Colin McGhee’s Post

The Summer break is over and here is the Savills Central London Office Market Watch. Despite numbers lower than the long term average, we are seeing an increased activity on 2023. As a general comment, Clients continue to value the importance of Grade A Office and recognising the importance of sustainability and energy efficient buildings. In the long term, this can only improve general activity levels. The market is busy and plenty of opportunities out there. For anyone interested in joining our talented team, please let me know. Read more here: #refurbishment #fitout #projectmanagement

The London outlook continues to improve….. City office take-up grew 33% in August, driven by demand for sustainable, high-quality spaces. The West End market remained active, with notable transactions and under-offers hitting a yearly high. Read the full market insights here: #OfficeMarket #RealEstateTrends #savills #fitout #projectmanagement #realestate #economy #london

Central London continues to have a relatively high net effective cost for occupiers, with both London City and West End in the top 4. For the UK Regional ‘Big Six’ office markets, the relative pricing shows its cost-effectiveness for occupiers, both compared to London and the rest of the world. However, will this remain the case? Despite office take-up at the end of 2023 being 10–15% below pre-pandemic levels across the UK, the Prime Office Costs index showed net effective costs to occupiers increased by 2.6% compared to year-end 2022, as competition for the best-in-class space continues to drive prime costs up. See more:

Central London continues to have a relatively high net effective cost for occupiers, with both London City and West End in the top 4. For the UK Regional ‘Big Six’ office markets, the relative pricing shows its cost-effectiveness for occupiers, both compared to London and the rest of the world. However, will this remain the case? Despite office take-up at the end of 2023 being 10–15% below pre-pandemic levels across the UK, the Prime Office Costs index showed net effective costs to occupiers increased by 2.6% compared to year-end 2022, as competition for the best-in-class space continues to drive prime costs up. See more:

Our monthly roundup of July’s real estate industry news. The office, hotels, and industrial sectors are seeing post-pandemic highs, as deals and occupancy rates continue to improve. And could The Crown Estate help Labour boost wind farms with their seabed deal? ▪️ Office demand drives Grosvenor’s London occupancy to post pandemic high ▪️ Ex-JLL flex space MD Ben Munn appointed CEO of David Phillips ▪️ Hotels sector take largest ever share of UK real estate investment ▪️ The Crown Estate teams up with Labour’s GB Energy to accelerate clean tech projects ▪️ Warehouse take-up back to long-term pre-Covid levels, Colliers reports Read the full round-up here: https://lnkd.in/dpKkE5jT #whatsthebuzz #wheresthebuzz #monthlyupdate #flexiblemarketingresource #realestatemarketing #propertymarketing © Jesse De Meulenaere

Central London continues to have a relatively high net effective cost for occupiers, with both London City and West End in the top 4. For the UK Regional ‘Big Six’ office markets, the relative pricing shows its cost-effectiveness for occupiers, both compared to London and the rest of the world. However, will this remain the case? Despite office take-up at the end of 2023 being 10–15% below pre-pandemic levels across the UK, the Prime Office Costs index showed net effective costs to occupiers increased by 2.6% compared to year-end 2022, as competition for the best-in-class space continues to drive prime costs up. See more:

Central London continues to have a relatively high net effective cost for occupiers, with both London City and West End in the top 4. For the UK Regional ‘Big Six’ office markets, the relative pricing shows its cost-effectiveness for occupiers, both compared to London and the rest of the world. However, will this remain the case? Despite office take-up at the end of 2023 being 10–15% below pre-pandemic levels across the UK, the Prime Office Costs index showed net effective costs to occupiers increased by 2.6% compared to year-end 2022, as competition for the best-in-class space continues to drive prime costs up. See more:

Central London continues to have a relatively high net effective cost for occupiers, with both London City and West End in the top 4. For the UK Regional ‘Big Six’ office markets, the relative pricing shows its cost-effectiveness for occupiers, both compared to London and the rest of the world. However, will this remain the case? Despite office take-up at the end of 2023 being 10–15% below pre-pandemic levels across the UK, the Prime Office Costs index showed net effective costs to occupiers increased by 2.6% compared to year-end 2022, as competition for the best-in-class space continues to drive prime costs up. See more:

With office occupancy beginning to rise, offsetting costs by reducing space is becoming less feasible. Rising occupancy in the UK, with a higher propensity for office workers to go to the office, may also see the UK emerge as a more attractive destination for corporates. Of course, the key driver of the differential between London and the ‘Big Six’ prime office costs is the rental premium of being in the capital. Many corporates will not compromise on location, but there will be office occupiers that seek the best-in-class space, but at a discount to other office markets across the world, including London, and this is a future driver for the ‘Big Six’ office markets in the UK. See more:

City office take-up grew 33% in August, driven by demand for sustainable, high-quality spaces. The West End market remained active, with notable transactions and under-offers hitting a yearly high. Read the full market insights here: #OfficeMarket #RealEstateTrends