DOCSLIB.ORG

London Office Crane Survey Gearing up for the Next Phase of Construction

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
London Office Crane Survey Gearing up for the Next Phase of Construction London Office Crane Survey Gearing up for the next phase of construction GO Summer 2014 London Office Crane Survey Gearing up for the next phase of construction Report overview Key findings WHAT? Submarket snapshots A report that measures the volume and impact of office development taking place across central London over the next five years Crane Survey results Market context Outlook WHERE? Central London, covering seven key office submarkets: City, Docklands, King’s Cross, Midtown, Paddington, Southbank and West End Development table WHO? Developers that are building new offices or undertaking significant refurbishments of 10,000 sq ft or more WHEN? This survey covers the six months to 31st March 2014. All data is correct as at 31st March 2014 HOW? A team of researchers have walked every street in central London to monitor office construction. Our field research is then verified with direct industry links and in-house property experts London Office Crane Survey Gearing up for the next phase of construction Key findings Key findings Submarket snapshots Crane Survey results Market context Outlook Development table London Office Crane Survey Gearing up for the next phase of construction Key findings CRANE SURVEY RESULTS Key findings Office construction is down This survey Submarket snapshots 5% over the past six months has recorded to 9.2 million sq ft 15 new starts; Crane Survey results lowest number 45% of the space since 2010 under construction is already let Market context The West End and 2014 will see a Outlook There was just Midtown are the spike in the delivery one new only markets to of new space Development table construction see a rise in but there is a very start in the construction limited pipeline City levels thereafter MARKET CONTEXT A rise in tenant Yields remain There has been demand has low as a return to applied demand for rental growth pressure on investment in most the existing stock sub markets supply of remains Currently the lowest level Grade A space high £ of available space in central £ London for six years OUTLOOK A rise in demolition Increase in pre-letting Rents expected to rise indicates a new wave activity expected over over the next of construction the next eighteen 2017 five years 2016 is imminent months 2015 LET 1 1 1 BY 2017 may see the next development peak London Office Crane Survey Gearing up for the next phase of construction Submarket snapshots Key findings Submarket snapshots Crane Survey results Market context Outlook Development table London Office Crane Survey Gearing up for the next phase of construction Submarket snapshots The City City office development pipeline Key findings Million sq ft 3.5 Submarket snapshots 3.0 2.5 2.0 Crane Survey results 1.5 1.0 Market context 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Outlook Completed u/c available u/c let Development table Total amount under construction Number of new construction starts Which sector Today Highest is currently Highest taking the 8.2 million sq ft most space? Today (2008) Insurance 4.7 million sq ft 1 20 10 Year Average (2007) Lowest Lowest number of Average size of a scheme 4.2 million sq ft 1.3 million sq ft new starts since 2010. (2010) 10 Year Average Lowest 205,000 sq ft ft Construction is down 8% from 6 months ago and is the first fall in construction for three and 0 (2010) Average size of a floor a half years. 6 Total amount completed since last survey Total amount of space under construction 17,000 sq ft 380,000 sq ft which has been let or remains available Highest 54% level for 46% Number of cycle spaces let nine years available being built 3,186 across 5 buildings London Office Crane Survey Gearing up for the next phase of construction Submarket snapshots West End West End office development pipeline Key findings Million sq ft 2.5 Submarket snapshots 2.0 1.5 Crane Survey results 1.0 Market context 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Outlook Completed u/c available u/c let Development table Total amount under construction Number of new construction starts Which sector Highest Today Highest is currently 3.4 million sq ft taking the Today (2007) most space? 