200 Movers in Manchester

A recent report from the Manchester Office Agents Forum (MOAF) revealed a total of 1.208m sq ft of office lettings across 271 transactions in 2017, well above the 10-year average.

Metropolis ran over 330 business leads on Manchester office moves in 2017, which if all added together would total over 10m sq ft.

MOAF said strong demand for prime offices has left the market with a record low supply of Grade A office space.

The main schemes with available space are 101 Embankment, No 1 Spinningfields, 3 Hardman Square, 40 Spring Gardens and 2 St Peter’s Square, which is likely to trigger some short-term refurbishment projects

There are a number of Grade A schemes under construction to include Landmark (180,000 sq ft), 125 Deansgate (126,000 sq ft), Hanover, NOMA (90,000 sq ft), Circle Square (230,000 sq ft) and 11 York Street (80,000 sq ft), the majority of which will be delivered in mid-late 2019.

Key office lettings in 2017 included: 55,802 sq ft to We Work at No1 Spinningfields and 44,000 sq ft at One St Peters Square, 77,449 sq ft to DWP at 2 St Peters Square and Clyde & Co taking 69,000 sq ft at Manchester Royal Exchange.

Metropolis research also relayed early warning news of large Manchester moves by companies including Barclays Bank, Distelrec, Bupa, Callcare, Virgin Media and The Hut.

Forthcoming Manchester moves tipped by Metropolis for 2018 or beyond total just over 200.

If you would like some information on flexible Metropolis subscription packages or to discuss a trial, then please email Simon at simon@metroinfo.co.uk

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Metropolis Christmas Quiz

Just a bit of fun – answers later in the week

 

1. What was the biggest letting in London in 2017?

a) Deutsche Bank, b) Dentsu Aegis, c) Apple

 

2. How many NEW office searches/requirements have Metropolis published in 2017?

a) 1300, b) 1400, c) 1500

 

3) How much office space is under construction in central London according to the winter 2017 Metropolis Skyline report?

a) 14.6m sq ft, b) 13.6m sq ft, c) 12.6m sq ft

 

4) What % of Metropolis leads have an email address attached?
a) 75%, b) 70%, c) 65%

 

5) Vedanta is paying a record West End rent in Berkeley Square, Mayfair W1 of

a) £125 psf, b) £130 psf c) £135 psf

 

6) How many occupiers have Metropolis reported to be ‘under offer’ on office space in 2017?

a) 85, b) 90, c) 95

 

7) The largest office letting in Manchester in 2017 was ?

a) Kelloggs, b) WeWork c) Clyde & Co

 

8) How many pre-lets has Metropolis reported on in 2017?
a) 160, b) 170, c) 180

 

9) Which contractor topped the table of fit-out contractors in the 2017 Metropolis Fit-out report?

a) Overbury b) Como c) ISG

 

10) Metropolis has reported on London office lettings from January to November 2017 of

a) 9m sq ft, b) 10m sq ft, c) 11m sq ft

Metropolis Office Movers in November 2017

Metropolis ran 640 business leads on ‘office movers’ in the month of November 2017. If all reported moves were added together the total would exceed 12 million sq ft of office searches and transactions, researched by Metropolis’ unique market led intelligence research team. London was the largest region with 288 leads during month, but there were also strong showings from the South East (64), North West (63) and Scotland (39). Business services, IT and financial services were the largest business sectors planning relocations or agreeing moves during the month.

The business leads covered the whole UK and provided details of the size of the office occupier, company likely move dates, a description of the reasons for the move, its business sector and full contact details including an address for written inquiries, at least one telephone number and in most cases an email address. Some of the largest planned moves and top picks amongst the 640 November leads, included those on Facebook, Channel 4, WeWork, Bupa and Lloyds.

The November 2017 leads included 214 ‘identified requirements’. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 214 searches, 124 were new office searches, not previously notified to clients.

The most recent research also included 149 ‘potential movers’ which were mainly longer-term leads on occupiers, considering a relocation, but the occupier has yet to make a final decision on whether to search.

Most of the remaining stories covered companies that have just signed for new office space and have set a move date, including some large pre-lets and companies inviting tenders for fit-out contracts. The shortest planned move date is just over a month away, whilst the longest was late 2020.

Recent research by Metropolis concluded that a conservative estimate of ‘live’ business opportunities on the database in recent months exceeded £1bn of business.

If you would like some information on flexible Metropolis subscription packages, then please email Simon at simon@metroinfo.co.uk

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Cityoffices.net, the sister property leads service to Metropolis, has published its ‘Autumn 2017’ survey on the office construction market in central London, with details of new schemes starting, the dozens of schemes at preparation stage and 200 office schemes in the pipeline for construction starts in 2017-2020.

For more information on Cityoffices, email Andy at andy@metroinfo.co.uk

Opportunities in Serviced Offices

Colliers International has published a new report on the serviced or flexible workspace sector. Colliers outline how the workplace solutions providers have been hoovering up office space in London at a faster rate than any other sector apart from tech and media.

Flexible office providers have accounted for 18% of take-up across London during 2017 date. Central London is now home to over 7.8 million sq ft of flexible workspace from 4.5 million sq ft in 2009. This is a rise of 73% in eight years, although flexible workspace space currently only represents 4% of total London office stock.

2017 is set to deliver up to 15,000 desks by year end. Serviced office lettings appeared to have peaked at 1.4 million sq ft in 2015, however, 2017 is set to see that figure eclipsed with 1.2 million already let and a further 750,000 sq ft under offer.

WeWork has taken over 1.25 million sq ft of office space within the past 12 months. Blackstone and British Land have both begun in-house flexibile solution without leasing space to major providers like WeWork or Regus.

