Overview of London’s Commercial Property Market – 3rd Quarter 2013

According to the latest research data, during the third quarter of 2013 the commercial property market in the British capital continued to show signs of growth. These signs began to be evident earlier in the year, and in line with the forecasts, the market has continued to stabilise between the months of July and September.

Across all sectors take up figures have been on the rise, but particularly in the retail and office markets. With nearly 3 million square feet being taken up during this quarter, the availability of Grade A commercial space in London has recently hit a ten-year low. Following a period of generalised slowdown in economic activity caused by the recession, it finally seems that the commercial property market is on its definitive way to recovery. The positive signs are particularly striking when compared to the same period during 2012, as in the year to date take up figures for commercial property in London are 42 per cent higher than last year.

Despite the positive outlook, investors and occupiers remain cautious, and this has been reflected in the value of prime rents, which remain stable across the commercial property market in the capital. Other market indicators that are worth mentioning include the increased vacancy rates and supply indexes in the West End. This, along with low occupier demand and a very low volume of projects under construction, suggest that there is a clear preference for properties in The City and Docklands areas.

Key trends in the London office property market

During the third quarter of 2013, approximately 75 per cent of all the properties taken up were classified as office space were based in The City. The properties in this area of London continue to be favoured by firms who are looking to upgrade their office accommodation, despite the high cost of prime rents when compared to other parts of the capital. Continue reading “Overview of London’s Commercial Property Market – 3rd Quarter 2013”

The 4 Office Personality Types – The Fussy Perfectionist

The 4 Office Personality Types

Since most of us spend an average of 8 hours a day in the office and surrounded by our colleagues, it is not surprising that we end up getting to know their personalities pretty well. While most working relationships with office colleagues are pleasant enough, some days you just can’t wait to go home so that you do not have to deal with the quirks and eccentricities of your co-workers anymore. But as they say, knowledge is power, so by finding out more about the four most common personality types, you will be more prepared to deal with them. And who knows, maybe you even realise that you fit into one of these descriptions!

(Note: take these with a pinch of salt and with a lot of humour).

The Fussy Perfectionist

You surely know about this one: whether they have been working for the company for ages or have just been hired, they have a very particular way of doing things – and they insist that their way be respected! The Fussy Perfectionist usually prefers to work alone, probably because he / she really thinks that no one else would be up to the scratch. This office character has a strongly systematic personality, which extends to everything that crosses their path: from the office coffee machine (which has to dispense their preferred coffee just the way they want it – and don’t even dream about using their coffee mug or putting it away in a place other than its “designated” spot!), to their desks (which are invariably tidy and uncluttered).

You could say that the Fussy Perfectionist has some OCD-ish traits, and the most extreme cases will simply blow a gasket if anyone tries to “rearrange” their office space. The Fussy Perfectionist may have probably had a word with the cleaning staff, as there is nothing worse for this office character than coming back to work and finding that their computer screen is tilted a couple of degrees to the left, or that their strategically placed paper clip is no longer there!

Fussy Perfectionists are their own worst enemies and are highly critical of themselves, so avoid by all means questioning their work or the reasons why they do things in a particular way. Let’s put it this way: if you question their method, they will never forgive you. Continue reading “The 4 Office Personality Types – The Fussy Perfectionist”

How to Declutter your Office

How to Declutter your Office LondonOfficeSpace.com @officeinlondonGiven that on average we spend eight hours of our lives in the workplace, it is easy to understand why many of us try to give our office a personal touch. Objects like family pictures, your favourite mug, desk lamp accessories, and postcards from friends or relatives have become a common sight in many offices. However, it is also easy to see how an office can become cluttered in a very short time. In this article we take a look at the benefits of decluttering your workspace and we provide the best tips to declutter your office without having to sacrifice that personal touch that we all love.

The benefits of a decluttered office
There are several reasons why both managers and employees should seriously consider decluttering their workspace. The advantages go well beyond purely aesthetic reasons.

First of all, there are psychological factors involved. Whether at home or at work, when objects begin to pile up around you, chances are that you will end up feeling overwhelmed and disorganised. Efficiency and productivity can then be easily affected.

Moreover, a cluttered office gives a bad and unprofessional impression to clients and visitors, and more importantly, it could present some health and safety hazards and increase the chances of electrical fires or trips and falls.

