January 2010 Archives

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.

The 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.

 

Last 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.

This 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.

If you're sick of apartments the size of postage stamps and through-the-roof rent, you might want to consider becoming a property guardian. Once signed up to a scheme, you will be designated a new home from the vast array of vacant commercial and residential properties across London. Or perhaps you'd prefer a disused church or pub? Either way, you could be paying as little as £60 per week. If only the Gherkin were vacant...

To share you're thoughts on this go here.

A ceremony attended by around 60,000 guests is currently being held to celebrate the opening of the world's tallest building. Although the exact height of the building is still a secret, the Burj Dubai is thought to top 800 m (2,625 ft) and boasts 160 floors of luxury apartments, office space and a hotel.

The development began in 2004 in an altogether more affluent economic climate and despite early interest, it has been difficult to lease the office space with companies currently unable to justify such luxurious premises.

The building, whose interior has not yet been completed, is thought to be almost 1,000 ft taller than Taipei 101. For more information and to share your views, click here