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As new tax laws come into affect next month it will be interesting to see if the hype of a mass exodus of investment bakers will unfold. With highly-paid bankers being forced to pay the highest tax and social costs, with a one-off bonus levy and 50 per cent income tax rate, companies will strongly be weighting up what is more important - satisfied skilled employees or a world class location.

 

Some employers are trying to find alternative rewards to big bonuses such as tax-free pensions through the Employer Financed Retirement Benefit Scheme (EFRBS) although others such as West End-based company, Shore Capital, are already upping sticks and plan to move to Guernsey by the end of this month. If mass departures from the world financial centre do transpire we may sadly see a rise in the current falling availability rates in both the City and West End markets.

 

E8 is GrE8t!

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In our quest to discover the latest office gossip, the London Offices team has been out site visiting in Hackney, home of the über-trendy.

 

Here we discovered that just like other areas of east London, things are looking up for the Borough. The majority of large office buildings are located around historic Town Hall in Hackney's centre.

 

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The council has invested some serious dosh in what have turned out to be rather attractive buildings.ReadingLane.JPGAlthough the council seems to occupy the majority of buildings in the over 5,000 sq ft category, there's a booming trade in small, quirky spaces. Artists, designers and photographers have flocked to this area in recent years to make the most of Hackney's low rents and relative proximity to the more expensive Hoxton and Shoreditch. We found numerous buildings offering small units on short-term leases. London Fields Studios and Northside Studios are just two such examples.

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northside studios.BMPThose of you who subscribe to EGi will find more information on the delights of E8 online as London Offices has expanded its monitored-area to bring you the latest on our ever-growing capital.

Another change at 25 Churchill Place

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25cp1.jpgIt's all change again at 25 Churchill Place with another planning application being submitted by the Canary Wharf Group. Due to News International deciding to stay put in Wapping, Canary Wharf have again worked up a new design for this site with KPF.

 

The scheme features a 108 metre tall mid-rise tower, a reduction of 22 metres from the previous plans with the number of floors above ground level dropping from 24 to 19. It will contain 71,169 square metres of office space, a drop of almost 9,000 square metres.

 

Let's hope this compact glass-clad development will appeal to a potential occupier somewhere.

 

North America's greenest building underway

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CIRS_B.jpgThe University of British Columbia is currently building a new Centre for Interactive Research on Sustainability (CIRS) which will reportedly be North America's greenest building. The $37 million property will be a greenhouse gas-positive and a net energy producer, meaning that it will help UBC reduce the energy it uses and carbon it emits. Additionally all water will be sourced from rainwater, with wastewater treatment occurring on site. There is also more carbon sequestered in the building's wooden structure than will be emitted during its construction and eventual dismantling.

 

Once complete the property will be home to a living laboratory for sustainability research, development and practice. The building is set to complete in summer 2011 and may provide a valuable exemplar for others across the Atlantic as the pace towards carbon-reduction in the built environment increases.  

 

A different kind of step class...

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gherkin2.jpgThis week more than 250 people took part in a race to the top of the Gherkin to raise money for the NSPCC's Child's Voice Appeal. The 38-floor climb up 1,037 steps was certainly a challenge for most. But for those preferring not to break into a sweat there was another option... the Champagne Lift Pass. Basically, you take the lift and have a glass of bubbly whilst enjoying the spectacular views of London. And don't forget the entertainment of watching puffed-out, sweaty people staggering about!!

London No.1 for commercial property investment

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Judging by recent reports on London's standing as one of the world's leading cities for property investment, it would seem things are still looking up. PricewaterhouseCoopers has revealed London as the most popular location in Europe for investment in commercial property.

  

Foreign investors have been attracted by the weak pound and today's news that South Korea's National Pension Service is scouting for prime office property in the UK will only strengthen the sentiment that things are picking up. Jun Kwang-woo, chairman of South Korea's NPS, said UK property continued to be attractive and represented "a good buying opportunity".

 

The only worry is that the government will withdraw economic stimulus before the market has fully recovered. Let's hope the positive reports keep on coming!

 

CBRE top of the list at Q4 breakfast briefing

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There was a good turn out at the LOMA breakfast briefing yesterday morning and it was good to see both familiar and new faces attending.

 

CBRE was top of the table for 2009 taking a 23% market share.

For the full report, including information on take up, supply, asking rents and construction please click here: http://www.egi.co.uk/lomarketanalysis.htm 

For a brief summary and market overview there is a video hosted online: http://www.egi.co.uk/Articles/Article.aspx?liArticleID=712468&NavigationID=464 

Thank you to all that attended and we look forward to seeing you in April for the Q1 2010 briefing.

Out of recession but will construction begin again?

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Toolbox_small.jpgThe UK has just exited a deep recession with a 0.1% growth in the economy in the last three months of 2009. Although growth is slight it could give the construction industry the push they need to begin developing the many stalled site across London. With a shortage of new grade A office stock due in 2011/12 perhaps developers should take the risk and start picking up tools again in 2010.


West End back on form

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pound.pngLast year, we blogged about the West End losing its spot as the world's most expensive office location. But according to a report produced by DTZ, the West End is back on top after knocking last year's number one, Tokyo, off its perch. The agent attributes this to a sharp rental correction in 2008, whilst others in the top four experienced rental decline.

 

Perhaps the City won't be too far behind in years to come, as CB Richard Ellis predicts a sharp rise in rents over the next three years. With only c.820,000 sq ft to complete in Q1 of 2011, CBRE forecasts a return to pre-recession prices by the time the Olympics is staged in London.

 

For more information, see Nathan's Property Finance blog.

Rippling Tower in Seoul

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seoul.jpgThis ripple affect building will soon be the newest addition to Seoul, South Korea. Daerim Engineering is currently building this 24-storey ripple tower with a height of 130.05 metres. Seocho Kims Tower is intended to be used as offices with 52,257 square metres of internal space. A feeling of moving water is communicated by the design, something that is born out further by the cladding. Completion is due in December 2010 and a similar tower is due to be constructed next to it soon after.

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