London Commercial Property Fact Sheet and Infographic

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The London commercial property market is one of Europe’s largest both in terms of size and worth. Below you will find a wealth of data that provide a snapshot of the market in the UK’s capital city.

Offices

London offices account for 20 per cent of the city’s total commercial inventory, with an estimated value of £173bn. The fastest-growing areas in terms of rental growth include Heathrow (which currently already has more office square footage than Birmingham’s CBD) and Shoreditch, a formerly industrial area which is now a hotspot for media and tech companies.

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The Ultimate Co-Working Space Perks In London

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Over the past few years, London has emerged as the world’s capital of co-working. The five-year trend shows that 900,000 square feet of co-working spare (approximately 8 per cent of all new office space in London) are added or taken up in the city every year. Currently, it is estimated that London is home to 156 co-working spaces, and this figure is expected to grow exponentially in the coming years in a reflection of the how quickly the sharing economy gaining traction all over the business world.

Co-working space in London is not only the office accommodation of choice for start-ups, remote workers or freelancers, but it also appeals to large companies and corporates based in the City. KPGM, Microsoft, HSBC, Cisco, and Menlo Innovation are some of the blue-chip firms that currently use co-working space in the city.

Whether they are one-person start-ups or large corporates, co-working space occupiers are often attracted by the perks that this type of accommodation offers. These go beyond a strong entrepreneurial and collaborative spirit and a working environment specifically designed to foster creativity, and include flexibility, all-round support, spaces that foster a healthy work-life balance, and a strong sense of community.

Focus on flexibility and support

In co-working spaces, flexibility is not only evident in the terms of rental agreements, but also in space distribution, as some of these offices are arranged in open plan but also provide private working areas in work pods, or dedicated Skype booths used to conduct private meetings online. And lately, some co-working offices have even implemented a pet-friendly policy.

In terms of support, some of the top perks include:

– Free or discounted use of meeting rooms

– Free tickets to events focusing on entrepreneurial growth, such as those offered to members of Innovation Warehouse, which also offers access to its own incubator and accelerator Continue reading “The Ultimate Co-Working Space Perks In London” →

Getting the most out of your Office Space

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Getting the most out of your Office Space

 

Office space can often be expensive and therefore restricted and so using what you have to its full potential can benefit both the office environment and work force. Studies have shown that a better organised and efficient office is conducive to improved productivity with more focus being provided to working towards achieving business goals! If you are struggling to decide where to start with getting the most out of your office space, here are some tips:

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Overview of the London Commercial Property Market 1st Quarter 2017

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Sustained rental value growth has been the predominant theme in the London commercial property market during the first quarter of the year. On the whole, Q1 2017 can be described as positive and with no significant changes with regards to the previous quarter.


London Office Market Q1 2017

Take-up rates in Central London doubled in Q1, reaching 1 million square feet in February. These were particularly high in Southbank, where vacancy rates dropped to their lowest point in the past 18 months, reaching 3.3 per cent. Central London take-up by sector remains unchanged, with media and tech occupiers on the lead, followed by the public sector, finance, and business services. Grade A vacancy rates ranged between null values in Aldgate to 15 per cent in Holborn.

Total availability increased by 4 per cent to 14.7 million square feet, although most supply is clustered around King’s Cross, Paddington, Stratford, and London Bridge.

Rental values grew by 0.2 per cent across the city. The lowest average rents are currently £40 / sq ft in Stratford and £47.50 in the Docklands, whereas the highest are in St James and Mayfair (£110 / sq ft), Soho, Belgravia, and Knightsbridge, ranging from £85 to £87.50.

However, the introduction of higher business rates in April may reverse the generalised upward trend. This will be most evident in the legal sector, which has also been affected by increases in annual rent costs, reaching 5 per cent over a five-year period. The business rates revaluation may lead to a decreased enquiry volume in sub-markets affected by the sharpest increases, namely Clerkenwell, Camden, Shoreditch, King’s Cross, and West City. Continue reading “Overview of the London Commercial Property Market 1st Quarter 2017” →

How to Look Clever at Work

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How to Look Clever at Work from LondonOfficeSpace.comIf you sometimes feel overwhelmed during meetings, terrified during presentations, and just a little bit slow during your day-to-day interactions at work, there are ways for you to appear smarter. Using a little science and a lot of research, the sociology world has found ways for you to look smarter at work.

