Scottish Construction Now’s Post

The City of London Corporation Planning Applications Sub-Committee has approved its proposals to redevelop 140 London Wall and 150 London Wall (also known as London Wall West). The scheme is set to deliver the scheme will deliver circa 56,000 sqm new office space across three new buildings along with a 43% increase in public realm, space for cultural use and an elevated public space. Receiving over 870 objections, the scheme has attracted considerable attention, particularly over its decision to pursue a full redevelopment. Objectors, led by the Barbican Quarter Action, commissioned two reports by Simon Sturgis and Bob Stagg to challenge the submitted carbon assessment. Supporters of the scheme however noted that the redevelopment represents the progress and modernisation needed to meet the growing commercial needs of the City of London, particularly the demand for Grade A office space. Paul Wilkinson (City Surveyor) stated the proposals would create a ‘softer and greener environment’ better connected to its surroundings. The committee meeting lasted 3 ½ hours with extensive questions put to the applicant, objectors and officers. Noting the extensive committee run time a committee member raised a point of order at the beginning of the committee debate to move straight to a vote which was supported. The application was subsequently approved 16 in favour, eight against with one abstention. Following the approval Shravan Joshi MBE (Chairman of the Planning and Transportation Committee) stated ‘Today’s resolution to grant permission for the London Wall West proposals brings us closer to our goal of meeting demand for 1.2 million square meters of new office space by 2040, a figure backed by industry experts taking into account projected jobs growth and new working from home patterns. The City of London is a global economic powerhouse, and it is vital we continue to signal to investors that we are keeping it that way, by delivering a centre of collaboration and innovation for the hundreds of thousands of people who work here.’

Pegasus Group targets Bristol growth with new city centre office 🏙️📈 Multidisciplinary development consultancy Pegasus Group has opened a new office in the centre of Bristol to help drive strategic growth in the South West. The new office location at St Brandon’s House, Great George Street provides a prime base for the growing Pegasus Group team. Building on the industry-leading reputation of its Bristol North office, the city centre team will be expanding the consultancy’s offering across all levels and disciplines. Pegasus’ new city centre office will spearhead the Group’s plan to capitalise on significant growth opportunities in Bristol and the South West. With a first-class reputation in the region, Pegasus Group’s new central Bristol base will bring the full range of its multidisciplinary offering into the heart of the city, with a particular focus on delivering planning, landscape, urban design, and transport & infrastructure services. Continue reading... https://lnkd.in/ecWAq4kz #growth #city #property #strategy #construction #commercialproperty #bristolnews #bristolhour #businessnews #businessintelligence

The City of London Corporation has approved construction of a 36-storey office tower at 60 Gracechurch Street. Imagining of the new tower (second from right) to be built on #Gracechurch Street Japanese developer #Obayashi acquired 60 Gracechurch Street in 2023 but wants to replace it with something bigger. Danish architect #3XN has put forward proposals that are designed to minimise carbon emissions, both in construction and operation of the building, by avoiding basement excavation and construction and committing to having the building 100% powered by electricity. Obayashi has partnered with Shard developer #Sellar to bring forward the £500m scheme. Construction is now expected to begin in 2026 and complete in 2029. 60 Gracechurch Street will sit on the western edge of the City cluster, providing more than 37,000 square metres of Grade A office space with new, sheltered public realm at ground floor level including widened pavements. The current building is just 11,800 square meters. Obayashi Properties UK also owns Bracken House and 20 Gracechurch Street (75% stake) in the #CityofLondon. City of London planning and transportation committee chairman Shravan Joshi, said: “It is no coincidence that the City is bucking the global trend of rising office vacancy and stalling construction activity. With a dedicated, solution-focused planning department, combined with clear policy and strategy, we are creating an environment in which developers and investors can help us create a vibrant, thriving Square Mile, for all to enjoy.” The planned new 60 Gracechurch Street [Credit: 3XN GXN] Sellar chief executive James Sellar said: “We have a shared commitment with Obayashi to develop a distinctively designed new landmark office building within the City’s eastern cluster. We also have a clear aim for 60 Gracechurch Street to be one of the #SquareMile’s most sustainable and wellness focused workplaces and today’s decision marks an important step in taking us closer to achieving those goals. There is an acute shortage of #office space across London that is able to meet the exacting requirements of the modern occupier and we firmly believe that being able to satisfy that demand is an important component in London’s ability to attract leading businesses and ensure it maintains its status as a world-class city.”

