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April 2010 Archives

Go east

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eastlondonline.pngThe time has come for passengers to test out the long-awaited East London line. Although a full service will not run until 23rd May, some trains will run between New Cross Gate and Dalston Junction. With planned extensions of the line to Highbury and Islington and eventually Clapham Junction, could the line mean a rise in activity in the area?

 

Boris certainly thinks so and told the BBC, "This new railway will bring jobs and opportunities to communities up and down the line, massively improving access for hundreds of thousands of people." Serviced office providers have also been rather hopeful of a surge in interest, as a move away from the City could give tenants the chance to cut costs.

 

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The Crossrail project (above), which will stop at both Liverpool Street and Whitechapel, could also contribute towards an easterly expansion. However, we will need to see a rise in the amount of available good quality stock if tenants are to be tempted away from the City. The crumbly buildings that currently occupy much of east London will do little to turn the heads of prospective tenants.

London Offices Q1 report

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The London Offices Market Analysis breakfast briefing was hosted yesterday and was well-attended by those in the know about London's office sector. Our Research Analyst, Nina Radovic, presented the team's findings and forecasts in two sessions. For those of you who were unable to make it, see Nina's summary.

 

As always, the full report including the all important agent league tables can be found here. But if you can't wait, here's a sneak preview of the letting agents league table...

 

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Job vacancies rise 120% in the City

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The Financial Times has today reported that the City has witnessed a job vacancies rise of 120%. The research confirms that London's financial services are leading the way and are performing well post-recession.

Vacancies are up from under 5,000 to more than 11,000, compared with the first quarter of 2009 when the market was depressed after the financial crisis, according to Astbury Marsden, a financial recruitment specialist.

The study forecast that vacancies will continue to rise this year which may be due to the large volume of City office space that was let in Q1. The quarter witnessed some big office deals including Blackrock taking 270,000 sq ft at Drapers Gardens, EC2, and Ropemaker, EC2, witnessing multiple lettings to banks and financial services groups. 

Heron tops out

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heron.jpgA ceremony was held today to mark the topping out of the City of London's tallest building. Apart from its imposing appearance, the Heron Tower has much more to offer. Back in February, Estates Gazette reported on the search for a suitable operator for the bar and restaurant on the 38th to 40th floors. There will also be external terraces to allow City workers to enjoy the breathtaking views.

 

The Heron Tower also competes on an environmental level, with it being awarded a BREEAM Excellent rating for its use of photovoltaic cells and triple-skin glazed facades. Back in July 2009, a time capsule was buried in the building's foundations. It charts the progress of the tower and comes complete with a tortoise shell to bring luck to the landmark's occupants.

 

I for one am certainly looking forward to seeing the finished building!

 

For more pictures of the Heron Tower, see here.

Pre-May investment jitters

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brownvcameron.jpgAll this talk about the upcoming election seems to have had a negative effect on investment in central London commercial property. According to a report by Cushman & Wakefield, investment has fallen by 50% this quarter; the first quarterly fall in almost a year. It found that just £1.63bn has been invested across the core markets of the City, West End and Docklands, down from £3.096bn in Q4 of 2009. This could also be partly attributed to the lack of investment opportunities available at the beginning of Q1. However, the tail end of Q1 and Q2 so far has seen a surge in the number properties being brought to market and placed under offer. So perhaps following the election and towards the end of Q2 we will see a return to business as usual.

 

EGi has the full story. To read more about Cushman & Wakefield's findings see here.

About this Archive

This page is an archive of entries from April 2010 listed from newest to oldest.

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