Many retailers in the UK have been left disappointed by the Christmas trading period, with chains such as Tesco, Morrisons and Debenhams forced to readjust their annual profits forecast due to a somewhat lacklustre December. However, in key tourism areas such as London and Edinburgh, retailers benefited from a boom in tourist spending... Read More
Small firms in the UK have taken great steps towards recovery since the end of the recession, with an upturn in both consumer and business confidence driving growth and demand. However, this recovery could be somewhat limited should the current trend of late payments continue. This week, the issue of payment terms has hit the headlines... Read More
Confusion over a new Government-backed insurance scheme could leave many commercial property owners “paddling their own canoe”, one the country's leading agents has warned. Prop-Search surveyor Samantha Jones With a 14-year agreement between the Association of British Insurers and the Government about to expire, Prop-Search fears... Read More
London mayor’s intervention threatens redevelopment plans Boris Johnson has thrown the South Bank Centre redevelopment scheme into disarray by declaring his support for the preservation of the skate park situated in the building’s undercroft. The mayor told a meeting at City Hall that he supports the redevelopment plans but not... Read More
The Government has launched an £8m challenge to help it find hi-tech answers to Britain’s ailing high streets. The initiative — unveiled by Science and Universities Minister David Willetts — will award funds to businesses trialling innovative retail, travel and traffic technology. Ultimately, new equipment and practices... Read More
The US commercial real estate market ended last year strongly, with continued recovery noted in the fourth quarter according to CBRE. The office vacancy rate declined by a total of 30 basis points to hit 14.8 per cent in Q4. This was the most distinct fall over six quarters. Over the entire year the vacancy rate declined by 60 basis... Read More
The majority of London businesses could save as much as 24 per cent on rent, claims a leading commercial property agent. DeVono says many businesses end up overpaying because they don’t know where savings could be made. Adam Landau, a director at the occupier only advisors, says tenants could be saving nearly a quarter of their... Read More
Scotland enjoyed a sixth consecutive quarter of growth in the third quarter of last year, it has been reported. Official estimates show economic growth of 0.7 per cent north of the border, with GDP increasing by 2.1 per cent on a year on year basis. Construction, services and manufacturing played key roles in boosting Scotland’s... Read More
Sainsbury’s now owns and operates more Local convenience stores than traditional supermarkets for the first time in its history. The brand this week opened its 594th convenience store in Balsall Common, Coventry, and is continuing to set a rapid pace for convenience store openings with the average rate standing at 2 per... Read More
It has been announced this week that a 27 storey tower is to be built alongside London landmark the Shard. The 160,000 sq ft building will contain 150 residential apartments along with an unspecified amount of retail space. The latest stage in the expansion of the London Bridge Quarter will be developed by Sellar Property Group (SPG)... Read More
During the recession, businesses in the regions found conditions more challenging than those in London and the South East. However, as economic recovery continues to build momentum, these same businesses are enjoying the fastest pace of growth in the UK according to a leading business firm. Growth in the North of England has been... Read More
Offices, warehouses, hotels and shops valued at 30.8 billion euros changed hands in Germany in 2013. This was the highest level since 2007, as buyers sought to take advantage of low interest rates and sellers benefitted from rising prices. Commercial property transactions increased by 21 per cent in comparison to 2012, when 25.6... Read More
GVA — the UK’s largest independent commercial property consultancy — has sold one of B&Q’s biggest outlets to an overseas investor for £20m. The agent was appointed to market the home improvement site at White Rose Way last September and had put a £21m price tag on the Doncaster property. The entire 11-acre site is let... Read More
After gathering pace throughout 2013 Britain’s economy is on track for its strongest year of growth for six years, one of the country’s leading economists has predicted. Writing in Deloitte’s UK Real Estate Predictions, Ian Stewart says that after the false start of 2011 “the recovery came earlier and faster than expected in... Read More
Mitsubishi Corp, Japan’s largest trading house, has launched an investment fund focusing on London commercial property that has the potential to raise up to £500m from institutions in its home country, as well as other nations. The company has said that it has been under pressure from pension funds and domestic insurers to provide... Read More
According to the latest report released by the Bank of England, the availability of credit for the corporate sector increased in the last quarter of 2013, sparking hopes that more companies will be able to take advantage of a fortuitous financial climate in 2014. Banks, under government pressure to ease business lending, made loans... Read More
After years of funding delays Newcastle’s £200m Stephenson Quarter development now looks set to welcome its first tenants by the summer of 2015. The 10-acre site behind Newcastle Central Station — named after the Robert Stephenson train making works which occupied the land — was granted planning permission in 2008 as part of a... Read More
The UK commercial property market has finally turned the corner following six years in the doldrums. However, until recently, the vast majority of activity has been focussed on London and other major business centres such as Manchester and Birmingham, with smaller regional locations only now beginning to reap the rewards of the upturn in the... Read More
Unemployment has steadily become far less of an issue in the UK’s push for economic recovery, with employment rates steadily rising on a quarterly basis. James Dyson claims he is finding it difficult to recruit qualified engineers However, industry experts were concerned that the steep increases in workers finding employment in the... Read More
High street vacancy rates fell to their lowest level in three and a half years during December according to a survey conducted by the Local Data Company. Last month 13.9 per cent of high street shops stood empty compared with 14.1 per cent in November. Significantly, this is the first time the figure has dropped below 14 per cent... Read More
So many properties have been listed on a recently launched internet auction site that the Dubai government has been forced to schedule two more virtual sales. The country’s eMart was unveiled last November and held its first sale of commercial and residential properties a month later. More than 1,100 people visited the site during... Read More
Work is expected to start late this spring on a pioneering “customisable” office block in the heart of Manchester’s business district. Initially unveiled as a concept at MIPIM, the international real estate show, in 2012 the nine-storey Cotton Building is the first in a new wave of highly flexible commercial schemes proposed for... Read More