1.6 million sq ft Corporate 13 10 (2011) The ten new starts total Average size of a scheme 10 Year Average 777,000 sq ft - the highest 2.2 million sq ft Lowest 0.7 million sq ft volume of new starts for (2010) three and a half years Lowest 62,000 sq ft 10 Year Average Construction is up 11% from 6 months ago and is one of the only two submarkets to see a rise in 2 Average size of a floor construction levels. (2009) 8 Total amount completed since last survey Total amount of space under construction 44% of which has been let or remains available 9,500 sq ft 0.5 million sq ft completed space has been let Number of cycle spaces 96% available being built 4% 2,189 let across 11 buildings London Office Crane Survey Gearing up for the next phase of construction Submarket snapshots Docklands Docklands office development pipeline Key findings Million sq ft 3.5 Submarket snapshots 3.0 2.5 2.0 Crane Survey results 1.5 1.0 Market context 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Outlook Completed u/c available u/c let Development table Total amount under construction Number of new construction starts Which sector Today Highest is currently Highest taking the most space? Today 7.4 million sq ft Other 0.5 million sq ft (2002) (Medical) 0 10 Year Average Lowest 1 Average size of a scheme 0 million sq ft 0.5 million sq ft (2012) (2011) 10 Year Average 540,000 sq ft Lowest This is the fifth consecutive survey with the same 0 one building under construction. 1 Average size of a floor (2014) Total amount completed since last survey Total amount of space under construction which has been let or remains available 30,000 sq ft 0 sq ft across 0 buildings Number of cycle spaces 89% let being built 138 11% available London Office Crane Survey Gearing up for the next phase of construction Submarket snapshots Midtown Midtown office development pipeline Key findings Million sq ft 1.2 Submarket snapshots 1.0 0.8 Crane Survey results 0.6 0.4 Market context 0.2 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Outlook Completed u/c available u/c let Development table Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest Today 1.3 million sq ft most space? TMT 1.3 million sq ft (2014) 68% of space let 8 3 (2013) 10 Year Average Lowest Average size of a scheme 0.7 million sq ft 0.2 million sq ft (2010) 10 Year Average 87,000 sq ft Lowest Construction is up 25% from 6 months ago and 0 is at its highest level recorded in a crane survey. 3 Average size of a floor (2010) Total amount completed since last survey Total amount of space under construction which has been let or remains available 10,000 sq ft 0.16 million sq ft across 3 buildings Number of cycle spaces 31% Highest 69% let for five available being built years. 1,047 London Office Crane Survey Gearing up for the next phase of construction Submarket snapshots Southbank Southbank office development pipeline Key findings Million sq ft 1.4 Submarket snapshots 1.2 1.0 0.8 Crane Survey results 0.6 0.4 Market context 0.2 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Outlook Completed u/c available u/c let Development table Total amount under construction Number of new construction starts Which sector Today Highest is currently Highest taking the 1.6 million sq ft most space? Today (2014) TMT 0.3 million sq ft 94% of space let 1 10 Year Average Statistics show that we 2 Average size of a scheme 0.9 million sq ft Lowest 0.05 million sq ft have never recorded more (2012) (2010) than 2 starts per survey for this market. Lowest 196,000 sq ft 10 Year Average Volume of construction is at its lowest for more 0 than 10 years. Average size of a floor (2013) 1 Total amount completed since last survey Total amount of space under construction which has been let or remains available 19,000 sq ft 0.5 million sq ft across 2 buildings Number of cycle spaces 0% 100% being built 77% of the space let available which has completed 430 has been let London Office Crane Survey Gearing up for the next phase of construction Submarket snapshots King’s Cross King’s Cross office development pipeline Key findings Million sq ft 0.9 0.8 Submarket snapshots 0.7 0.6 0.5 Crane Survey results 0.4 0.3 0.2 Market context 0.1 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Outlook Completed u/c available u/c let Development table Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest Today 0.8 million sq ft most space? TMT 0.7 million sq ft (2013) 0 10 Year Average Lowest This is the second 4 Average size of a scheme 0.1 million sq ft 0 million sq ft consecutive survey with (2012) (2011) no new construction starts Lowest 112,000 sq ft 10 Year Average Construction is down 8% on six months ago, but remains significantly above the ten year average 0 Average size of a floor of 0.1 million sq ft.