By making an effort to declutter your office, you will feel lighter, more productive, and on top of things. A decluttering plan can save time and money and help increase productivity and efficiency in the workplace. So just how do you go about decluttering your workspace? Read on for some top tips.

Top tips for decluttering your office desk

When trying to declutter your desk, you might feel you don’t know where to start from. Your computer is a good starting point, as it is Continue reading “How to Declutter your Office”

Focus On: Highgate Business Centre

Highgate Business Centre

33 Greenwood Place, Kentish Town, London NW5 1LB

Highgate Business Centre is set in an imposing and characteristic warehouse built in the Victorian era, circa 1880, when the whole of Kentish Town went under huge development, both residential and commercial as a area for warehouses and the expansion of the UK railway network . More recently it has undergone a stage by stage renovation project to comprehensively overhaul each floor to create a modern and usable space. However, during renovation, specific focus has been directed towards maintaining the building’s historical features, character and style.

Refurbishments have included the fitting of fashionable up-lighting throughout; industrial elements are highlighted to create a modern, stylish feel; the external facade is maintained while multi-pane double glazed windows have been fitted with steel trimmings to sustain the theme. Floor by floor, the building has been upgraded and now provides spacious and economic office space and units that are stylish, bright, well-lit with natural light, spacious, airy and flexible in terms of use.

Current use

The building is currently used to provide contemporary studio offices, industrial spaces and accommodation. The majority of the office space has the versatility of demountable partitions which are used to change the layout of the internal area, providing office design flexibility for those companies wishing to rent space within the business centre. The on-site amenities include two lifts, disabled access and facilities, 24 hour access, a dedicated care-taker, an entry phone system and secure parking. The building is particularly popular with creatives including advertising, marketing, architecture, design and web-based companies. This type of clientele has played a large part in building the diversity and energy of the local area, which is now undergoing regeneration itself.

Getting there

Highgate business centre is easily accessible being situated on Greenwood Place, just off Highgate Road in up-and-coming Kentish Town. The centre is just five minutes walk from Kentish Town tube station which is served by the Northern line. Alternatively, Capital Connects over ground train line serves Kentish Town rail station. This mainline station has a direct pedestrian link to Kentish Town underground. From the tube station, turn right up Kentish Town Road and bear left as the road forks. Follow on to take Highgate Road, go past the HMV Forum music venue and turn left into Greenwood Place.

Highgate Business Centre Office Space

If you’re interested in finding out about office space at this centre give us a call on 020 3053 3893 or send us a message.

Click here to view other offices in Highgate and North London.

Explore Fleet Street: History, Architecture, Business and Tourism

Explore Fleet Street London LondonOfficeSpace.com @officeinlondonFleet Street – The historic heart of Britain’s newspaper industry is Fleet Street. Given its past as a centre for publishing and printing, Fleet Street has become linked to some of Britain’s most notable literary personalities. A main thoroughfare throughout its history, Fleet Street is today connected with the rest of the city with nearby Underground stations, including Temple, Chancery Lane, and Blackfriars, as well as the City Thameslink and Blackfrairs railway stations.

Continue reading “Explore Fleet Street: History, Architecture, Business and Tourism”

Focus On: Southampton Buildings Chancery Lane

Southampton Buildings Chancery Lane LondonOfficeSpace.com @officeinlondon Chancery Lane – Greater London – WC2A 1AL

Chancery Lane was originally made and used by the Knights Templar wishing for easier access between Holborn and the Strand. Along this lane, they went on to build their original Knights Templar temple, on the same site that now houses the Southampton buildings, a row of magnificent structures built in the early Victorian era. The buildings were purpose built and most famously used for the headquarters of the UK’s Patent Office from 1902 until late in the 1990’s. When the headquarters moved to bigger premises, the Southampton buildings undertook internal renovation work throughout. Whilst keeping the stunning exterior of the building in its original form, the inside of the buildings have been well designed, crafted and mix both modern design with Victorian grandness. The highlight of the building is perhaps the original galleried reading room, which remains as majestic as ever.

