Major scheme for Weybridge

One of the largest office developments in Surrey is planned by Rockspring and Exton Estates with a 9,596 sq.metres (103,296 sq.ft.) scheme at the Arrows, Weybridge. The Grade A project named Velocity is on a site which Rockspring UK Value Fund bought from Mercedes for £4.25 million in January. It will have 370 car parking spaces. Rockspring’s Richard Bains commented: “We are confident that, in selected locations, now is the right time to bring newproducts to the market, putting us ahead of anticipated competition.”

Also in Weybridge, Verint Systems has leased a 1,918 sq.metres (20,648 sq.ft.) office from the Merseyside Pension Fund through agent Hurst Warne. There is a long rent free period and the rent is £247.48 a sq.metre (£23 a sq.ft.).

Classic Bruntwood

With its long history of refurbishing large offices, Bruntwood now proposes to revitalise the 11,148 sq.metres City House, Leeds. The plan is for a substantial rebuilding of the 14 storey building to construct a new entrance foyer and mezzanine reception with concierge style service. Bruntwood’s Craig Burrow said: “We are currently finalising our designs and expect to submit a planning application very soon. The specification will be Grade A as we target BREEAM Excellent rating but it will be priced to appeal to a wide range of occupiers. He added that Bruntwood had a 96% occupancy rate on its Leeds properties. “We aim to spot the potential that exists in parts of the urban fabric that others may disregard.”

Training companies set pace

In a slowly recovering market in Leeds, there is evidence of a shift in demand that has pushed training companies into seeking more space. That is good for the local economy and indicates a reaction to increased employment prospects but it also has a further significance, suggests Jeff Pearey of Jones Lang LaSalle. “It shows that what training companies provide is essential and that is recognised by the government who have, in effect, privatised part of the service to ensure that school leavers and older people are catered for.” He added that this is a good time for any occupier seeking space because there are “attractive deals available.”

Unlike some other parts of the UK, Leeds is not running out of prime office space. Figures from JLL show that take up in the first quarter was only 3,530 sq.metres (38,000 sq.ft.) with smaller sized deals continuing to dominate. “There will be an improvement in the second quarter,” said Pearey, ”because there are several significant deals coming through. The market feels better than a year ago and there has been an improvement in viewings.” The national picture has improved considerably with the second half of 2010 seeing a 36% rise in lettings in six top regional markets to a total of 510,950 sq.metres (5.5 million sq.ft.), reports JLL.

Training companies also featured nationally as seeking more space. Savills’ first quarter figures for development activity in the UK show that a large part of the country is considerably less active than London and the south east and that March saw a significant decline. The decline in development is mainly due to the public sector reducing its activity. According to Knight Frank in Leeds, prime rents will remain at £258.24 a sq.metre (£24 a sq.ft.), a decline of just over 10% since the peak of 2009. Alex Munro of Knight Frank commented: “Take up last year was 26,291 sq.metres (283,000 sq.ft.) or 45% below the ten year average.

New Grade A space available in the city centre was about 51,095 sq.metres (550,000 sq.ft.), which gives a vacancy rate of 11.6%, unchanged in the fourth quarter over June-September.” There is, however, a positive aspect to the figures because active demand is put at a healthy 39,018 sq.metres (420,000 sq.ft.).

Holiday expansion

The steady expansion of the business has led Great Railway Journeys to lease additional space in Saviour House, York close to the world renowned Shambles. The company, which specialises in escorted group holidays by rail, has taken 1,189 sq.metres (12,800 sq.ft.) through Sanderson Weatherall. Great Railway Journeys’ Martin Johnson said: “We actively encourage our customers to visit our offices to discuss their rail journeys and the central location of Saviour House is ideal for customers and staff.”

Also in York, Instant Offices Managed LLP has leased 2,853 sq.metres (30,706 sq.ft.) through Jones Lang LaSalle in Quintain’s Hudson House, Toft Green. Instant Managed Space has taken a two year lease and following the refurbishment of the space, will sub lease it to Network Rail, which already occupies a big chunk of the buildings. This will allow Network Rail to relocate some of its work force while refurbishment of its existing George Stephenson House next door proceeds.

