London Cityoffices – A Scheme A Day

The Cityoffices.net website brought subscribers one of the best years yet for London office scheme leads with over 250 leads published between January and December 2016 – equivalent to one scheme per working day during the year.

More than 36m sq ft of London office space was either applied for, given consent or went under construction during the year and all was reported on Cityoffices.

Some of the more high profile schemes included:

– Canary Wharf at North Quay, E14;
– Axa Reim at 22 Bishopsgate, EC2:
– Wilmar International’s ‘Number One Tower’ at Undershaft, EC3

And at the other end of the scale 25 refurbishments and small office projects under 20,000 sq ft.

Cityoffices brought contact details for hundreds of players involved each scheme. Starting from the investor/landlords to subsequent planning advisers, architects and eventually project managers, structural, services and property consultants.

Cityoffices brought subscribers timescales for each project, details of site visits and photos for many. In addition, Cityoffices brings details of scheme lettings to incoming tenants and details of pre-lets of space in schemes still under construction.

Cityoffices now has an archive of London projects stretching back to 1998 with all data is set out in an easy to use interactive website complete with weekly news, graphs and analytical tools.

Cityoffices also covers regional markets in Bristol, Birmingham, Leeds, Manchester, Glasgow and Edinburgh.

If you would like to know more about becoming a subscriber in 2017 simply email Andy King at andy@metroinfo.co.uk with ‘Cityoffices’ in the subject line.

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Towering Ambitions

London Office Developments – Skyline Survey Winter 2016

Metropolis and Cityoffices has just published a special “Skyline” Survey of the central London office development market for the period April 2016 to October 2016. The survey takes a snapshot of central London office construction in Q4 2016, recent completions, recent pre-let activity and looks ahead to future pipeline projects that will shape the next three years.

Highlights include:

– 109 office schemes currently under construction in central London (14.5m sq ft) compared to 78 a year ago
– 4.2m sq ft at demolition stage
– 37 scheme starts in last six months
– office completions over last six months reached nearly 2m sq ft

If you are considering becoming a Metropolis subscriber and would like a copy of the report please email simon@metroinfo.co.uk.

The Metropolis database system holds all of the above construction data and thousands of other leads on end user office requirements, moves and fit-out projects – for details on accessing the leads and joining Metropolis please email simon@metroinfo.co.uk .

London Office Construction Hits 8 Year High

The Deloitte London Office Scheme Crane Survey Q3 2016 – powered by research from Metropolis and Cityoffices – has revealed that office construction in central London has reached an eight year high with 14.8m sq ft of office space under construction.

The survey, carried out by Cityoffices researchers for Deloitte Real Estate during September 2016, showed 40 new starts on office schemes (2.8m sq ft) in the capital compared to Q1 2016 and over 20 schemes at demolition stage.

The survey, which was covered in the Financial Times, The Telegraph and The Guardian amongst others, highlighted refurbishments as the biggest source of new starts, with a dip in the number of new builds, however researchers found that there is a wave of new build developments poised for starts in 2017.

Some 41% of space in under construction schemes has been pre-let and Metropolis is tracking the next wave of demand with details of over 600 companies with office searches underway in central London.

Full details on every scheme, including schemes in the future pipeline and incorporating details of the players involved, together with weekly scheme news, are to be found on the Cityoffices.net website, where an annual subscription is only £750.

Metropolis and Cityoffices are happy to talk to companies about further research and consultancy projects in the London office market.

Cityoffices relaunched

In January 2015 Metropolis’ sister site: http://www.cityoffices.net has been revamped and relaunched as THE place to learn about office schemes in London and the UK.

Since 1999 Cityoffices has been monitoring, qualifying and recording all significant office developments in London and across the regions. Cityoffices averages over six news stories on London office schemes every week for subscribers, plus other news of developments in the regions.

From the first peep that a development might be in the pipeline, through the design, planning and construction phases, followed by completion to the deals struck by occupiers to occupy it. The site notes all the activity around each and every scheme of note. There are over currently 1000 on the database, of which 300 are future schemes in the pipeline.