Load more

Recommended publications
  • Business Outlook 2016
    02 | The Future of Business Revealed. UK OFFICES BIRMINGHAM BRISTOL CARDIFF EDINBURGH EXETER GLASGOW IPSWICH LONDON - HEAD OFFICE LEEDS MAIDSTONE MANCHESTER NEWCASTLE NOTTINGHAM READING WINCHESTER INTERNATIONAL OFFICES LONDON AIX EN PROVENCE BArcELONA BERLIN BORDEAUX DUBLIN FRANKFURT HELSINKI LYON MADRID MUNICH PARIS RENNES STOCKHOLM VIENNA WARSAW 04 | The Future of Business Revealed. “In its 80th anniversary year, the team at Christie & Co enjoyed a successful 2015 and continued to share the work, difficulties and triumphs, for, with and on behalf of our clients, adhering to our founders’ simple ethos of promoting our clients’ interests first and foremost.” David Rugg, Chairman Many of our predictions from last year’s Business Value uptick Outlook have come to pass. Relatively subdued volumes coming to the market in 2015 created a With the exception of the Care sector, values scarcity of assets that further fuelled price growth, have largely recovered to pre-recession levels. while continued low interest rates and an improved Encouragingly, merger and acquisition activity has lending environment created an appetite to acquire. been evenly spread across all our business sectors. This disparity between supply and demand looks set This is one key differentiator between 2015 and 2014, to continue in 2016. when the Hotel market was hectic but other sectors weren’t to the same extent. We expect the value of Low volumes businesses across the medium term to continue to rise and outstrip pre-recession levels, in line with any In the business retail market, Christie & Co experienced increase in their profitability. continued ‘business blocking’ during 2015. Interest receivable on deposits is at an all-time low and The changing buy-to-let environment many private business owners are simply staying put.
    [Show full text]
  • Investment Market Commentary
    INVESTMENT MARKET COMMENTARY For the Period 1 October – 31 December 2020 PRIVATE & CONFIDENTIAL APAM Ltd 3 Barrett Street London W1U 1AY T: 0207 963 8858 | E: | W: www.apamuk.com [email protected] As at 6 January 2021 EXECUTIVE SUMMARY On Christmas Eve 2020, the UK and EU agreed a trade deal, ahead of the end of the transition period in January 2021. The deal has been referred to as a framework, with key issues such as financial services, to continue to be debated in the New Year. Yet, the deal represents a key moment in the UK’s exit from the bloc and assuages any concerns over the damaging effects of crashing out in a no-deal scenario. In certain areas, such as tax and state aid, the UK and EU have agreed high level commonality in rules but have not yet fleshed out the details. In other areas, such as farming, the UK has accepted greater friction in trade with the EU in order to assure the flexibility to strike deals with the rest of the world. With the conclusion of the EU trade deal and a separate deal with Turkey, the UK has now signed 62 trade agreements since it left the European Union. The markets have responded positively to the UK’s progress as it endeavours to redefine itself as a forward-thinking green tech hub in the post-Brexit world. After emerging from a month-long lockdown, the UK successfully approved and administered the world’s first COVID-19 vaccine. Markets rallied on the news with the MSCI All-Country World Index climbing by a record 12.2% in November, followed by a correction on 21 December after the discovery of a variant strain of the virus and the imposition of a strict lockdown which is expected to last until February.
    [Show full text]
  • 214 Corporate Locations 746 Brands Across the Locations
    214 Corporate Locations 746 Brands Across The Locations +39 Offices and Co Working Spaces Jones Lang LaSalle Regents Quarter Cornerstone Research ACCELERATOR LONDON Perception Receptions Palmer Access Financial Services AWS LOFT The Peak Adsatis BATHTUB2BOARDROOM Gatwick Express -Cust Service TL Office Agn International-europe THE BLACK & WHITE BUILDING (TOG) Sky Media - BSKyB Alex Johnson CAMPUS LONDON Perception Receptions Grosvenor Alex Johnson CENTRAL WORKING CITY Perception Receptions Grosvenor Alliance Assurance Company CENTRAL WORKING SHOREDITCH CORP -CBRE St James Allied Irish Bank CENTRAL WORKING WHITECHAPEL Perception Receptions Ryder Alvarez & Marsal CENTRAL WORKING BLOOMSBURY Corp Household Cavalry American Express CENTRAL WORKING DEANSGATE IHG - Reception Office Shop American Express CLUB WORKSPACE BETHNAL GREEN IHG - Starbucks Coffee shop Axis Corporate Capital UK DIGITAL CATAPULT CENTRE Telefonica UK Ltd Banif EAST TUB (BATHTUB2BOARDROOM) Portman Square Bank of America Merril Lynch ENTIQ\COGNICITY Invesco Bank Of China IDEALONDON Portico - York House Bank of Yokohama LAUNCH 22 Sony DADC BC Partners LEVEL39 Perception Receptions New Cavendish Berenberg Bank LIVERPOOL ST (TOG) G4S Integrated Services (UK) Ltd Brewin Dolphin LONDON & PARTNERS GVA Acuity reception rack 1 Brown Brothers Harriman MASS CHALLENGE GVA Acuity reception rack 2 Business Finance Universe RAINMAKING LOFT Aker Solutions Building 6 BVCA ROCKSTAR HUBS Enjoy work Reception Building 1-11 Canaccord Genuity TECH HUB LONDON Enjoy work Reception Building 1-11 Capita Insurance Services TECH HUB SHOREDITCH Enjoy work Reception Building 1-11 Caspar Property Nominee Holdings Ltd THE BAKERY WORLDWIDE Enjoy work Reception Building 1-11 CBPE Capital THE CUBE Enjoy work Reception Building 1-11 CBRE (Gresham Street) THE TRAMPERY Enjoy work Reception Building 1-11 CBRE (Wood Street) WEWORK DEVONSHIRE SQ.