Wakefield bucks trend

At least Wakefield is going ahead with further stages of its £140 million Merchant Gate scheme by English Cities Fund (ECf), a partnerships of Muse, Legal and General and Homes & Communities Agency (HCA). Jones Lang LaSalle and King Sturge have been appointed to market the 4,459 sq.metres (48,000 sq.ft.) of offices, which are close to Wakefield railway station giving rapid access to Leeds and London (2 hours). JLL’s Jeff Pearey said: “The three buildings of Merchant Gate make an impressive new business district and comprise some of the best offices available in Wakefield.” Emma Cordingley of ECf said: “Despite the economic climate, this landmark scheme, alongside those such as Trinity Walk and the new Hepworth Gallery, are spearheading Wakefield’s current major urban regeneration programme.”

Advantages of Serviced Offices in London

If you are a small business and you are looking to make the jump into London then serviced offices can be the best and most viable option for you. Moving office is often stressful and there are many variables which you need to think very carefully about. Location, rental costs, expansion and accessibility are the main aspects you need to take into account which is why serviced offices make an ideal choice for your next step and here are the reasons why.

Shorter Lease Agreement

Serviced offices usually have a very short time-frame on the rental agreement so if you ever need to move quickly on a another property, need larger premises because you are looking to expand or require a cheaper option you can move with as little as a week’s notice. You may pay slightly more in rent than standard office space but having the flexibility to move can be an added bonus for a new business where the business landscape is often unchartered. Immediately Availability Serviced offices are usually empty when you view them so you can move with immediate effect. When you are starting a new business, the last thing you want to do is spend large amounts of your time planning and executing your next business move. It can take your eye off the ball and arranging supplier contracts can seriously disrupted your business. Serviced offices usually come ready to go which telecoms and I.T infrastructure in place.


Fees on a Per Usage Basis

If you are unsure as to home much space you will require and about how many employees you will be taking on then serviced offices are perfect. You don’t want to pay for space that isn’t being used so have the flexibility to add new desks and offices to your operation is quick and cost-effective. What’s more, have you can upscale and downsize your office space in relation to the amount of business you have. This also enables you to work out an exact return on investment for taking on extra seats or space.


Basic Support Services

Serviced Offices offer your business the basic support services to help you get off the ground without having to employee more staff. You want your employee focused on the task at hand so being supported by secretarial services or a receptionist who can handle your calls, post or emails can be a real advantage. With many serviced offices you also have access to conferencing facilities and communal meeting rooms. Again, this means that you only need to use them when required and the cost is shared amongst the other businesses with the offices.


Modern I.T Infrastructure
If you are a business that is heavily reliant on a heavy duty I.T infrastructure you may struggle with serviced offices but, in most cases, the I.T and telephony systems available will handle anything you can throw at it. The serviced office industry in London is a very competitive world so they must ensure they have the best facilities available to win new tenants. This means that you can benefit from the fast fibre optic broadband and modern phone systems without the initial outlay and continued investment from your own business.


Clean and Modern Offices
Serviced offices are usually modern and clean compared to standard office space. It is important to have a fresh working environment and, although sometimes seemingly clinical, serviced offices are nearly always cleaned daily to maintain a high level of presentation. After all, serviced office companies are required to look after their existing clients whilst continually attracting new business.


Air Conditioning
Air conditioning can be a godsend in the hot summer months. In many instances, the windows do not open due to security and the construction of the buildings so air conditioning can give you that blast of cool air when you need it. The air conditioning is usually serviced on a regular basis with serviced offices.


Parking Facilities
Parking facilities can be a real convenience for those who travel into work by car but be prepared to pay extra for the spaces. Serviced offices usually charge by the facilities you use so this could become expensive. You may be able to negotiate parking spaces as part of your contract but think about the possibility of new employees when doing so.


