Leading the Market – Metropolis Movers

In a short departure from our normal focus on the UK office market, this week Metropolis Blog looks at the Metropolis Movers Leads Service.

Metropolis has become the biggest and best office relocation leads service through its focus on market intelligence lead research.

Unlike other lead providers Metropolis concentrates on non-published, tenant activity led research.

This means utilising hundreds of business sector reports, tapping into industry contacts, drilling deep into property sources and making full use of social media.

The experienced Metropolis team has years of experience of talking to office occupiers and is skilled at uncovering advance information of agency instructions, fit-out tendering, removal, furniture and IT contract opportunities.

Leads are written with an understanding of client needs with clear indications of size, timescale and triggers. In addition, all leads give clients multiple channels to contact the occupier, such as phone, email or Linkedin.

The weekly output of over 130 carefully researched leads is backed by a steady stream of blogs, statistics and reports on trends in the market.

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Metropolis Movers September 2018

Metropolis ran 535 business leads on ‘office movers’ in September 2018. If all reported moves were added together the total would exceed 13 million sq ft of office searches and transactions, researched by Metropolis’ unique market-led intelligence research team, last month.

London was the largest region with 270 business leads during month, but there were also strong showings from the South East (53),  North West (52) and Yorkshire (40). Financial services, IT and business services were the largest business sectors planning relocations or agreeing moves during the month.

The relocation leads geographically 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 535 September leads, included those on occupiers Apple, Santander, EBRD, PWC and UK Hydrographic .

The September 2018 leads included 175 ‘identified requirements’, including 105 in London. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 175 searches, 110 were newly posted office searches, not previously notified to clients.

The most recent research also included 153 ‘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 2021.

Recent research by Metropolis concluded that a conservative estimate of ‘live’ business tender 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 Andy at andy@metroinfo.co.uk, mentioning ‘Metropolis Blog’

Metropolis Movers in August 2018

Metropolis ran 601 business leads on ‘office movers’ in August 2018. If all reported moves were added together the total would exceed 15 million sq ft of office searches and transactions, researched by Metropolis’ unique market-led intelligence research team, last month.

London was the largest region with 309 business leads during month, but there were also strong showings from the South East (72),  North West (60) and Yorkshire (46). Financial services, IT and business services were the largest business sectors planning relocations or agreeing moves during the month.

The relocation leads geographically 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 601 July leads, included those on occupiers AstraZeneca, NTT Data, BNY Mellon, Booking.com and BGC International.

The August 2018 leads included 203 ‘identified requirements’, including 120 in London. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 203 searches, 104 were newly posted office searches, not previously notified to clients.

The most recent research also included 133 ‘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 2021.

Recent research by Metropolis concluded that a conservative estimate of ‘live’ business tender 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 Andy at andy@metroinfo.co.uk, mentioning ‘Metropolis Blog’

Central London office lettings in July 2018

Central London office lettings in July 2018 reached just over 1.4m sq ft from 41 mid-large size office transactions (5,000 sq ft+) during the month. The July 2018 figure is comfortably above the current monthly London average of 1m sq ft.

July was characterised by 15 office deals over 20,000 sq ft, which were led by the Facebooks’s 600,000 sq ft deal to pre-let 11/21 Canal Reach and Building P2 Handyside Street, N1; WeWork’s 131,000 sq ft deal at Aviation House, WC2 and Houlihan Lokey’s 41,000 sq ft move to 1 Curzon Street, W1.

IT and technology services topped the table of lettings by sector, compiled by Metropolis, underpinned by the huge Facebook deal, plus a deal to Benevolent AI. This was followed by business services led by a number of lettings to WeWork and The Office Group. Financial services, professional and media were also well represented. Office deals ‘under offer’ in central London increased to 3.8m sq ft, and pending deal volumes are healthy in nearly all sub-markets, with a number of deals pending.

By area, the City accounted for 7pc of the office floorspace let in July 2018 at 100,000 sq ft. The West End saw 276,000 sq ft of take-up. Midtown contributed a record breaking 950,000 sq ft of lettings. Current London office demand is calculated to be around 3.6m sq ft in the City and 3.1m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 800,000 sq ft sq ft (57% of the monthly total), as transactions for new space resumed their recent strong showing. Availability is dominated by secondhand space in all London markets.

Metropolis research is currently monitoring 650 ‘live’ London requirements, with deals for space of up to 1.7m sq ft due to sign in the next few months.