Keep Your Language Simple
Think back to the last time you read an email that was laced with hyperbole. The chances are, you found it irritating rather than impressive. A study conducted by Princeton University in 2005 found that those who use grandiose language don’t appear smarter than their contemporaries who keep things simple. In fact, quite the opposite happens. According to the study, when you use overly complicated language, you disrupt the fluency of the overall conversation. Using language that you’re familiar with, and that others will understand, is far more effective.Smile to Look Intelligent
A study published in PLoS in 2014 found that walking around with a frown on your face will cause others to believe you are of low intelligence. In contrast, being smiley will lead them to believe you are smart. This study investigated the traits found in ‘high intelligence’ and ‘low intelligence’ faces. The majority of faces associated with high intelligence carried expressions of joy, and were often friendly. If you usually walk into work with a glum expression, take a little time to put a smile on your face.Be Self Assured and Use Expressive Speech
A meta analysis carried out by Northeastern University found that those who appear self assured and use expressive speech are perceived as being more intelligent than those who do not. Expressive speech involves varying degrees of tone, with passion and no faltering. In other words, you need to be confident in what you say and how you say it. Clearly this doesn’t come naturally to everyone, and shyness or a lack of confidence in what you are saying doesn’t always correlate with low intelligence. If you struggle with public speaking or speaking up in meetings, focus on those topics you feel confident speaking about and take some time to practice talking to yourself at home. It can work wonders for your expressive speech skills.
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Considering a Move to the Award Winning Chiswick Business Park?

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Chiswick Business Park is an award-winning commercial property development that offers first-class office and retail space along with multiple leisure amenities. This development has received numerous awards since 2001, the most notable of which include the 2002 British Construction Industry Award, the 2003 RIBA Award, the 2011 Best Business Award for Best Customer Focus, the 2012 Financial Times Top 50 Workplaces in the UK, the 2013 Queen’s Award for Enterprise and Sustainable Development, and the 2016 Green Apple Award.

Currently, the park consists of 11 buildings that occupy nearly 1.5 million square feet, although further development is expected given that the park’s developers have planning consent to build a total of 1.8 million square feet. Some of the features that characterise the space available at the park include floor-to-ceiling heights of 9.8 feet, open plan floor plates, VAV and air displacement heating and air conditioning systems, ample parking space, smart building automation and monitoring systems, and CCTV. Moreover, the park is known for its commitment to green practices, evident in the presence of sustainable washrooms and the recycling of food, green waste, and rainwater.

Amenities

This business park offers a wide range of amenities in addition to state-of-the-art commercial property space, including on-site coffee shops, restaurants, bars, and shops. On the leisure front, tenants have access to a Virgin Active fitness club, landscaped outdoor areas suitable for pedestrians and cyclists, dedicated outdoor space for corporate events, and annual sports events organised by the companies headquartered here. A miniature golf course is 1.6 miles away, and the park is only a few minutes’ walk from the Gunnersbury Triangle Nature Reserve, which provides tenants with opportunities to unwind in a pleasant natural environment. Continue reading “Considering a Move to the Award Winning Chiswick Business Park?” →

London’s Ever-Changing Skyline And Its Implications For The Office Rental Market

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London’s skyline and its blend of traditional and modern architecture is certainly representative of the city’s special relationship with its past and future. One of the most distinctive traits of the city’s skyline is its surprisingly low number of high rises, especially when compared to other global cities with a large population and high levels of economic activity. Makeover plans were put on hold or abandoned altogether during the financial crisis, and in other cases they were met with opposition from residents and consumer groups. But recently, an impressive number of development plans have received the go ahead, and in early 2017 there were 119 high rises in the city’s development pipeline. Submissions for planning permission increased by 30 per cent in just one year, and many affirm that the city’s skyline will the fully transformed by 2025.

Which Areas Are More Likely To Be Transformed?

London’s vertical transformation will be most evident in the City and East London. Tower Hamlets will be thoroughly transformed, as there are 93 high rises in the borough’s development pipeline. This area will be home to the city’s tallest skyscraper, once the 75-storey Landmark Pinnacle is completed. Moreover, the construction of the impressive Bishopsgate 22 and 1 Undershaft may make the Gherkin invisible, and similar developments are planned in Isle of Dogs (with the 45-storey Baltimore Tower), the EC3 postcode (with the Scalpel Tower, 100 Bishopsgate, and 60-70 St Mary Axe).

The city’s skyline will also bring a new visual identity to areas outside the city core. Shoreditch will consolidate itself as a major business district with developments like Bishopsgate Goodsyard, Principal Tower, and the Stage. Southwark will have 26 new high rises, and Lambeth and Newham will not be left behind with 32 each. Other areas whose skyline is likely to change include Croydon, Barnet, and even West London, particularly in Chelsea, Hammersmith and Fulham. Continue reading “London’s Ever-Changing Skyline And Its Implications For The Office Rental Market” →

Overview of the London Commercial Property Market in 2016

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During the last quarter of 2016, and much in line with the rest of the year, a cautious approach has been the predominant theme in London’s commercial property market. Broadly speaking, the market saw a consolidation of the trends that were evidenced earlier in the year, namely weak occupier demand (particularly in the office sector), moderate rental growth levels, and a surge in the number of occupiers looking for flexible lease terms.