Clean Toilets and Kitchen
It is never a nice task to have to clean your own toilets or kitchen at work so, with a serviced office, you never need to. The facilities are usually always immaculate and cleaned once or twice each day. Again, serviced offices rely on a good image and happy tenants so this all goes to your advantage.


They look professional
Serviced Offices in London are usually of a very high calibre so you are onto a winner when introducing customers or new employees. With modern surroundings and a clean environment they look more professional and give your small business a larger persona than your bedroom. Serviced offices also give you an indication of home your next offices should feel.


Summary
In summary, serviced offices make a great option if you are looking to make your first business move into London. The costs are all visible in advanced and much of the areas that causes people headaches have already been taken care of and you will have first-rate facilities at your disposal. Admittedly, you may pay a slight premium for the extra support services but it is certainly worth it before you get up and running. Having the ability to move quickly means that you can see how your business performs and then move to the right premises when you eventually find it.

The London Commercial Property Register

The London Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in London, Serviced Offices in London and commercial property in London. You can also find the latest commercial property news for the London region.

London Property News in Brief 2

According to CB Richard Ellis take up of 325,150 sq.metres in the third quarter was 12% above the long term average.
There was a large fall in second hand space and rents rose by 19.2%; in the West End by 8.5% and by 4.2% in Docklands.

On 22nd of September, Holy Trinity Church in Claygate was packed to overflowing with 500 City people to honour the
life of Angus Walker of GVA, aged 52, who passed away on the 08/09/10 following a heroic battle against cancer. Angus who was part of the fabric of the City can be remembered for so many good reasons. His integrity, his concern for his friends and colleagues, his incredible support of his wife Liz and his four sons, and for his sense of humour and especially the twinkle in his eye. He is sadly missed.

The London Commercial Property Register

The London Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in London, Serviced Offices in London and commercial property in London. You can also find the latest commercial property news for the London region.

London Property News in Brief

Office occupancy in the UK will increase by almost 2 million sq.metres (185,897 sq.ft.) despite the government spending cuts, said DTZ. The vacancies caused by the loss of government jobs will be more than compensated for by new employment in the private sector.

The London Commercial Property Register

The London Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in London, Serviced Offices in London and commercial property in London. You can also find the latest commercial property news for the London region.

Mixed message but sentiment improves

Could it be that the worst is over for the Midlands commercial property market? There are mixed messages from offices and industrial but, broadly speaking, sentiment has improved. The most positive view comes from Colliers whose David Smeeton said: “There is no doubt that across the range of market data, the news is more positive than at any time since we began analysing the Birmingham market.”

The research revealed a sharp increase in Grade A office occupation which has been echoed in a marked rise in the demand for top quality space. As a result the availability of offices declined by 3% in the first half year compared with June-December 2009 while city centre was down 15%. The Colliers view is that Birmingham is experiencing a real upturn and that the healthy net absorption rate will continue until 2013.

Smeeton points out that the completion of the Birmingham Development Company’s Cube scheme signals the end of the current speculative development phase. Rents are expected to break out of their current stagnation (down 8.3% in a year) to reach £333.56 a sq.metre (£31 a sq.ft.) by 2013. Smeeton said: “Completed schemes such as Eleven Brindleyplace and 45 Church Street are starting to see significant rises in occupancy levels. In the former it is close to the majority of the floors being let. The accountancy firm Mazars are due to move into 929 sq.metres in 45 Church Street.” CB Richard Ellis’ Ashley Hancox said: “On the positive side, there are signs of indigenous businesses seeking to take advantage of the extraordinary deals available before there is a sustained recovery.

Similarly, a number of larger national/international organisations are reviewing options in the regions as central London supply depletes and rents begin to escalate.” Another positive indicator is the purchase by Hines and Moorfield of five buildings in Birmingham for £200 million in the city’s largest deal to date for a yield of 7-7.5%. The deal was with Brindleyplace Limited Partnership and includes a theatre, bank, restaurant, shops and a car park.

The Midlands Commercial Property Register

The Midlands Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space, Serviced Offices and Commercial Property in the Midlands . You can also find the latest commercial property news for the Midlands.