Skyline Report Summer 2017

Metropolis and Cityoffices are about to publish their bi-annual survey of office construction in central London.

 

  • The survey brings readers all the statistics on the 101 office schemes in central London currently under construction and tenant activity connected to those schemes, right up to date to June 2017.

 

  • The survey, compiled after many hours of street surveys, telephone research and crosschecking, takes a snapshot of the central London office construction in Q2 2017, recent completions, recent pre-letting activity and looks ahead to future pipeline projects that will shape the next three years.

 

  • The report looks at the volume of construction underway, lists the major new scheme starts and looks at the proportion of refurbishment space compared to new builds. The report breaks down office construction by London district: City, West End, Midtown etc, as well as major recent building completions.

 

  • The survey also looks at occupier demand, with recent trends in pre-letting including examples of recent deals and a comparison with each of the last ten years.

 

  • The report then turns to the future pipeline including the 29 schemes currently at site preparation stage and 200 schemes with planning consent awaiting a start date.

 

  • Finally, it concludes with some forecasts for London office development based on current trends and makes predictions for London occupier demand over the rest of 2017 based on Metropolis’ detailed London office tenant research.

 

The report will be available free of charge to Metropolis and Cityoffices subscribers. If you are interested in a subscription contact Andy King at andy@metroinfo.co.uk

Cityoffices – A February 2016 Taster

Below is the February 2016 taster for http://www.Cityoffices.net – the sister leads provider to the market leading Metropolis Property Research.

With the office construction sector booming in London (current survey work by Cityoffices shows the number of active London schemes to be nearly 100) there is a huge volume of tenders being sought and awarded as every role from architects, planners and engineers to service consultants, letting agents and acoustic consultants are being appointed on a daily basis.

Looking back over February 2016 this Cityoffices bulletin looks at recent news of some of the schemes (there are dozens of applications and over 200 planning consents in the pipeline) which have progressed in the last month and some of the schemes which developers are likely to progress in the next 2-3 years. Upto 25 London stories are posted each month. The London news stories and many regional updates in February, are backed up with full project details, including teams and contact names,where appointed, on the database. This month included:

In London:

  • A consent for a refurbishment on a 200,000 sq ft City of London building;
  • A Midtown planning consent to form a 90,000 sq ft scheme;
  • A new application for a 20,000 sq ft office refurbishment in the West End;
  • A new scheme at a site on London’s Southbank;
  • A pre-let of an under construction office building in London, SE1;
  • A full office deal analysis for January 2016, including details of a wide range of recent lettings.

Outside London:

  • Construction start on a 260,000 sq ft Birmingham scheme;
  • A new application for a site in Bristol, where work could start this year;
  • A refurbishment underway of a 50,000 sq ft Cardiff office building;
  • News of some lettings agreed at a just completed scheme in Glasgow;
  • Construction start on a new office block in Edinburgh;
  • Progress on a major Leeds office refurbishment due for summer 2017 completion;
  • Application for a second phase at a fully let Manchester office scheme;
  • A Newcastle scheme secures a tenant

These are just a sample of the many office projects that Cityoffices reports on each month and backed up with full histories and contact names and numbers where available. No other information provider can match a fraction of Cityoffices’ coverage.

If you would like to know more about annual Cityoffices subscriptions from only £750 – email Andy King at andy@metroinfo.co.uk

Metropolis London Skyline Survey

Metropolis has walked the streets of central London to compile its twice yearly skyline survey into the state of office development in the capital in 2015. The full report is available to clients, but the main conclusions were:

  • Office construction is on an upward path with 74 office schemes under construction in central London (72 a year ago) totaling an increased 9.5m sq ft (8m sq ft in October 2014).
  • In the last six months there have been 32 new office scheme starts in central London, totaling 4.1m sq ft
  • The proportion of refurbishments in the office construction market in central London has slipped to a 25:75 split by floorspace ratio of refurbishments:new-build.
  • The City dominates construction with 4m sq ft of new office space in schemes underway.
  • Work has started on 14 new West End schemes in the last six months, as part of a modest rise in construction activity in the West End to 34 schemes under construction.
  • Some 3m sq ft of the 9.5m sq ft office space under construction has already been pre-let.
  • More than 30 future schemes are currently at site preparation stage with nearly 5m sq ft of additional office space due to go under construction in the next 6 months.
  • Just over 3m sq ft of offices was completed in central London over the last six months, however a large proportion of the space was let either prior to completion or just after.
  • In total, less than 1m sq ft of offices are still available in the 27 London schemes and 3m sq ft of offices completed in Q4 2014 and Q1 2015. Some 32 different tenants have already signed up for space.
  • There are currently 1.6m sq ft of offices due for completion in Q2 and Q3 2015, of which only 400,000 sq ft has so far been pre-let.
  • Total office development underway in central London should break through the 10m sq ft ceiling in summer 2015.
  • Drops in availability are forecast to trigger a new wave of fast-track refurbishments.