The push to convert office towers into housing is gaining traction as record vacancies and plunging property values make more projects more viable. 2024 saw 73 U.S. conversion projects completed, slightly up from 63 in 2023, with an additional 309 in the pipeline, adding 38,000 housing units, according to CBRE . Still, conversions represent only 1.7% of U.S. office inventory and won’t solve the housing shortage or office crisis. Yet, they offer a path to revitalizing struggling business districts and reimagining iconic properties. Read the full Wall Street Journal article here: https://ow.ly/qAzN50UJT5C

Boston stands out with the largest office construction pipeline in the U.S., boasting nearly 13.9M SF under construction. This represents 5.6% of the existing market stock with greatly exceeds the 1.2% national average. This development activity includes significant contributions from submarkets like Cambridge, Seaport, and Fenway. The city's construction landscape positions Boston uniquely in the national office market context and reflects (relative) resilience. In other words, for those who are discouraged by the current office landscape - there are much worse market conditions out there. Keep your head up and "survive 2025." #office #construction #bostondevelopment #bostoncre https://lnkd.in/eMnAsXBv

The City of London Corporation has approved a 36-storey commercial development at 60 Gracechurch Street, touted as one of the most sustainable and first of a new generation of office buildings. https://lnkd.in/e8SwkmTJ

The shift in Boston’s zoning plans for downtown is a big change—what was originally envisioned as office towers now has to be 60% residential. The remote work era has completely changed the demand for office space, and developers are being challenged to rethink projects that have been in the works for years. It’ll be interesting to see how creative solutions will get in the next couple of years. A lot of other interesting points on preservation concerns - easy Friday read :) https://lnkd.in/eXfvEFpX

Melbourne’s Central Business District (CBD) is poised for revitalisation with the introduction of premium-grade office buildings boasting Green Star and NABERS Energy ratings, according to recent research by national property valuation firm M3 Property. The study reveals that Melbourne currently has 234,593 square metres of premium-grade buildings under construction, with an additional 57,810 square metres at the site preparation stage and 85,665 square metres in the pipeline for future construction with permits approved.

Results from Grosvenor and the Canary Wharf Group neatly sum up the office market both here and probably around the globe. 𝐂𝐚𝐧𝐚𝐫𝐲 𝐖𝐡𝐚𝐫𝐟 𝐆𝐫𝐨𝐮𝐩: The developer and manager of the London docklands estate — owned by Brookfield and the Qatar Investment Authority — on Thursday reported a 14.7% annual fall in the value of its property holdings to £6.8bn in 2023. The estate’s older office buildings are likely to require expensive upgrades in order to attract new tenants or to adapt them to other uses.   𝐆𝐫𝐨𝐬𝐯𝐞𝐧𝐨𝐫: London’s West End, which makes up the majority of that portfolio, held up relatively well and continued to attract both tenants and investors. Grosvenor said its UK property business had cut its carbon footprint by 32% over three years and completed environmental retrofit works on 1m sq ft in London. Preston said green credentials were key to attracting tenants to its new developments and flexible office space. 𝐎𝐮𝐫 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭𝐬 are for flat Central London office values in 2024 For more information on the RES Forecasting Model, please email contact@realestatestrategies.co.uk

Office conversion projects are set to double in 2024! CBRE's latest report reveals a significant surge in office-to-multifamily conversions. With nearly 70 million sq. ft. of office space undergoing transformation and hundreds more projects in the pipeline, urban centers are evolving into vibrant, commercially diverse districts. While conversion costs and high interest rates pose challenges, initiatives such as government subsidies and eased zoning regulations are accelerating these projects. Learn more about this growing trend shaping real estate landscapes! #oregonrealestate #portlandrealestate #oregon #oregonrealtor #portlandrealtor #portlandoregon #pnw #commercialrealestateagent #portland #commercialrealestateagent #pdxrealestate #pdx #pdxrealtor #CRE #pnwcommercialrealestate #officespace #warehouse #realestateinvesting #industrialspace #flexspace #commercialproperty #business #land #portlandrealestateagent