Office Market

Political uncertainty and fluctuations in the value of the pound caused a slow-down of the office market during Q4. However, while take-up rates were down when compared to the long-term average, they noticeably picked up towards the end of the year. With regards to the causes behind this slow-down, market analysts at Green Street Advisors have drawn attention to factors other than the current political climate. For instance, the implementation of advanced technologies and automation is expected to have far-reaching effects in industry fields that are considered major office occupiers, ranging from finance to customer service.

The main office market indicators behind end-of-year data showed that Grade A absorption and take-up rates were down when compared to the city’s 10-year average. At the same time, availability rates for office properties across the city increased, and rental values remained stable. Market indicators for West End office units followed this pattern with the exception of rental rates, which evidence a slight decrease of 5.2 per cent, mainly in Marylebone, Knightsbridge, and Bloomsbury. In other parts of the West End, rental values remained stable thanks to a combination of flexible incentive packages and low vacancy rates. The highest rental rates were in Mayfair and St James’ (£118 / sq ft), whereas the lowest were in Paddington and Bloomsbury (£67.50 and £68.50 respectively). Vacancy rates were at their highest in St James’ (close to 10 per cent), Paddington and Bloomsbury (6 per cent). Key occupiers were business services, media, tech, and finance. Continue reading “Overview of the London Commercial Property Market in 2016” →

City in the East – London Plan

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In October 2015, the mayor of London unveiled his office’s development plan for several neighbourhoods in East London and to the south of the River Thames. This initiative is part of the London Plan, an ambitious project that was initially presented to the general public in 2004. The main objective behind the new City in the East plan is to promote the socio-economic development of designated Opportunity Areas within the British capital.

Below is a detailed description of the plan and the benefits that it will bring to local residents once completed.

City in the East: An Overview

The City in the East Plan is a collaborative project that will bring together the Greater London Authority, local borough councils, Transport for London, and a number of stakeholders from both the public and private sectors. The plan aims to consolidate and build on previous urban development projects, such as Thames Gateway.

City in the East will focus on the creation of employment and on the development of quality housing by capitalising on the large amounts of brownfield land available in this part of the city, and by transforming it into mixed-use developments. Overall, it is expected that the implementation of this plan will benefit approximately 600,000 Londoners and will result in the creation of 280,000 jobs and 200,000 homes. At the same time, the City in the East plan will help prepare the UK’s capital city infrastructure for future demographic growth, as it is expected that London’s population will increase by nearly 2.5 million by 2050.

Opportunity Areas and Housing Zones

The City in the East plan will affect a total of 27 Opportunity Areas and Housing Zones.

The largest area is Olympic Legacy, where 32,000 new housing units and 50,000 jobs are to be created. This Opportunity Area covers Olympic Park, the northern and southern Olympic Fringes, Hackney Wick, Fish Island, and Stratford. Approximately 1.3 million square metres of commercial space will also be built in this Opportunity Area. Continue reading “City in the East – London Plan” →

City in the West – London Plan

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In the autumn of 2015, the former mayor of London Boris Johnson announced an ambitious urban development plan for the British capital. The project (which in fact consists of two different but interrelated plans known as City in the East and City in the West) aims to create a more balanced distribution of economic and commercial power within the UK’s capital city.

Over the past decade, development plans in West London have been somehow overlooked, since most of the work has been directed at transforming East London and getting this area ready for the Olympics. The City in the West Plan was created to address this situation and to help tap into the potential of West London and turn it into one of the most desirable places to live and work.

City in the West: Overview and Key Figures

City in the West is a joint initiative supported by the Greater London Authority, Transport for London, local councils in west and south west London, and various public and private sector investors. One of the key objectives of the City in the West plan is to consolidate a number of local planning and development projects, such as the Western Wedge or the Western Access Corridor. Other important objectives include the delivery of substantial infrastructure improvements, the creation of jobs, and the construction of quality and affordable housing.

This plan could be considered as an ambitious extension of the London Plan. Whereas the 2004 London Plan contemplated the creation of 150,000 jobs in West London, the new plan sets its estimates at 300,000 jobs. Housing creation estimates have also been re-evaluated, going from 30,000 homes according to the 2004 plan to approximately 210,000. All in all, the Greater London Authority expects that more than 600,000 Londoners will directly or indirectly benefit from the new developments brought about by this plan.

Locations and Scope

The City in the West plan will be implemented across several Opportunity and Intensification Areas. Housing Zones have also been designated in boroughs located to the west and south west of central London. Key locations include: Continue reading “City in the West – London Plan” →