Good morning,
Winter is looking more than a little bleak this week, as the Bank of England prepares to raise interest rates for the ninth consecutive time to 3.5%.
Company failures are also at their highest level since 2009, with experts predicting that this will rise even higher.
Even the world’s richest man – sorry, now second richest man – is looking to cut costs. Elon Musk has instructed Twitter to refuse to pay rent owed on its offices, including its San Francisco HQ, as it looks to renegotiate leases.
The BPF’s Melanie Leech says real estate must stay strong and supportive, as high street tenants face a tough Christmas.
But in spite of the chill wind that is blowing, both metaphorically and literally, EG’s editor can’t help but feel a little warm and fuzzy as she writes her final leader column of 2022. “All we ask of you, in 2023 and beyond, is to keep daring to be better and to push forward on real estate’s magnificent transformation.”
With that in mind, EG gathered a trio of experts to find out what real estate can do to unlock the S in ESG, and to ensure it is delivering places for all.
Last year, COP26 shone a spotlight on the real estate industry, writes Jose Alvarez, head of building physics at Hollis. At this year’s COP27, the focus has been on loss and damage, but real estate must realise it has a major role to play.
And Priya Aggarwal Shah looks back on five years at the helm of BAME in Property, and how she turned a side-hustle into the main deal.
Profit at Soho Estates rose sixfold over the year to £108.9m thanks to a valuation lift. But rental income was down 16%.
Town Centre Securities has promoted former Bruntwood director Craig Burrow to group property director.
And a property investor has been ordered to pay £1m in costs after losing a legal battle over noises in his Fitzroy Place flat. The judge ruled that the odd popping noises were not sufficient to keep someone awake, and he should have settled with the freeholder.
The average house price has risen by £33,000 over the past year, according to figures from the Office for National Statistics.
Another 240 places across England have been given listed status, including an old mill painted by Constable and two of London’s cabbie shelters.
And European property company Vivion has become the latest target of short-seller Muddy Waters. The hedge fund has taken bets against the €4bn company’s debt.
