Metropolis Movers – A 2018 Review
January 11, 2019 Leave a comment
Metropolis ran over 6,500 business leads on ‘office movers’ in 2018. If all reported moves were added together the total would exceed 100 million sq ft of office searches and transactions, researched by Metropolis’ unique market-led intelligence research team, during the year.
London was the largest region with 2,850 business leads during the year, but there were also strong showings from the South East (710), North West (650), Yorkshire (525), Scotland (441). Financial services, IT and business services were the largest business sectors planning relocations or agreeing moves during the year.
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 2018 leads, included those on occupiers Facebook (new London HQ), AstraZeneca (Cambridge base), Chinese Embassy (new London HQ), Barclays Bank (Manchester and Glasgow campuses), WPP (new London base), Jane Street Capital, McCann Worldgroup and many, many more.
The 2018 leads included nearly 1,800 ‘identified requirements’, including 1,100 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 1,800 searches, nearly 1,200 were newly posted office searches, not previously notified to clients.
The research over the year also included 1,900 ‘potential movers.’ These were mainly longer-term leads on occupiers, considering a future 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 2022.
Research by Metropolis during the year, concluded that a conservative estimate of ‘live’ business tender opportunities on the database in recent months, exceeded £1bn of business.
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Birmingham Offices Looking Ahead
January 24, 2019 Leave a comment
Birmingham office market during 2018 saw 754,000 sq ft of office space transacted in 113 letting deals. This was a little down on the 1m sq ft of take-up in 2017 which included a 240,000 sq ft Government letting at Arena Central, but up on the 693,000 sq ft of office moves agreed in 2016.
Major lettings during 2018 included: WSP taking 46,000 sq ft at The Mailbox, BE Group taking 38,000 sq ft at Somerset House, Zurich Insurance taking 23,000 sq ft at Colmore Square and General Dental Council agreeing to move to 22,000 sq ft at 1 Colmore Square.
Metropolis ran 80 leads on Birmingham office moves during 2018, with 25 searches for office space ongoing.
A recent report by Knight Frank highlights notable expansions such as Hogan Lovells have quadrupling the size of its Birmingham office, taking 23,000 sq ft at The Colmore Building. The law firm is taking advantage of the cost benefits such as lower wages and property costs in the city.
Over the last 18 months Birmingham has witnessed an upsurge in flexible office provision. More than 20% of Birmingham transactions (approx 313,000 sq. ft.) have been divided between various flexible models such as co-working, traditional managed centres, and operators who are providing a fixed term, fully serviced office, to identified occupiers. Instant Offices (3 buildings), Spaces (2 buildings) and MSO have been notably active, acquiring a number of locations.
Knight Frank say take-up of Grade A accommodation repeatedly accounts for over 50% of total activity within central Birmingham. High quality space deals are driven in part by the occupiers’ seeking to raise the profile of their business and enhance their staff recruitment potential. The wellbeing of staff and the workplace is shaping occupier decision-making. Access green walls, health and leisure facilities and high quality on-site catering is becoming as important.
Looking ahead, Knight Frank confirm a number of potential lettings are currently in advance talks at city centre office buildings including The Lewis Building, One Colmore Square, The Colmore Building and Baskerville House as well as some pre-let discussions. Metropolis lists a number of the occupiers interested in these schemes.
At developments under construction, including 103 Colmore Row, 3 Snowhill and 2 Chamberlain Square at Paradise, there is a significant level of advanced pre-let discussions with occupiers
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