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Investor Guide SPRING 2019 £5.70 Londoninvestor guide CITIZEN KHAN “It’s not a battle with developers” THE POWER OF WE WeWork on why nothing matters more than members GAME PLAN How e-gaming could take London retail to the next level GO LONG Reap the rewards in the capital’s up and coming fringe districts IN PARTNERSHIP WITH AN PUBLICATION CONTENTS I LONDON INVESTOR GUIDE Emily Wright, editor At arm’s length Sadiq Khan is engaged with the real estate sector. At least, that’s according to the man himself. But as another MIPIM conference is set to come and go without an appearance from the mayor of London [at the time of writing], the property industry would be forgiven for having its doubts. “It’s not a battle with developers,” insists Khan in our interview (p32). Good to know. But while it might not be a battle, that does not automatically mean it will be a collaboration. The mayor says his demands on developers, including a 35% affordable homes requirement on all new housing development – with the goal to increase this to 50% – and more recently plans to bring in rent controls, are working. But as the economic environment toughens and his targets become increasingly difficult to hit, does the property industry feel WeWork: the space invader the same way? Mary Finnigan, WeWork’s head of real estate transactions for EMEA and Australia, talks about why Also in this issue we speak to WeWork is not a real estate company, how the business works and why nothing matters more than WeWork’s head of transactions for real its members page 26 estate Mary Finnigan (p26). Following news that the co-working giant signed two more sites at the start of the year at HIGHLIGHTS 21 Soho Square, W1, and 77 Leadenhall Street, EC3 we find out more about the firm’s upcoming plans for 2019 both here in London, across the UK and beyond. We also study the data and analysis on why connectivity has knocked location off the top spot when it comes to the value of London’s office Beyond the fringe At arm’s length buildings (p6), and don’t miss the latest The outer city hotspots that are catching the We talk to Sadiq Khan about his relationship news on US co-working firm Convene’s eye of developers looking to invest page 20 with the property industry page 32 plans to enter the London market (p50). CONTENT AT A GLANCE Making the connection Beyond the fringe Game face As occupiers increasingly opt for connectivity London’s outer city hotspots page 20 Could e-sports be the new saviour of the high over location, how does it affect offices? page 6 street? page 38 The space invader What’s next for London retail? WeWork on why it isn’t a property firm page 26 Enfield’s best of British Changes in consumer behaviour are dictating Why is Landsec back in flexible offices? Sarah Cary discusses her new role at Enfield the value of shops in the capital page 12 It has returned with a new operation page 30 Council page 46 Slicker cities At arm’s length Introducing the future of co-working Can technology streamline London’s planning Sadiq Khan on his ongoing relationship with US start-up Convene is heading for London process? page 16 real estate page 32 with some interesting ideas page 50 AN 110 High Holborn, London WC1V 6EU IN PARTNERSHIP WITH www.egi.co.uk PUBLICATION Spring 2019 3 NEED TO KNOW I DIGITAL BUILDINGS WESTEND61/REX/SHUTTERSTOCK Spring 2019 6 MAKING THE CONNECTION Occupiers are increasingly favouring connectivity over location, according to Radius Data Exchange and WiredScore data. So what does that mean for the future of London offices? Spring 2019 7 NEED TO KNOW I DIGITAL BUILDINGS Finance and professional firms make up the lion’s share of occupation in the non-digital comparison buildings Graham Shone we matched all of those just a 0.3% and 1.6% difference sectors – Radius Data Exchange Head of offices research buildings with similar in average rent respectively. figures indicate that typical here are few things with neighbouring premises In the maturing areas, rents on new deals for TMT more power than digital without an accreditation for however, the contrast is much tenants are 26% below those Tperformance when it connectivity. Comparing rental starker. In the City Fringe, digital for financial occupiers, and 8% comes to adding to the value data on new deals over the buildings command rental below those for tenants in the of a building. And now it past five years between them values that are 9.6% higher than professional sector. appears that connectivity has showed that, on average, the comparative premises; and Finance and professional crept higher up the list of space was being let for 4.7% the highest variance comes on firms make up the lion’s priorities for occupiers than a more in what we