Here’s a look ahead to what is happening in the world of commercial real estate this week. Make sure to check back with EG for the full analysis as we deliver your daily news agenda.
Tuesday
Hybrid workspace platform IWG will post its financials for the six months to 30 June. In its most recent trading update the firm reported 2% revenue growth in the first quarter of this year, with “good” performance reported across all three divisions.
JLL is the last of the big three agents to report its Q2 results. Will it mirror CBRE and report an overall increase in revenues for the three months ended 30 June, or a decline like Cushman & Wakefield.
Westminster planners will be deciding the future of Derwent London and Lazari Investments’ joint venture plans to create a 240,000 sq ft mixed-use scheme on Baker Street, W1. The proposal was scheduled to be discussed at a meeting on 25 June but was pulled from the agenda at the last minute, with planning committee chair Ruth Bush blaming a “serious staff illness” that she said was “not to be taken lightly”.
Also, keep an eye on the Oxford occupier market as we are expecting some moves.
Wednesday
The latest UK house price data from Halifax bank will be revealed. In June, the annual average house price rose by 1.6% to £288,455. Month-on-month, however, it declined by 0.2%.
Office space manager CLS Holdings will deliver its results for the first half of this year. According to market sources, the company is projected to have generated a circa 2% rise in revenue per annum from £72.3m last year as it continues to pursue its strategy to reduce leverage.
Logistics REIT Tritax Big Box is also forecast to publish earnings growth during the six-month period, thanks to £7.4m added to passing rent, £1.3m added to annual contracted rent from new lettings, and £2.4m added to annual contracted rent from rent reviews and asset management initiatives as of Q1 2024.
Planning officials will also determine the fate of the London Borough of Brent’s plans to facilitate the redevelopment of Hereford House and Exeter Court into a 231-home scheme. This is part of the wider South Kilburn regeneration programme.
Thursday
FTSE 250-listed Derwent London is expected to reveal its interim performance figures. Since the start of 2024, the company has reported signing £5.4m of new leases, with a further £4.3m under offer. It also highlighted strong rental growth boosted by occupational demand in its most recent trading update.
Half-year results are also set to be delivered by Irish Residential Properties REIT, which last updated the market in May, reporting a total revenue decline of 3.9% in Q1 2024. The performance was hurt by strategic asset disposals completed in H2 2023.
Impact Healthcare REIT, which holds a portfolio of care homes, is set to table its interim figures. Last month, Edison issued a note firming up its expectations around the performance of the firm in 2024, flagging that non-core sales continue to enhance the REIT’s portfolio so far this year.
Savills will post its interim financial results. In mid-May, the company warned its H1 2024 financials would be impacted by the ongoing recalibration of values.
The findings from a monthly sentiment survey of chartered surveyors who operate in the residential sales and lettings markets will also be released. In June, the RICS UK Residential Market Survey signalled buyer demand remaining slightly in negative territory, but the market was expected to regain some impetus in the months ahead.
Moda Group is looking forward to receiving planning approval from Birmingham City Council for its 462-home New Garden Square development in Edgbaston. The designs, submitted in partnership with landowner Calthorpe Estates, feature a 37-storey building.
Friday
Housebuilder Bellway will update on its performance so far this year. In June, the company reported robust trading to date, but below that of H1 2023. The forward order book at 2 June comprised 5,346 homes versus 6,172 homes last year, with a value of £1.45bn and £1.71bn, respectively.
EG’s must reads and most reads, delivered to you every Friday at 3.30pm, lands, wrapping up the news from the week, making sure you stay ahead in the world of commercial real estate.
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