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’

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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’

Fit-Out Market Review

CBRE has just published its latest 2018 European Fit-Out Cost Review. Amongst its conclusions are:

Nearly three quarters of companies in the region have looked to boost the space efficiency of existing buildings in the past year, according to CBRE’s Occupier Survey. CBRE expect further evolution of workplace strategies and new approaches to flexible working over the coming years.

Trends include: Space designed to foster more effective collaboration (generating ideas and driving innovation); Space with improved environmental qualities (temperature, lighting, décor, etc.), more attention to ‘wellness’ and smarter use of technology.

In terms of furniture, CBRE say careful planning and programming is essential. This usually involves a move consultant working with client to identify and understand the current set-up, to plan for and accommodate activities critical for business continuity, movement of employees, furniture and equipment. The move consultant will implement a comprehensive communications plan.

In terms of removals CBRE estimate costs in central London vary between 24 euros for a basic move (agile working) within a floor to 136 euros per person for a full desk and IT move between buildings.

In terms of Lease reinstatement (also known as‘dilapidations’), CBRE estimate 200-240 euros per square metre in central London.  assuming moderate wear based on a 1,000 sq m office.

In terms of procurement and interior build, CBRE estimate 25-30 weeks for a UK location for a medium specification 1,000 sq m fit-out project.

CBRE also outline the implications of potential tax savings across various EMEA countries, based on a total expenditure of €2,500,000 for a CAT B fit-out.

CBRE estimate that typical fit-out costs for a 1,000 sq m office range from 1,000 euros per sq m for a low budget move to 2,200 euros per sq m for a high budget London move. These costs would include Cat B fit-out, furniture, security, AV, IT, fees and contingency.  These costs would be around 20% cheaper in Manchester or Glasgow.

Metropolis leads provide a stream of notifications on fit-out tendering opportunities and contract awards. It has published 100 such leads in the last 3 months.

Metropolis Office Movers in March 2018

Metropolis ran 621 business leads on ‘office movers’ in March 2018. If all reported moves were added together the total would exceed 20 million sq ft of office searches and transactions, researched by Metropolis’ unique market led intelligence research team. London was the largest region with 275 business leads during month, but there were also strong showings from the South East (72),  North West (44), Yorkshire (43) and Scotland (26) .  Financials 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 621 March leads, included those on occupiers Bank of America, Cleveland Clinic, BT, Morgan Stanley and PWC.

The March 2018 leads included 160 ‘identified requirements’, including 81 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 156 searches, 102 were new office searches, not previously notified to clients.

The most recent research also included 198 ‘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

February 2018 Central London Lettings

Central London office lettings in February 2018 reached just over 1m sq ft of deals from 50 mid-large size transactions (5,000 sq ft+) during the month. The February 2018 figure is in line with the current monthly average of 1m sq ft.

February was characterised by 11 office deals over 20,000 sq ft, which included Sumitomo’s 161,000 sq ft re-letting at 100 Liverpool Street, EC3; Sidley Austin’s 135,000 sq ft pre-letting at 70 St Mary Axe, EC3 and Prudential took 59,000 sq ft at Angel Court Tower, EC2.

Financial Services topped the table of lettings by sector, underpinned by Sumitomo and Prudential deals. This was followed by professional services mainly underpinned by the signing of the Sidley Austin pre-let. Office deals ‘under offer’ in central London stayed at 3.5m sq ft, but pending deal volumes are healthy in nearly all sub-markets, with over 30 deals pending.

By area, the City accounted for 50pc of the office floorspace let in February 2018 at 501,000 sq ft. The West End saw 266,000 sq ft of take-up. Midtown contributed 66,000 sq ft of lettings, plus 143,000 sq ft of Docklands deals. Current London office demand is calculated to be around 3m sq ft in the City and 2.9m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 557,000 sq ft (55% 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 655 ‘live’ London requirements, with deals for space of up to 1.9m sq ft due to sign in the next few months.

Cityoffices is working on its current ‘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 the report and the Cityoffices database from Andy King at andy@metroinfo.co.uk

Metropolis Office Movers in February 2018

Metropolis ran 528 business leads on ‘office movers’ in the slightly  shorter month of February 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. London was the largest region with 235 leads during month, but there were also strong showings from the South East (50),  North West (48), Scotland (42) and Yorkshire (41).  IT and business 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 538 February leads, included those on occupiers Facebook, Anixter, Dar Al Handasah, Novartis and CAF Rail.

The February 2018 leads included 156 ‘identified requirements’, including 82 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 156 searches, 100 were new office searches, not previously notified to clients.

The most recent research also included 151 ‘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 Simon at simon@metroinfo.co.uk

Requirements on the Rise?

Over the first two months Metropolis Property Research has noticed a small rise in the numbers of office occupiers launching new searches for office accommodation.

Some examples researched and published over the past week include:

  • An IT support firm, has told Metropolis that it is currently searching for around 200 sq m (2,200 sq ft) of office space within the South Bank area of London. The firm is planning to move from its current base in the Autumn of 2018;
  • A City of London-based energy consultancy, has told Metropolis that it has appointed an un-named property agent to advise on relocation or lease options in central London, ahead of a late 2018 lease break option. The company currently occupies 465 sq m (5,010 sq ft) of offices with about 35 staff;
  • A computer consultancy firm, has told Metropolis that it is currently searching for around 475 sq m (5,100 sq ft) of office space in the Maidenhead area. Staff advise that a move date has not been set, but that it will likely take place around Autumn 2018.;
  • An energy exploration company, has strongly hinted that it is considering launching a search for alternative London West End offices in 2018;
  • An IT consultancy firm, has told Metropolis that it is currently searching for around 220 sq m (2,400 sq ft) of office space in Bristol. A senior contact has stated that an ideal move date would be around October or November 2018;
  • A Leeds headquartered print management company, is planning to open an office in London by 2020;

Metropolis researches around 140 new office requirements each month in the UK, plus hundred of other companies pondering move decisions and agreeing lettings.