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GENERATION Our Graduates Discuss Why They Chose Property As Their Future ISSUE 1 | 2017-18 From SEGRO Grenfell Tower British Land Chief executive David Sleath, What might lie at the root Diversity is now a business discusses the future of of this tragedy? We ask necessity. Chris Grigg, industrial property the question chief executive, looks at the facts THE NEXT GENERATION Our graduates discuss why they chose property as their future Changing Policies Generation Z Local Authorities New pressures on valuers Do you know their work Investment is on the rise. that could cost you space demands? Should there be cause for concern? COMMERCIAL JOURNAL ISSUE #1 2017-18 A NOTE FROM... “It was a year ago when we originally add value. What was happening in started thinking about what we wanted our world that might require specific to achieve from this publication. advice? We settled on the changes in Company magazines can often be very the rules for Red Book valuations and corporate, but clichéd as it sounds, EPC certificates. Two racy subjects? that’s not really ‘us’. So we decided to Let’s be honest, no, but essential for think about the taboo, yet important our clients to understand? Absolutely. subjects we have previously shied Finally one last thought dawned on away from discussing. Equality, gender us. At Carter Jonas we are not only restrictions, social class limitations, the professionals, we are also people. Now Scott Harkness terrible Grenfell disaster. We decided that may sound like an odd statement, we had to tackle each of these sensitive but I think it is a fact which often gets HEAD OF COMMERCIAL subjects, knowing we would learn a forgotten in the corporate world. So we lot along the way. Then we started have also introduced you to some of our reflecting on who motivates us, both people along the way, including our very in our industry and outside of it. The colourful graduates. brilliant David Sleath of SEGRO was So in short, here I present the first top of mind, as was the social enterprise edition of our Carter Jonas Commercial Debate Mate. Both inspirational, Journal. As Peter mentions below, we had but for very different reasons. Next great fun producing this publication, we we wondered how we could really hope you enjoy reading it.” WELCOME TO A DIFFERENT WAY OF LOOKING AT CARTER JONAS: THROUGH THE EYES OF BOTH SENIOR AND“ JUNIOR STAFF IN THE 170-STRONG COMMERCIAL DIVISION. INTERVIEWING CARTER JONAS PEOPLE AND THE CHIEF EXECUTIVES OF BRITISH LAND AND SEGRO WAS A PLEASURE. I HOPE YOU FIND THEIR VIEWS AS INFORMATIVE AND ENTERTAINING AS I DID. Peter Bill ” CONSULTING EDITOR OF COMMERCIAL JOURNAL Contents 3 ISSUE #1 | 2017-18 Editorial Peter Bill Carter Jonas property specialists Contents Marketing & Production Marketing Manager, Kate Valentine Art & Design Head of Graphic Design, Laura Gale On the cover Thank you to our content contributors Benedict Sarhangian, Enayah Bramajee, Scarlett McCabe, Jessica 32. Commercial Spotlight: Dix, Debate Mate; Chris Grigg, British Land; David Sleath, SEGRO The Public Sector Photography Advice and potential warnings for Aurélien Langlais 06. councils looking to invest Thank you to all that contributed external photography Debate Mate, Completely Retail and 36. Commercial Concern Leisure Marketplace, SEGRO Pick your valuer carefully. New mandatory rules present loopholes CONTACTS Commercial Interview that you need to know about Commercial Property Agency Bath, Philip Marshall Chris Grigg, chief executive of British +44 (0)1225 747260 Land, talks diversity in property Cambridge, Will Mooney The rest +44 (0)1223 368771 Leeds, Chris Hartnell 04. COMMERCIAL NEWS +44 (0)1132 425155 10. Commercial Interview What’s certain and uncertain London, Greg Carter Warehouses are now sexy. in our future? +44 (0)2075 183200 Oxford, Jon Silversides David Sleath, chief executive of +44 (0)1865 511444 SEGRO, explains why 08. COMMERCIAL INSPIRATION Meet Debate Mate. Their impressive Architecture & Building Consultancy Richard Love youths are coaching FTSE 100 chief +44 (0)2075 183200 14. Commercial Future executives on communication Valuations Generation Z have just arrived, Dudley Holme-Turner and their office demands are very 28. COMMERCIAL SPOTLIGHT: +44 (0)2075 183200 different from the millennials THE PUBLIC SECTOR Property Management Lil Houghton covers advice for Graham Pepper councils, Cycle to MIPIM and +44 (0)2075 183200 20. Commercial People supporting women in property Consultancy and Strategy Meet a few of our very Alexandra Houghton colourful graduates +44 (0)2075 183200 34. COMMERCIAL REGIONAL FOCUS Industrial Andrew Smith Leeds has big ambitions. +44 (0)2075 183200 We speculate as to what the International city’s future could look like Frédéric Schneider +44 (0)2075 183200 38. COMMERCIAL CHANGE A new EPC policy is on the horizon which could make your building unlettable by 2018 Carter Jonas LLP, One Chapel Place, 26. 