The building is now used as a provider of executive offices, meeting rooms and suites, all crafted and finished to a very high standard, with most offering flexibility and the opportunity to tailor the space to the specific needs of the business. The beautiful lobby provides an impressive entrance and welcome to the building, and the professional and stylish environment more commonly attracts corporate business interest. The Southampton buildings offer several services and amenities including: air conditioning, lifts, 24-hour access, CCTV and access facilities for disabled. Furthermore there is on site IT support as well as full network computer cabling across the building and wifi available throughout. The office spaces are unbranded, furnished (if desired), set up for video conferencing and finished to a high specification. Additionally, the reception provides a 24 hour greeter, answer phone and telephone service. There is also the option to use the address as a virtual office with all the usual services being available, including customised phone answering, email messages, mailing address and post forwarding. The buildings location is in easy walking distance to local amenities such as coffee shops, restaurants and bars

Getting there

The Southampton buildings are easily accessible by both London underground and over ground train networks. Chancery Lane tube station is just a 200 meters walk, with Holborn and Farringdon tube stops also only 600 meters away. Additionally, City Thameslink station, Farringdon and Blackfriars are all within 500 meters or so.

Overview of London’s Commercial Property Market – 2nd Quarter 2013

During the second quarter of 2013, the commercial property market in the British capital has been affected by three main factors. The first and most important has been the downgrade of the country’s credit rating score from AAA to AA+. This downgrade, which took place right at the start of the quarter, means that economic growth will be slow for the next three years. Economists expect that up until 2016, growth rates will stay at 1.6 per cent or below. The other two factors that have had an impact in the commercial property market are a weak labour market and decreased consumer and investor confidence.

However, and despite the seemingly negative outlook that has characterised the industry during past quarter, the commercial property market in London has proved to be resilient, especially when compared to other parts of the country. In this article we take a look at the main developments that have taken place in the commercial property sector during the second quarter of the year.

The office property market in London

The office sub-sector in London has been the highest performer during the past three months. During the second quarter of the year, the office property market has seen a rise in the interest of buyers and developers in properties located in the Thames Valley. Demand has also increased in other parts of Greater London, such as the M25 corridor and areas located along the M4 and M40. Other key trend that has characterised this quarter has been the tight supply of office floor space in London’s West End. This has led to a progressive move from West to East, as occupiers and investors are finding more choice in peripheral areas of the capital.

The office market in Central London and the City has experienced marginal growth, which has been mostly driven by foreign capital brought in by overseas investors. Yields for this type of property are currently set at 5 per cent, which is considered to be a healthy figure although it has not yet matched the peak that occurred in the first quarter of 2010.

Overall, transaction volumes for office floor space in London have decreased slightly during the second quarter of this year, and currently remain at under 5,000 transactions for a total floor space of 3.4 million square feet. Market analysts predict that transaction volumes will remain stable over the next two quarters, and that rental value growth will not improve significantly until 2014. The most important transactions during the past quarter have been led by Amazon’s move into a 205,000-square feet City property, followed by Bird and Bird’s lease of 138,000 square feet of office space in Midtown.

Another key trend that has become ever more evident during the past three months is the preference for long term leases of secondary office space in and around the capital. The returns on this type of commercial property have peaked at 3.6 per cent, as opposed to the 2.7 per cent yielded by primary office floor space. The outperformance of secondary office assets and long leases over short term leases is expected to continue until at least the end of the year.

In terms of rental values, offices in the City of London have remained more or less stable at £55 per square foot. By contrast, the West End’s limited supply of good quality office space has driven average rental costs to £100 per square foot. This figure represents an increase of over 9 per cent when compared to the values of the past two years.

Retail properties in London

Along with the office sub-sector, the London retail property market has topped the best performing lists in the country. The mild weather has caused footfall to pick up, and in turn this has resulted in increased prime rental values for retail properties in Central London. During the past three months, rental values for retail floor space have risen by up to 14 per cent in areas like Old Bond Street. Other areas that are experiencing a rise in rental values are Regent Street, King’s Road, Marylebone, High Holborn, and Paddington.

The key leasing transactions in the retail sector have been led by luxury and flagship retailers, such as Dior, Camper, Michael Kors, and Wasabi. In contrast with the office market, there is a clear preference for long term leases in the London retail property market, with the average lease lasting 10 years.

In terms of retail investment, the second quarter of the year has seen a large rise in transaction volumes, which are up by 80 per cent when compared to the last quarter of 2012. Nevertheless, prime yields have remained stable at 3 per cent, and it is expected that they will not surpass the 3.5 per cent mark during the remainder of this year.