will call the the South Bank, where a 15.2% share of occupation in the long-standing factor that has “digital buildings”. bump was seen. non-digital comparison been so crucial: location, Crucially, the age of the buildings, commanding 21% location, location. premises is removed as a skew Tech, media and telecoms firms and 19% of the let floorspace Radius Data Exchange factor in this, with more than Looking at the tenant respectively. Surprisingly, figures show that occupiers half of the comparable composition of digital serviced office operators are likely to pay 5% more in buildings being either the buildings, it’s not surprising to command a larger share of rent for London office space same age or younger than see that tech, media and occupied space in non-digital with strong connectivity than their WiredScore-rated telecoms companies take the buildings than in those with a for similar space without a counterparts. largest share, with 30%. In connectivity rating. guarantee of high digital Certain areas across London non-digital premises, that Therefore, removing both performance. appear more sensitive to this share decreases to 14%. the age of the building and Looking at 65 office phenomenon, with the City Traditionally, TMT companies the type of tenant attracted to buildings across central Core and West End not have preferred cheaper office the premises as potential skew London with at least a showing a great deal of space than their counterparts in factors, the digital buildings certification from WiredScore, variance in rental tone, seeing other dominant occupier can be said to have performed Spring 2019 8 AVERAGE UPLIFT IN LONDON OFFICE RENT: DIGITAL BUILDINGS v NON-DIGITAL MIDTOWN CITY FRINGE 9.3% 9.6% CITY CORE 0.3% WEST END 1.6% DOCKLANDS SOUTH BANK 5.9% 15.2% OCCUPIER FOOTPRINT: DIGITAL BUILDINGS V NON-DIGITAL FINANCIAL SERVICED OFFICE OPERATOR 11.1% 20.9% 17.8% 6.4% INSURANCE PROFESSIONAL 5.8% 0.5% 18.8% 9.2% IMAGEPLOTTER/REX/SHUTTERSTOCK INDUSTRIAL & MANUFACTURING exceptionally well in attracting higher rental tone. 4.1% 4.4% VARIOUS OTHER BUSINESS TYPES Improving user experience Connectivity and technological enhancements are clearly key RETAIL & LEISURE factors in occupier decisions – as reflected in the CBRE 2018 16.6% 20.1% 3.7% 4.6% EMEA Occupier Sentiment Survey, which indicated that a focus on improving user experience and wellness PROPERTY driven by the deployment of TMT technology will be a strong 3.4% 2.8% focus for businesses moving forward. Some 62% of respondents to 14.1% the survey said they planned to 30.2% CONSTRUCTION increase their investment in real estate technology over the 1.5% 4.0% next three years, and it is widely anticipated that this trend will continue when the Current footprint % – comparable buildings Current footprint % – WiredScore buildings next set of occupier survey results arrives in April this year. Source: Radius Data Exchange Spring 2019 9 Supported by Supported by Media Partner Programme curated by Programme Partner NEED TO KNOW I RETAIL WHAT’S NEXT FOR LONDON RETAIL? How and where people shop is having a huge impact on the capital’s retail space. The biggest challenge now could be what to do with it. James Child crunches the numbers Spring 2019 12 RAY TANG/LNP/REX/SHUTTERSTOCK RAY Spring 2019 13 2013 2014 2015 2016 2017 2018 applications in London vs London Rest of UK Rest of UK Amount of space vacated due to NEED2400 TO KNOW I RETAIL CVA's in London (2018 to date) 2200 2000 1800 South East 1600 Yorkshire & Humberside 1400 North West 1200 South West 1000 London 800 West Midlands 600 North East 400 Scotland 200 East Midlands 0 2013 2014 2015 2016 2017 2018 East of England Wales London Rest of UK Northern Ireland 0 2 4 6 8 10 12 14 16 18 20 Amount of space vacated due to CVA's in London (2018 to date) Average days on the market before occupation South East Yorkshire & Humberside 350 North West 300 South West London 250 West Midlands ANDY RAIN/EPA/REX/SHUTTERSTOCK ANDY 200 North East Scotland he rapid structural Online spending has now Figures150 from Radius Data Analysis shows that 30% changeEast in Midlands the retail sector breached the one in every five Exchange show that London is of that space was vacated in is having a significant pounds spent in retail level, not immune from these trials London and the South East. T East of England 100 effect on London’s real estate, peaking last November at and tribulations. With the traditional levels of as changes in consumerWales 21.5%, a record high according UK store closures reached supply and demand altered, 50 behaviourNorthern begin Ireland to dictate the to the Office for National dizzying heights last year, shops that become available value of shops in the capital.
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