    [Show full text]
  • The Flexible Workspace Market Contents
    GREEN KINNEAR The Flexible Workspace Market Contents Contents 1. The flexible workspace market – p3 2. Types of flexible workspace – p5 3. Drivers of the flexible workspace market – p6 4. Operator income streams – p8 5. Opportunities for landlords – p9 6. Valuation – p11 7. The future of flexible workspace – p13 8. About GKRE – p16 The Collective Old Oak, NW10 2 The flexible workspace market The flexible The Space High Holborn, WC1 The flexible workspace market t is no exaggeration to say that there has been • Around two thirds of the flexible workspace Ia revolution in the workplace over the past run by the top operators is outside London, few years. Flexible workspace has moved from as shown in our table on page 7. the fringes of the market to centre stage with demand continuing to grow year on year. • The UK flexible workspace sector is UK flexible estimated to be worth £16bn using Britain is at the forefront of this revolution, traditional valuation methods, although workspace sector leading the way in offering a working taking into account additional income from environment that meets the needs of the services supplied by operators it has been estimated worth 21st century occupier. estimated it is worth close to £19bn. This could rise to £62bn by 2025.* Key flexible office market statistics: • With 52% of global office space either £16bn • The flexible workspace market in the UK vacant or unused, the expectation is that accounts for around 36% of the world the flexible workspace market will increase market. significantly– currently, it represents 8% of global office space.**JLL estimates that 30% • There are approximately 3,300 centres of office space will be co-working space by in the UK, with over 5m square feet in 2030.
    [Show full text]
  • Aldgate Europe’S Hottest New Address 10,000 New Homes 20,000 New Jobs Seven New Squares Super-Fast Broadband — and a Gardening Club
    Wednesday 20 September 2017 The big three Homes& London Design Festival’s top shows Property Page 14 HOMES UNDER £500K NEAR TOP SCHOOLS P6 UMBRIA P10 SERVICE CHARGE RIP-OFFS P11 SPOTLIGHT ON BRIXTON P34 Aldgate Europe’s hottest new address 10,000 new homes 20,000 new jobs Seven new squares Super-fast broadband — and a gardening club Page 4 MICKEY LEE/TAP Don’t miss our 12-page Shared Ownership guide in tomorrow’s paper 2 WEDNESDAY 20 SEPTEMBER 2017 EVENING STANDARD Homes & Property | News Trophy home of £259,000: a new-build one-bedroom flat at Langley £125,000 (guide): Purple bricks has a studio flat the week Square, Dartford. Through Hastings (020 8012 3341) in Goodmayes Lane, Ilford (0121 396 0867) Luxurious rooms with a Latest hotspots fabulous view £3.5 million: what better way to admire your weekend yacht than from your mansion overlooking pretty and bargain buys Chichester Harbour, West come party season — along Sussex? Brightwater, a with a study and snug at striking new coastal home, ground level. A spiral VEN in London’s faltering enjoys such a setting staircase framed by floor-to- property market there are complete with gardens of ceiling windows takes centre still some places dramatically half an acre that stretch stage and leads up to a outperforming the rest — reg- down to the water’s edge master bedroom suite with istering price growth of and a high-spec, airy interior his-and-hers bathrooms, and Ealmost 30 per cent in a single year. designed to soak up the four more guest bedrooms The new data from JLL and Right- beautiful views from every all with access to a glass move published today also highlights angle.