Paddington and City fringe, have seen increasing vacancy rates below 5,000 sq ft, and Victoria and parts of Midtown have seen void periods double in 2017. The City core has held up, but also seen activity from providers such as WeWork, Prospect Business Centres, i2, Regus and LEO.

Metropolis has researched nearly 20 specific requirements for medium/large London serviced offices in recent months. These new searches come on top of 25 recent transactions for space. Opportunities exist for agents recruiting occupiers for the large new flexible work centres, for fit-out contractors refurbishing usually previously vacant space, for furniture providers and removal firms handling the myriad moves to the new buildings.

Colliers say the need for short leases and flexible space, particularly since the Brexit vote, is driving demand for increasing volumes of flexible workspace space. Although, flexible workspace only represents 4% of London office stock, it looks set to become an important slice of the market, not just in London, but increasingly in regional cities too.

Metropolis Research in Feb and Mar 2017

Metropolis ran an average of 635 ‘movers’ in the months of February and March 2017, some 1,271 in total. If all moves were added together the total would exceed 5.5 million sq ft of office transactions, researched by Metropolis’ unique market led intelligence team. London was the largest region with an average of 280 leads each month, but there were also strong showings from the South East, Scotland and Yorkshire. Financial services and TMT (technology and media) were the two largest business sectors planning relocations.

The business leads covered the whole UK and provided details of the size of the office occupier, its likely move dates, a description of the reasons for the move, its business sector and full contact details including an address for written inquiries, at least one telephone number and in most cases an email address. Some of the largest planned moves amongst the 635 leads included leads on Apple, Deutsche Bank, Michelin and Goldman Sachs.

The February and March 2017 leads included 361 ‘identified requirements’. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 361 searches, 238 were new office searches, not previously notified.

The most recent research also included 380 ‘potential movers’ which were mainly longer-term leads on occupiers which are considering a relocation, but have yet to make a final decision on whether to search.

Most of the remaining stories covered companies that have signed for new office space and have set a move date, including some large pre-lets and companies inviting tenders for fit-out contracts. The shortest planned move date is just over a month away, whilst the longest was mid 2020.

If you would like some information on flexible Metropolis subscription packages, then please email Simon at simon@metroinfo.co.uk

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Cityoffices.net, the sister property leads service to Metropolis, saw a further 50 stories posted in February and March covering new development opportunities planning applications, consents, construction starts and development teams. The database now covers over 200 office schemes in the pipeline for construction starts in 2017-2020.

For more information on Cityoffices, email Andy at andy@metroinfo.co.uk

London Fit-out Market Growing

Recent research from Metropolis suggests that central London grade A lettings and thus prime fit-out opportunities, have grown by 10% over the first 9 months of 2015, compared to the Jan-Sep period in 2014.

Midway between the Metropolis Fit-out Report of Spring 2015 and the planned Metropolis Fit-out Report for Spring 2016, interim figures suggest the interiors market based on central London tenants signing for space in newly constructed or recently refurbished buildings, has grown by 10%, from 5.4m sq ft of top grade lettings in the first 9 months of 2014, to 6m sq ft for the first three quarters of 2015.

Some of the largest grade A deals agreed so far in 2015 have included: The Financial Conduct Authority at the International Quarter, Stratford; Deutsche Bank at 10 Upper Bank Street, E14; Ashurst at London Fruit & Wool Exchange, E1 and Facebook at 1 Rathbone Square, W1.

In terms of which firms are winning the most fit-out business, data is muddied by the reluctance of many contractors and architects to report appointments, but some notable contract wins have included:

  • ING Barings appointed Overbury for its new 120,000 sq ft HQ at 8-10 Moorgate, EC2;
  • Paragon Interiors appointed on SEI Investments new 58,000 sq ft base at Alphabeta building on Finsbury Square, EC2;
  • Brit Insurance appointed ISG on its 66,000 sq ft fit-out at Leadenhall Building, London, EC3;
  • Network Rail appointed Willmott Dixon Interiors for its 100,000 sq ft refurbishment of One Puddle Dock, Blackfriars, EC4;
  • Hewlett Packard appointed Overbury for its 68,000 sq ft interiors at 1 Aldermanbury Square, EC2;
  • Zurich Insurance appointed ISG n its 70,000 sq ft fit-out at 70 Mark Lane, EC3;
  • CHP Consulting appointed Maris for its 19,000 sq ft fit-out at Moor Place, EC2;
  • Euromoney using FSL Interiors at on its 48,000 sq ft at 8 Bouverie Street, EC4;

Penson, HLW, HOK, Gensler, Pringle Brandon Perkins+Wil and MCM are among the architects to be appointed on large London fit-outs this year.

Looking ahead, recent research by Cityoffices, showed that although in 2015 London office construction paused slightly to around 11m sq ft of projectswith main contractors currently on site, there is now a wave of a further 7m sq ft of office projects at demolition or site clearance stage, where a construction start in early 2016 is expected. In addition, Metropolis figures for companies with London office requirements currently top 11m sq ft.

 

 

 

 

London Fit Out Rankings – 2009 to 2013

Boom to Bust (and Back Again)

London Fit Out 2009-2013

Metropolis Property Research’s latest report on the central London fit-out market is now available.

The report ‘Boom to Bust (and Back Again)’ provides an overview of past and future trends in London and an analysis – with Top 10 rankings – of those firms winning the most business in interior design, project management, fit out, and tenant agency.

In the five years covered by the research (2009-2013) a total of 49.6m sq ft of new office space has been fitted-out in central London.

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For details please contact Simon Sluszny – simon@metroinfo.co.uk

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About Metropolis Property Research Ltd

Metropolis Property Research is an independent research and information company established in 1998.   The company carries out research into the UK and international office markets and corporate moves.  www.metroinfo.co.uk