Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the national papers.
Derwent London’s chief executive has welcomed rising demand from office occupiers across its portfolio, as it seals a 17,100 sq ft prelet with Cushman & Wakefield for the agent’s new West End base at 25 Baker Street, W1.
The developer has signed new leases totalling £5.4m since the start of the year, with a further £4.3m under offer. That total comprised £2.4m of lettings at an average 9.2% above December 2023 ERV during the first quarter, and £3m in Q2 to date, with Cushman’s 15-year lease amounting to £1.8m.
Office leasing activity has also given the bosses at the likes of Cushman, CBRE, JLL and Colliers cause for optimism during the start of the year, as one of several business lines to outperform in the Q1 earnings season.
Cushman chief executive Michelle MacKay urged industry players to “not lose the plotline”, which is for an expected strong market recovery despite ongoing volatility.
“Although the recent uptick in rate volatility will mostly likely cause a pause in transaction volumes in Q2, the improvement that we experienced in Q1 gives us more confidence that global investment sales pipelines are solid, and investors are ready to engage when the time is ripe,” MacKay said on an earnings call.
London has 583 buildings of more than 20 storeys “queuing up” in its development pipeline, the latest tall buildings report by New London Architecture has found.
The amount is more than double the 270 tall buildings completed in the decade to 2023, according to the London’s Growing Up: A Decade of Building Tall report. The NLA said those averaged 29 storeys and included 121 structures that were at least 100m tall in the Greater London metropolitan area.
Growth has been fuelled by burgeoning demand for office and residential space, according to the report, as well as overseas investment and a supportive planning environment. However, it is showing signs of reaching a plateau on the back of increased construction costs.
And, how much progress has real estate made on LGBTQ+ inclusion? Here’s the chance to have your say in EG’s sixth annual LGBTQ+ in Real Estate – Attitudes, Actions and Allies survey.
All of the news from EG, plus a selection of headlines from the nationals:
US investor buys Stansted industrial estate
Alternative Income REIT portfolio value inches down
Derwent sees demand rise from office occupiers
Bristol University seeks developer for £175m PBSA scheme
More than 580 towers ‘queued up’ for London’s skyline
Have your say: Is real estate a welcoming sector for LGBTQ+ professionals?
Landsec’s Geddes: West End’s success ‘taken for granted at our peril’
Agents urged to ‘not lose the plotline’ in recovery
Return to the office gives agencies reason for cheer
Crunching the numbers behind Birmingham’s EPC equations
Housebuilding set to plummet to lowest level in a decade
A new lifecycle for office space: the shift towards life sciences
Cushman to relocate West End office
London remains key destination for luxury retail
Watkin Jones files plans for 1,000-bed Belfast PBSA scheme
Landsec completes £400m hotel portfolio sale
Leeds City Council boss announces resignation
Property funds miss out on ISA season boost
Arc boosts ranks with director hire
Agent appointed to sell Inland Homes’ £550m Cavalry Barracks scheme
Avant Homes to deliver £31m Scotland scheme
Kazakh oligarch Timur Kulibayev sells Mayfair mansion for £35mn (£)
Savile Row tailors’ fury at Westminster recommendation to block new apprentice academy scheme
TSB to shut 36 bank branches and cut 250 jobs amid digital shift
Country Garden says it aims to pay onshore coupons due Thursday by May 13
Housing market stutters in traditional hotspots (£)
Mortgages to rise by over £200 before election in late autumn (£)
