s Cross, Euston, Paddington, Midtown, Victoria, Mayfair, and the area north of Oxford Street. In fact, some of this sub-markets have experienced year-on-year rental growth values of up to 26 per cent.

Overall, during the first three months of 2014, the most obvious trends in the office property market have been strengthened occupier activity, increased rental values, and stronger investor activity. Continue reading “Overview of London’s Commercial Property Market – 1st Quarter 2014” →

Innovative Networking Events and Ideas in London

Posted on March 21, 2014

In a world where many businesses are caught up in driving commerce via social media, promotions as simple as networking are often neglected. Still, more and more individuals are recognising the need to return to traditional forms of marketing that work. If your approach to networking could do with a refresh, London is the right place to find success. Taking the innovative approach encourages those you network with to engage and creates a sense of excitement that will allow the buzz generated by your event to continue for some time.

Historic Medical Venue Hire

Choosing a historic venue for your networking event will awaken the audience’s imagination. Throw a tour into the mix and you will have everyone feeling enticed by the time the main event arrives. If possible, invite a guest speaker to follow the tour to add to the excitement.

London is teaming with historic venues, and it is those that are medical that often tell the greatest stories. The Royal Hospital of Chelsea–which is currently inhabited by the Chelsea pensioners–comes with a variety of rooms and conferencing facilities. Guests can network under the watchful eye of earls’ portraits in the State Apartments or they can enjoy the unrivaled acoustics of the Wren Chapel. The Royal Hospital is certainly majestic, but it doesn’t really feel medical. For a true healthcare setting, try contacting St. George’s University, in West London, which regularly hires out its hospital-themed sets for filming and other purposes.

Adopt Japanese Influences

In Japan, ‘Pecha kucha’ talks are all the rage. These talks simply mean ‘chit chat’, and are made of short five-minute presentations on concepts. Afterwards, guests have the opportunity to mingle with each other and discuss the ideas that were briefly introduced. The genius of this is quite simple really; five-minutes is enough to entice your audience into wanting to learn more about an idea, which sets the rest of the evening apart for discussions to take place.

Japanese venue hires aren’t in short supply in London. While you could host a ‘Pecha kucha’ anywhere, it feels fitting to give the Japanese concept a Japanese theme. The Japanese Roof Garden of the Brunei Gallery at SOAS, in Russell Square, can leave your guests feel as though they have been transported from London to Japan. The Mayfair is also home to a Japanese-style garden, but this one comes with a moonlit theme. Throw in Japanese drinks and dishes, such as Saki tasting sessions. Continue reading “Innovative Networking Events and Ideas in London” →

The London Marathon

Posted on March 14, 2014

The 34th London Marathon will be run on 13 April 2014, and is one of the world’s leading athletics events. The London Marathon attracts world and Olympic champions, as well as range of amateur runners of all abilities. The festive atmosphere often features playful runners dressed up for charity.

About the London Marathon

Although the current London Marathon was first run on 29 March 1981, long-distance races have been held in the city as early as 1909. In that year, the Polytechnic Marathon was organised for the first time. The last Polytechnic Marathon was run in 1996. The prestigious London Marathon is held each year in the spring. Founded by former Olympian Chris Brasher and John Disley, the London Marathon is one of the top six international marathons recognised by the International Association of Athletics Federations (IAAF) in addition to New York, Boston, Tokyo, Berlin and Chicago. The London Marathon features three groups of starters: Elite Women, Elite Men, and Wheelchair (men and women). These starter groups are followed by a Mass Race with runners of various abilities. The first edition of the London Marathon attracted 6,747 runners. In 2013, the event attracted 34,631 participants.

The Route

The route for the London Marathon is largely flat and concentrated around the River Thames. It has changed very little over the years, with changes primarily being made as a result of construction and road works. The race begins at three different points around Blackheath. The often fast-paced marathon ends at The Mall, next to St. James’s Park and close to Buckingham Palace. The course spans 42.195 kilometres, or 26 miles and 385 yards.

Beginning at Blackheath, the London Marathon travels south of the River Thames and east towards Charlton. The three separate starting points merge after 4.5 kilometres (2.8 miles) near the Royal Artillery Barracks in Woolwich. From there, runners travel past the Old Royal Naval College before heading to the Cutty Sark in Greenwich. The course then winds towards Surrey Quays at the Docklands, followed by Bermondsey. After running along Jamaica Road, competitors reach the half-way point of the marathon at Tower Bridge. Continue reading “The London Marathon” →

Is it Faster to Walk Between Some London Underground Stations than Take the Tube?

Posted on March 7, 2014

Built 150 yeas ago, the London Underground is now part and parcel of the life of many Londoners. Given the capital’s notoriously bad traffic, the tube is often hailed as the quickest way of getting from A to B. But is it really so? Some of the trains running up and down the Metropolitan line can reach speeds of up to 60 miles per hour, but in the city centre, trains barely reach half of that speed. The reason? The stations are too close to each other. This means that in some cases, it might actually be faster to walk than to take the tube. If you are often pressed for time or simply enjoy walking around, take a look at a few alternative walking routes that can save you time and money.

Leicester Square to Covent Garden

These two Piccadilly line stations are only 270 yards apart. In fact, you will see signs at both stations recommending passengers to walk, especially at peak times. Walking takes just 4 minutes, plus you won’t be putting your patience to the test on the crowded escalators or using up all your energy climbing the 193 steps at Covent Garden.

Charing Cross to Embankment

Many stations on the Jubilee line are barely 500 yards apart from each other. Charing Cross and Embankment are even closer, at just under 300 yards. Walking will definitely offer you a welcome break from the trains that are often packed with commuters. The walk down Northumberland Avenue is quite pleasant and takes only 5 minutes.

Farringdon to Chancery Lane

Trying to get by tube between these two stations involves changing from the Central to the Northern line at Bank station and changing lines again (after just 1 stop) at Moorgate. The trip seems too much of a hassle considering that you can walk between both stations is less than 10 minutes and enjoy a walk through the backstreets of old Holborn. Continue reading “Is it Faster to Walk Between Some London Underground Stations than Take the Tube?” →