Back to the office helps Canada’s tallest tower to full capacity January 20, 2025 The City’s tallest tower, 22 Bishopsgate, has been fully let after four years as the financial district continues to prove its ability to command premiums for best-in-class sustainable spaces. There’s little sign of the gloom pervading other areas of the commercial office sector in the City, with rents at 22 Bishopsgate the highest ever achieved [...]
City rents rise as return to the office drives up demand for prime locations December 3, 2024 Available office space in London’s most sought-after areas has slumped to near record lows as businesses continue to reverse pandemic-era working from home rules. According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.3 per cent in the West End Core – which includes Mayfair and St James’s [...]
Wework: UK firm owes almost £840m to bankruptcy-hit US owner November 28, 2024 The UK arm of troubled US co-working startup Wework lost almost £150m in the year before its parent company filed for bankruptcy. The division suffered a pre-tax loss of £147.9m in 2023, according to newly-filed accounts with Companies House. The latest figure comes after the arm racked up a pre-tax loss of £122.6m in 2022. [...]
Helical reveals progress on London properties and new debt facility October 14, 2024 London-listed property development firm Helical said it has made “good progress” on a number of targets it set earlier this year, in a trading update ahead of its half year results. In the six months ending 11 October, Helical started work on a “carbon friendly” office next to City Thameslink station, and is repairing its Brettenham House in [...]
Office Depot owner loses over £50m ahead of quitting UK thanks to working from home trend October 2, 2024 OT Group, the owner of Office Depot and the Spicers wholesale brand, lost more than £50m in the year before it revealed plans to quit the UK. The Greater Manchester-headquartered group has posted a pre-tax loss of £52.5m for 2023, having also lost £15.8m in 2022. Newly-filed accounts with Companies House also reveal that turnover [...]
Citypoint tower up for sale as owner seeks cut-price deal September 2, 2024 Canadian asset manager Brookfield has put Citypoint tower up for sale in what could be the biggest commercial office sale in the capital all year. Brookfield has reportedly started the sale in the hope of avoiding a default on a £460m loan secured on the building, according to the FT, which it previously extended in [...]
Flight to quality gets underway as half of London offices set to be ‘unlettable’ by 2027 August 7, 2024 Changes to energy efficiency requirements mean that a majority of office spaces in the capital won’t meet the minimum standard for leasing within the next four years, making it a race to re-fit before 2027. Minimum energy efficiency standards (MEES) currently require that rented commercial properties in England and Wales have a minimum EPC rating [...]
Demand for sustainable buildings drives office space take-up in London August 2, 2024 Leasing activity increased notably in the second quarter of the year, driven by financial firms and demand for sustainable office space.
Helical slashes dividend despite London lettings and development progress July 17, 2024 Progress in flagship central London office developments and the successful lettings of three Aldgate East spaces has led office specialist Helical to underline its confidence it has in the capital's office market despite having to slash its dividend.
London offices: Bigger is better, as construction of smaller spaces in the capital dries up July 17, 2024 For the first time in at least two decades not a single new office scheme smaller than 100,000 square feet began construction in London in the first half of this year, despite demand for larger spaces reaching record highs.