    [Show full text]
  • Manchester Crane Survey 2016 Construction Activity Boost
    Manchester Crane Survey 2016 Construction activity boost January 2016 Contents The report 1 Key findings 2 Manchester snapshot 5 Crane Survey results 7 Residential 8 Office 10 Hotel, Leisure and Retail 13 Education and Research Facilities 16 Conclusions 17 Development table 18 Contacts 23 The report What? A report that measures the volume of development taking place across central Manchester and its impact. Property types include residential, office, leisure, hotels, education and research facilities. Where? Central Manchester including parts of the Northern Fringe and Southern Arc. Who? Developers building new schemes or undertaking significant refurbishments of the following: Size minimum = office 10,000 sq. ft, retail 10,000 sq ft, residential 25 units, education, leisure and hotel schemes – significant scheme for inclusion. When? Our research for this Crane Survey was undertaken between 1 November 2015 to 8 January 2016. How? Our in-house real estate team in Manchester have monitored office construction across the city. Our field research is then verified with direct industry links and in-house property experts. Manchester Crane Survey 2016 1 Key findings 2 Key findings In the midst of a politically-contested nationwide housing shortage debate, a year on from Manchester’s Devolution Agreement in November 2014 and a growing emphasis from central government on the strength of the Northern Powerhouse, we take a look at how Manchester is continuing to shape possibilities for local government by leading by example. We’ve analysed the data to provide an in-depth analysis into the perceived signs of economic recovery in the City Region to see whether the level of growth has been sustained and if the Northern Powerhouse, coupled with the government’s acknowledgement of the demand for new housing, is driving delivery on the ground.
    [Show full text]
  • Place North West Question Time: Manchester's New
    PLACE NORTH WEST QUESTION TIME: MANCHESTER’S NEW AGENDA 30 OCTOBER 2019 | THE LOWRY HOTEL Welcome to the event opportunity of the year With a new decade approaching, Manchester faces a pivotal moment in its history as it moves from regional hub to international destination. Home to Amazon, record population growth, unprecedented expansion - how is the city adapting to this radical time of change and can it seize all the oppor- tunities that lie ahead and create a world class place that people love to live and work in? This special one-off event will draw on what has brought Manchester to the fore over recent years and shine a light on how our city can build on its successes and drive a new agenda for growth. In a first for the region, Manchester City Council chief executive Joanne Roney, leader Richard Leese, Mayor of Greater Manchester Andy Burnham, and chief executive of the Greater Manchester Combined Authority Eamonn Boylan will be brought together on the same stage. This is an open forum for Manchester’s most influential stakeholders to ask the burning questions of our city leaders and help build a roadmap for future growth. Event Timetable 6pm Champagne drinks reception 7pm Question Time style panel, chaired by Place North West editor, Jessica Middleton Pugh, with ongoing active audience Q+A 8.30pm Networking Drinks 9.30pm Close Speakers Joanne Roney, Richard Leese, Eamonn Boylan, Andy Burnham Format Select interviews with key city leaders followed by a Question Time-style discussion on key issues facing the city. Audience participation will be key on driving the evening’s agenda.
