City rents rise as return to the office drives up demand for prime locations December 3, 2024 Available office space in London’s most sought-after areas has slumped to near record lows as businesses continue to reverse pandemic-era working from home rules. According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.3 per cent in the West End Core – which includes Mayfair and St James’s [...]
London’s commercial property market to keep growing as staff ordered back to the office November 26, 2024 The green shoots which sprang up earlier this year in London’s commercial property market look set to continue into 2025, with real estate companies looking at a “cyclical growth opportunity”. London-listed property development firm Helical reported a minor recovery in the value of its property portfolio after several years of market uncertainty this morning. Its [...]
Alan Sugar’s property empire returns to profit after huge loss November 25, 2024 The Apprentice star Lord Alan Sugar’s property empire returned to the black during its latest financial year after recovering from a huge loss, it has been revealed. Amshold, the company which Lord Sugar holds his property investments, achieved a pre-tax profit of £932,000 for the 12 months to 30 June, 2024. The latest figure, revealed in [...]
Plans worth £200m revealed by Imperial College London and Bruntwood SciTech November 20, 2024 Imperial College London is to build a life sciences and deep tech development worth over £200m in the west of the capital after partnering with Bruntwood SciTech. The university has earmarked land at its White City Deep Tech Campus after signing an agreement with the joint venture between property group Bruntwood, Legal & General and [...]
Has London’s commercial property market finally recovered from the pandemic? November 15, 2024 High-quality office space in London has “continued and sustained appeal” in London, with property take-up finally exceeding pre-pandemic levels, while retail vacancy rates have similarly dipped to their lowest level since 2019. Cushman & Wakefield and Savills have both reported that the central London property market has begun to stabilise, while British property investment trust [...]
UK office market fails to keep up with European upswing in property values November 13, 2024 The value of commercial property has risen for the first time since mid 2022 in Europe, although the UK office market bucked the trend and failed to show gains. Overall, property values rose by 0.63 per cent in the third quarter of 2023, following eight consecutive quarters of decline. European property prices have been hit [...]
IWG buoyed by workers returning to the office November 5, 2024 Hybrid workspace platform International Workplace Group (IWG) has reported an uptick in revenue boosted by strong growth in its managed and franchised properties. Revenue grew by two per cent in the three months to 30 September, 2024, on a year-on-year constant currency basis, the company told markets this morning. The firm grew revenue at its managed and [...]
Avison Young loses over £100m as it cuts more than 200 jobs October 28, 2024 The UK arm of global commercial real estate services firm Avison Young shed over 200 jobs as its pre-tax loss almost doubled to more than £100m during 2023, it has been revealed. The Birmingham-headquartered division has reported a pre-tax loss of £101.8m for 2023, having previously posted a loss of £55.6m in 2022. Newly-filed accounts [...]
Channel 4 tunes in to Gary Neville’s Manchester landmark October 14, 2024 Channel 4 is to open a major new office in Manchester city centre in the £400m landmark being constructed by Gary Neville‘s firm. The channel has signed up to take 12,293 sq ft of space at No.1 St Michael’s, the £150m element of the development. Led by Neville’s Relentless Developments, the scheme also includes a [...]
Leeds landmark sold for almost £80m in city’s biggest deal for over five years October 8, 2024 A landmark building in the heart of Leeds’ financial district has been sold for almost £80m in the city’s largest office deal for more than five years. Ashtrom Properties UK has acquired Central Square, which is home to the likes of M&S, PwC an Sky, for £78m. Central Square comprises 217,249 sq ft of office [...]