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

Bristol market on the Rise

A recent report on the Bristol office office market from property consultant Colliers International revealed that office take-up in Bristol in the first half of 2016 reached 380,000 sq ft, which is a substantial 43% up on the first six months of 2015. Bristol is on track to reach take up of 800,000 sq ft by the end of 2016, well above the five year average of 533,000 sq ft.

The strong figures include two recent deals: EDF Energy taking 81,000 sq ft at Bridgewater House, Direct Line purchasing 63,000 sq ft at The Core and 28,000 sq ft in let at Narrow Quay House to Frazer Nash Consultancy. Grade A (new and recently refurbished space) take-up was 123,570 sq ft.  Vacancy levels remain at an all-time low – 7.3% (Bristol) and 7.0% (Grade A) respectively.

Colliers say that Business Services represented 28% of total take-up for the first six months of 2016, while Energy and Utilities were the second most active business sector at 21%, although that 21% comprises
the EDF Energy deal only. The demand for space remains strong, with a good level of significant sized requirements actively seeking high specification centre city offices. HMRC has the single largest requirement of more than 170,000 sq ft.

Metropolis is currently tracking around 40 companies with searches underway in the Bristol area. In addition, around 50 medium/large companies are approaching lease expiries in 2017/18.

Tech and digital companies are also key drivers behind office demand in Bristol, with the BBC, IMBD (owned by Amazon), Hewlett Packard, Just Eat and Huawei all recently choosing to locate in the city

66 Queen Square was the last Grade A office scheme to be completed and only 3,500 sq ft is available. The 95,000 sq ft Aurora scheme, is the only office building under construction and will be delivered in Q4 2017. The 250,000 sq ft ‘Assembly’ office scheme is currently looking for revised planning consent, while the 184,000 sq ft ‘Aspire’ scheme is tipped for a late 2016 start.

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