Cityoffices is working on its autumn ‘Skyline Survey’ in London. Further details of office scheme planning applications and consents, with scheme by scheme detail are listed on the Cityoffices.net website. Details on Metropolis and the Cityoffices database from Andy King at andy@metroinfo.co.uk

Metropolis Leads in July 2018

Metropolis ran 592 business leads on ‘office movers’ in July 2018. If all reported moves were added together the total would exceed 16 million sq ft of office searches and transactions, researched by Metropolis’ unique market-led intelligence research team, last month.

London was the largest region with 270 business leads during month, but there were also strong showings from the South East (71),  Scotland (69) North West (38) and Yorkshire (36). Financial services and business services were the largest business sectors planning relocations or agreeing moves during the month.

The relocation leads geographically 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 592 July leads, included those on occupiers Facebook, Linklaters, Barclays, EBRD and Diageo.

The July 2018 leads included 172 ‘identified requirements’, including 90 in London. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 172 searches, 105 were newly posted office searches, not previously notified to clients.

The most recent research also included 142 ‘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 2021.

Recent research by Metropolis concluded that a conservative estimate of ‘live’ business tender 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 Andy at andy@metroinfo.co.uk, mentioning ‘Metropolis Blog’

Regional Office Boost

CBRE’s recent report ‘United Kingdom Office – The Property Perspective H1 2018’ concludes that office mover activity in the regions outside London continued to be ‘lively’ during the first half of 2018

CBRE say that regional office occupier markets in the first half of 2018 with few signs of Brexit-related uncertainty. The ten regional cities monitored by CBRE, saw take-up reach nearly 3.9m sq ft, which was 24% above the five-year average and 37% higher than the 2.8m sq ft newly occupied in the same period of 2017.

CBRE saw large numbers of requirement in regional cities and say that relocation activity could have been even higher if there had not been a shortage of new office space in some cities. CBRE particularly point to shortages in Bristol, Edinburgh and Glasgow where the development pipeline has not kept pace with demand. These shortages will drive further pre-let and refurbishment activity.

Metropolis echoes the CBRE findings, with nearly 400 regional office requirement leads flagged to subscribers in the first half of 2018, together with a similar number of companies finding space for moves between January and June.

CBRE say that The UK’s flexible office space operators continued to expand, with Bristol, Birmingham, Glasgow, and the wider South East the stand out expansion locations in H1. Bristol witnessed a
notable increase in demand with a key deal to Runway East (30,000 sq ft). In Birmingham, deals were concluded with BE Group, Instant, iHub, Regus and Orega, whilst in Glasgow there were prominent deals to
Orega and Regus. In the wider South East region, flexible office space providers took nearly 200,000 sq ft with Slough and Reading the most popular locations. Runway East and other operators also have live requirements in all the regional cities, with CBRE predicting more activity from this sector in H2.

Regional cities saw a record year of take-up in 2017, with the public sector playing a large role in regional office space demand in H1 2018 (just over 0.9m sq ft). HM Revenue & Customs accounted for the three largest transactions ranging between 157,000 – 270,000 sq ft in Manchester, Glasgow and Liverpool.

CBRE forecast the West Midlands as a region to watch. They say the West Midlands is experiencing some of the fastest growth in the country – Birmingham itself seeing prices rise by 6.9% in the year to May Birmingham is attracting public sector bodies, looking for more affordable solutions away from London. The latest requirement is from the General Dental Council, relocating 200 staff London.

Metropolis Office Mover Leads in June 2018

Metropolis ran 562 business leads on ‘office movers’ in June 2018. If all reported moves were added together the total would exceed 14 million sq ft of office searches and transactions, researched by Metropolis’ unique market-led intelligence research team, last month.

London was the largest region with 240 business leads during month, but there were also strong showings from the South East (60),  Scotland (51) North West (43) and Yorkshire (35) . Business services and financials services were the largest business sectors planning relocations or agreeing moves during the month.

The relocation 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 562 June leads, included those on occupiers Amazon, British Airways, Barclays, Scottish Office and WeWork.

The June 2018 leads included 171 ‘identified requirements’, including 84 in London. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 171 searches, 100 were newly posted office searches, not previously notified to clients.

The most recent research also included 160 ‘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 tender 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 Andy at andy@metroinfo.co.uk, mentioning ‘Metropolis Blog’