Cityoffices record all the participants from developer, to agent, to architect, to the complete construction team.

Cityoffices also track all rumours, hints and realities of the development letting process. For example if a building is purchased with a view to refurbishment or redevelopment you’ll hear about it on Cityoffices. Cityoffices also gives a monthly commentary on London office take-up with trends and demand statistics.

If you want to track the development history of any office building constructed in the last 16 years in London, then Cityoffices is the place. If you want to see what may be built in the next three years and the companies involved (many with contact names) in each scheme Cityoffices is the place. If you want to be informed about the latest news on office schemes, Cityoffices is the place.

In short, CityOffices gives you the complete low down on the market and allows you to be an informed player.

Subscriptions begin at a very reasonable £600 per annum. Email andy@metroinfo.co.uk for more details.

London Skyline Report Autumn 2014

Recent research by Cityoffices and Metropolis found that the central London office development market has stepped up another gear over summer 2014, with a further 32 office schemes starting (or poised ready to start in Q4 2014) since March 2014. Contrary to reports of a moribund construction sector, a healthy total of nearly 3.5m sq ft office space went under construction over the last 6 months. Notable recent scheme starts included: London Wall Place, EC2 (500,000 sq ft); Angel Tower, EC2 (360,000 sq ft) , River Plate House, EC2 (160,000 sq ft); 25 Chancery Lane (100,000 sq ft); St James’s Market, SW1 (212,000 sq ft) and 48 Leicester Square, WC2 (92,000 sq ft).

We expect nearly 15 further schemes to go under construction in the last quarter of the year. There is ‘only’ 8.7m sq ft of offices currently under construction (or about to start) following completion of  over 4m sq ft in the previous two quarters, including nearly 2m sq ft in three buildings 20 Fenchurch Street, Leadenhall Building and 25 Churchill Place. This is below the 10m sq ft long term average of London space under construction, but does not take account of a further 5m sq ft currently at demolition stage. Some 25 schemes such as 100 Bishopsgate, 52 Lime Street and Principal Place are on the verge of starting and even The Pinnacle may join them. Looking ahead to 2015, there are currently only 31 schemes due for completion, delivering 2.8m sq ft, although this figure will rise slightly as a number of refurbishments will join the list. However in relative terms, there is a shortage of large speculative office schemes scheduled to open next year, to add to the 7m sq ft of completions in 2014. In 2016 a further 7-8 million is forecast for completion, with half of that already underway.londond

Around 36% of office space under construction is already pre-let including recently-signed agreements with companies such as Amazon, KPMG and Estee Lauder. There is also a further raft of deals likely to be agreed in the near future which may include Societe Generale, Telefonica and Howden. Many schemes tend to find pre-lets closer to completion with over 50% of space completed during summer 2014 now pre-let. In contrast to some previous surveys, new-builds now make up the majority of new starts with 55% of the total compared to 45% refurbishments.

However, with nearly 3m sq ft of deals under offer and many of the larger central London occupiers beginning to appoint agents to advise on pre-let opportunities the expectation is that a new wave of refurbishments is just around the corner. In conclusion, although a large amount of central London office space was completed over summer 2014 and although some recent press reports have chosen to spotlight the drop in space actually under construction, writers have failed to note that it is about to be  replaced by almost as many schemes, if not the same volume of sq ft. In addition a large number of schemes are primed to start in 2015. The letting market continues to power on apace, exemplified by the recent pre-letting of the 400,000 sq ft Principal Place by Amazon and the rapid pre-letting of London Wall Place, EC2. Although 2015 looks likely to be a quiet year for completions, it will be balanced by up to 8m sq ft of completions in 2016.

City schemes coming through

Four office schemes schemes were completed in the City of London in in Q3 2013, totalling 334,000 sq ft.

The developments included the 203,000 sq ft at Sixty London, EC1, already entirely pre-let to Amazon, as well as the refurbishment at 7 Bishopsgate, EC2 (56,000 sq ft), 36 Queen Street, EC4 and Monument Place, EC3 (75,000 sq ft) which are all available for letting.