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 [...]
Wework: UK firm owes almost £840m to bankruptcy-hit US owner November 28, 2024 The UK arm of troubled US co-working startup Wework lost almost £150m in the year before its parent company filed for bankruptcy. The division suffered a pre-tax loss of £147.9m in 2023, according to newly-filed accounts with Companies House. The latest figure comes after the arm racked up a pre-tax loss of £122.6m in 2022. [...]
Compass: European deals on the cards as growth accelerates November 26, 2024 Catering company Compass has reported double-digit growth in 2024 as it looks to grow its presence in Europe. Compass told markets this morning that underlying revenue grew by 10.6 per cent, to $42.2bn (£33.6bn) in the year ended 30 September, up from $38.1bn last year. Underlying operating profit grew 16.4 per cent year on year, from $2.6bn [...]
Landsec returns to profit as London property market stabilises November 15, 2024 British property investment trust Land Securities, known as Landsec, swung back into profit and hiked its forecast for the year today after a rebound in occupancy and rental income in London. Landsec told markets this morning that it had returned to the black in the first half of the year, reporting profit after tax of £243m [...]
Derwent London upgrades rental guidance thanks to ‘world class’ London August 8, 2024 An acceleration in rental growth and a more stable investment environment has helped office giant Derwent London upgrade its rental guidance off the back of “really active demand”, its boss said. In its half-year results this morning, the FTSE 250 office specialist said its income grew but valuations continued their decline. Derwent, which owns flagship [...]
Adieu City A.M. Towers: A toast to the Tiktokers August 8, 2024 As City A.M. bids adieu to its current home, Lucy Kenningham considers The Tiktokers
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.
Demand for office space in the City of London jumps as firms return July 4, 2024 Stuart Lawson, a director in Savills’ Central London Agency team, said: "The first half of 2024 has demonstrated positive progress in the City of London's office market, following on from a strong 2023.
Regional REIT launches £110.5m capital raising to stave off bankruptcy June 27, 2024 Regional REIT has laid out plans to raise around £110.5m from a new share offer.