Good morning. Here’s your mid-week round-up of what’s making the real estate headlines here at EG and in the papers.
We start with two fresh sets of Q1 data from the big agencies. Investment across the UK’s various residential sectors totalled £1.1bn during the first three months of the year, according to CBRE, with a further £2.1bn of deals now under offer.
Cushman & Wakefield, meanwhile, says take-up of UK logistics and industrial space got off to its worst start to the year since the onset of the Covid-19 pandemic. The 8.6m sq ft of space taken over the first quarter was above the 10-year average for that period but nonetheless the worst Q1 since 2020.
In corporate news, GPE has posted a record year for lettings, including deals in the first quarter substantially ahead of ERV. Unite Students is eyeing new development projects that it hopes to snap up this year.
The IMF’s latest global outlook update makes for grim reading, not least for the UK. Yes, the fund has lifted its prediction for the country’s economy – it now expects it to contract by 0.3% this year rather than by 0.6% – but that still leaves it as one of just two large, advanced economies expected to shrink (the other is Germany).
Following EG editor Samantha McClary’s dive into real estate’s gender pay gap numbers yesterday, here’s Real Estate Balance’s Sue Brown on the work that still needs to be done.
There’s also news on a self-build mega mansion up for grabs in Surrey; a new hire at CBRE ; planning approvals in Birmingham and Cambridge; and a fresh tenant at the Babraham Research Campus.
Finally, if you missed yesterday’s launch of EG’s 2023 student essay competition, you can find all of the details here. Get thinking and writing.
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
