Crane drain: Construction falls to 10-year low Property Commercial property development in the UK has plunged to its lowest level in over a decade, as tighter monetary conditions and sparse demand continue to weigh on construction. According to a fresh analysis from Costar, just 68m square feet of offices, industrial and retail sites was being developed at the end of September, a 16 [...]
London office starts lowest in 15 years Property New starts on London office developments have fallen to their lowest level since 2010, City AM can reveal, as stubbornly high interest rates and thorny planning laws continue to blight construction in the capital. In the 12 months to October, construction got under way on just 2.5m square feet (sq/ft) of London office space, less [...]
Jefferies upgrades Rightmove as REA group eyes £4.4bn takeover bid Tech Jefferies analysts have upgraded their guidance for Rightmove as they believe Australian real estate giant REA Group will probably make a formal offer for the British property platform. Last week, Rupert Murdoch’s News Corp-backed REA said it is considering a £4.4bn cash and share offer for Rightmove, sending the latter’s shares up nearly 25 per cent. Rightmove [...]
London offices: Bigger is better, as construction of smaller spaces in the capital dries up July 17, 2024 For the first time in at least two decades not a single new office scheme smaller than 100,000 square feet began construction in London in the first half of this year, despite demand for larger spaces reaching record highs.
London landlords struggle to shift office space due to high rates and hybrid work July 10, 2024 Landlords wanting to shift large London office this year have struggled to find a willing buyer, as nerves over hybrid working and higher interest rates continue to plague the upper end of a market that is still yet fully to recover from the pandemic.
Midscale London hotels outperform cheaper rivals as back-to-the-office drives weekday bookings June 13, 2024 Midscale hotels are currently on top of the accommodation food chain in London, new data has found, as revenue available per room across the semi-affordable chains has risen seven per cent over the year to April.