Lloyds Building London

Lloyds Building London LondonOfficeSpace.com @officeinlondonLocated in the heart of the City of London, the iconic Lloyd’s building is a unique construction, home to the large UK insurance and bank institution, Lloyds TSB. The site was originally home to the very first Lloyd’s building, constructed in 1928, but as the organization grew, more space was needed. Initially, an additional building was developed but in 1978, due to further expansion, the original construction was demolished and the building that now stands built and opened by Queen Elizabeth II in November 1978 after 8 years of construction.

The Lloyds building is made up of 6 towers, (3 main and 3 service) built around a rectangle area. The building is unique due to the position of the services such as lifts, staircases, water and electrical lines being on the outside of the building, leaving the space inside completely free for use without distractions.

The building itself is 88 meters tall, with 14 floors, 4 glass lifts and an adaptable interior whereby the partition walls can be moved around to create any desired office layout. The main focal point of the building is the ground floor, where the underwriting room that is overlooked by galleries on the first four floors and lit by a vaulted glass roof. The galleries are accessible from lifts inside the building, however, the remaining floors are only accessible via the glass lifts that run on the outside of the main construction. The building is entirely used as office space for the Lloyds Group, apart from the 11th floor where the committee room is found. The committee room is a dining room, originally created for the Earl of Shelburne in 1798. The room was brought across, piece-by-piece from another Lloyds building nearby.

The Lloyds building was designed by British architect Richard Rogers, known for his modern and functional design, including developments such as the Millennium Dome in Greenwich and the Pompidou Centre in Paris – where you can see some similar influences in design with the Lloyds building. The build cost was approximately £75 million.

The Lloyd’s building holds open house days for visitors to tour the building with the dates are available on the Lloyd’s website. The building is situated at 1 Lime Street, City of London and is easily accessible via the following London underground stations:

Bank – on the northern, central and city line. Additionally, Docklands Light Railway

Liverpool Street – on mainline services as well as central, circle, metropolitan, Hammersmith and city line.

Monument – on circle and district lines

Focus On: Westbourne Grove Business Centre

14-16 Westbourne Grove, London W2 5RH

Set on Westbourne Grove, in fashionable, cosmopolitan Bayswater and just minutes from Notting Hill, Portobello market and Hyde Park is the Westbourne Grove Business Centre building. The Westbourne Grove area began development between 1820 and 1850; as Bayswater was overhauled and populated with the stucco buildings and wide green squares characteristic of the Georgian Era, the sprawl headed west towards Notting Hill and the Ladbroke Estate.

Although the road itself was called Archer Street until 1938, the area had been known as Westbourne Green since the 16th century, named after the River Westbourne which now runs underground, below Ossington Street. North of the road we now call Westbourne Grove, the architect Isaac Ware had built Westbourne House in 1745, an elegant three storey mansion in the Georgian style and hosted many notable residents including a baronet, the army’s General Commander in Chief and Samuel Pepys’s great great nephew. Although Westbourne House was knocked down in 1836, the Westbourne Grove Business Centre bears the name Westbourne House in commemoration of the original building.

The Business Centre is an imposing, modern building, recognisable for its clear lines of functional exposed dark bricks and continuous tinted windows. The interior has recently been refurbished to a high standard to house five floors of contemporary, fully furnished, serviced offices, finished to a high business specification. The flexible office spaces are available for rental and amenities include a daily cleaning and servicing staff team, dedicated reception and switch board, 24 hour access, security and CCTV, meeting and break-out rooms and a furnished and stocked kitchen. The Business Centre is popular with a range of organisations including accounting and payroll, a tourism operator, legal services and events management. The Westbourne Grove branch of the Nat West Bank operates out of the ground floor, with street level access.

Getting there

Westbourne Grove Business Centre is conveniently situated 10 minutes walk from Queensway station which is on the Central Line, 5 minutes walk from Bayswater Station on the circle and district lines. From either station, head north on Queensway, turn left on to Westbourne Grove to find the Business Centre on the left. Bus numbers 7, 23, 31, 328, 28 and 70 stop at Westbourne Grove/Chepstow road –proceed east along Westbourne Grove from the junction to reach Westbourne house.