40. COMMERCIAL EVENT London W1G 0BG It’s deals, deals, deals at Completely 020 7518 3200 Commercial Questions [email protected] Retail and Leisure Marketplace. carterjonas.co.uk We consider the question of the moment. Grenfell Tower. How could 42. COMMERCIAL RESEARCH To keep up to date with all our news, follow us on twitter: this tragedy have happened? Is the future steady? See our @CarterJonas predications for the market COMMERCIAL JOURNAL ISSUE #1 2017-18 Commercial News CERTAIN AND UNCERTAIN FUTURES By Peter Bill THIS MEANS WAREHOUSES ARE SEXY, JUST AS THEY PRIVATE & PUBLIC DEVELOPMENT “WERE IN THE 1930s The strength and direction of the currents affecting development are well ” understood by Carter Jonas. Watch out for INDUSTRIAL the need for energy certificates from April Convoys of nine or ten driverless 2018 (p 38). See how HS2 will transform trucks will swoop into urban Leeds (p 34). Be aware of new rules that warehouses. Their contents will will add more pressure on valuers from be mechanically extracted and February 1st (p 36) Understand how the sorted by bar-code reading robots. terrible fire at Grenfell Tower will impact These packages will be stuffed public sector procurement (p 26). See how into flotillas of electric vans and public sector property investment and delivered to home addresses within development is being reshaped (p 32). Into a day of ordering. This means these familiar currents, a fresh stream is sheds are now sexy, just as they surging. Build to Rent finally grew up in were in the 1930s when Britain’s 2017 with the full-blooded entrance of first big industrial estates were built by companies like Slough Estates. David Sleath is the chief BUILD TO RENT FINALLY executive of re-named SEGRO, the GREW UP IN 2017 FTSE 100 company that dominates “ the sector. David’s vision (page 10) Blue Chip UK funds such as L&G, M&G” of the mid-term future includes and Hermes and US Giant Greystar. driverless trucks and electric vans. Labour leader Jeremy Corbyn scared In the nearer term he suggests investors with talk of rent controls in multi-storey sheds sitting September. Relax. Large-scale institution- alongside multi-storey housing will backed Build to Rent (BTR) developments arise. Why? Because land values are that offer up to 30% of their units to rising for the right sites in urban councils at 80% of market rent are here locations. Segro has one, perhaps to stay. The British Property Federation two, London authorities keen to say the current pipeline of 95,000 homes give the multi-storey flats and will lead to around 15,000 new BTR homes warehouse concept a go. The era being completed each year. of taller model warehouses is about to begin. Commercial News 5 Burns Night falls on Thursday January 25th 2018. Easter Sunday comes early, on 1st April. The Venerable Bede ABOUT PETER is celebrated on May 25th. These things are certain. Peter Bill is a journalist and author Predicting which economic and political winds that may of Planet Property. He edited rock property is a fool’s game. Guessing how long-term Estates Gazette between 1998 currents are reshaping the office, industrial, retail, private and 2011 and Building magazine between 1990-97. From 2007 to development and the public sector is a little easier. The 2015 Peter wrote a weekly column views below are my own. But they draw inspiration from on real estate for City pages of the the Carter Jonas experts and the chief executives of London Evening Standard. British Land and Segro featured on later pages. BANG. FLEXIBLE RETAIL OFFICE SPACE IS NOW Owners of the secondary shopping “MAINSTREAM centres built in the 1960s to 1980s in secondary towns face a grim choice. Change or die. A small number are now ” worth little more than the land they OFFICES stand on. Internet shopping has finally WeWork is a unicorn standing under a hit retail’s weakest point. As Bill Gates magic money tree in Silicon Valley. Imagine said; “We always overestimate the how Mark Dixon, boss of IWG, must feel. change that will occur in the next two The company formerly known as Regus years and underestimate the change has revenues of £2.2bn a year and operates that will occur in the next ten. Don’t let in 3000 locations worldwide. The Stock yourself be lulled into inaction.” Many Exchange values IWG at £2bn. WeWork is owners are taking action; valued by investors at $20bn. A value based increasing the amount upon hope (expressed by IWG as well) that INTERNET of leisure space; adding 30% of all office space will in the medium term be let indoor sports activities; SHOPPING HAS on rent-a-desk per month basis, rather than leased on a nibbling off bits of the FINALLY“ HIT square foot per decade. British Land boss Chris Grigg centre and selling the (p 06) has launched Storey, a similar concept.
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