    [Show full text]
  • Prime Freehold Investment for Sale on Prominent Corner Position Investment Highlights
    Prime Freehold Investment For Sale On Prominent Corner Position Investment Highlights • Prominently located, at the heart of • 80 Clerkenwell Road is held Freehold and Farringdon, on the corner of Clerkenwell has the benefit of a long lease over part Road and St John Street. of 82 Clerkenwell Road expiring 19th January 2999 at a peppercorn rent. • Excellent transport connectivity which will be further enhanced when the • Multi let to five tenants producing a Elizabeth Line (Crossrail) opens at the total passing rent of £914,524.50 /A end of 2018 at Farringdon Station (£73.83 /Ft²). approximately 320 metres to the south west of the property. • Provides a weighted average unexpired lease term of 8.37 years to lease expiries • A Ben Adams Architects designed (5.63 years to break). office and showroom redevelopment completed to an exceptional standard • Offers are invited in excess of in 2017, resulting in a “Very Good” £15,950,000 (£1,287.64 /Ft²), subject BREEAM assessment. to contract and exclusive of VAT. • 12,387 Ft² (1,150.7 M2) mixed • This reflects a net initial yield of 5.37% 01 use building comprising 4,057 Ft² (assuming acquisition costs of 6.73%). (376.9. M2) highly sought after showroom accommodation at ground and lower ground floors and 8,330 Ft² (773.9 M2) of new office accommodation arranged over the 1st to 5th floors. London No.1 Financial Centre ahead of New York and Hong Kong in the £13.8 Z/Yen Index 2017 BILLION INVESTED IN LONDON TECH COMPANIES % Over the past five years London has benefited from more tech investment 70
    [Show full text]
  • Stockport Market & Market Place
    STOCKPORT MARKET & MARKET PLACE Market Analysis & Strategy CBRE Report December 2016 CONTENTS 1. Introduction .............................................................................. 2 2. Executive Summary ................................................................... 3 3. National & Greater Manchester Trends in Market Provision ...... 7 4. How other local authorities and market providers have managed their assets? ............................................................ 18 5. Consideration of the benefits and disadvantages of a food based offer, similar to that operating in Altrincham ................ 22 6. What a successful General Goods market would comprise? .... 26 7. How & where such a market might be provided within the town centre............................................................................. 29 8. The impact on the town centre offer as a whole ...................... 38 APPENDICES A. Project Brief ............................................................................ 41 B. Decisions Required & Next Steps ............................................. 42 CBRE | STOCKPORT MARKET & MARKET PLACE Introduction CBRE have been instructed by Stockport Metropolitan Borough Council (SMBC) to provide an independent report on the existing market in Stockport, currently based in the Market Hall and Produce Hall. The aim of the report is to specifically address the issue of the relocation of the general goods market and impact this would have on the wider Town Centre. In October 2015, the general goods market
    [Show full text]
  • London Offices Crane Survey Sentiment Remains Positive
    London Offices Crane Survey Sentiment remains positive Winter 2012 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Market overview This latest Crane Survey records a pause in the large increases in construction activity we have been reporting over the last eighteen months. However, whilst lower than the last survey, the volume of new starts over the last six months suggests that developers and investors still have confidence in the returns available in the London office market. 2012 Winter – Office space under construction Total U/C (sq ft) Let U/C (sq ft) Available U/C (sq ft) City 4,081,000 1,020,000 3,061,000 Docklands 540,000 250,000 290,000 King’s Cross 474,000 272,000 202,000 Midtown 607,000 45,000 562,000 Paddington 31,000 31,000 0 Southbank 994,000 106,000 888,000 West End 2,308,000 476,000 1,832,000 Total 9,035,000 2,200,000 6,835,000 Office space under construction Million sq ft 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 City Docklands King’s Cross Midtown Paddington Southbank West End 12 months ago (Winter 2011) 6 months ago (Summer 2012) Today (Winter 2012) 2 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. With the volume of new starts matching the completion Helping sustain confidence in the development market levels recorded since the last survey the total amount of is the continued flow of encouraging news detailing space under construction has remained relatively flat; leasing activity at the schemes under construction.
    [Show full text]
  • UK Hotels: Slowdown Not Meltdown
    Hospitality and Leisure Hospitality Directions Europe UK hotels: slowdown not meltdown PricewaterhouseCoopers’ latest forecast for the UK hotel sector for 2008 to 2009 calls for a slowdown in demand and decelerating room rate growth but concludes that there is still plenty to play for on the UK hotel scene February 2008 Issue 17 UK hotels: slowdown not meltdown Key findings Change is coming Likely fallout for the hotel sector UK economic growth in 2008 looks increasingly • Main scenario uncertain and some sort of a slowdown now appears inevitable. Commenting on the global financial crisis, UK revenue per available room (RevPAR) has seen George Soros has said that now we are at least dealing growth each year since 2002. Our latest forecast for the with known unknowns, but warns that after the financial UK is for continued RevPAR growth of 4.1 per cent this crisis is resolved the fallout will take time to impact the year and 3.6 per cent in 2009. For London, the power ‘real’ economy.1 house driving UK growth, we expect an end to double digit RevPAR growth; although we could still see 6.0 What will be the scale of the fallout for the hotel sector? per cent RevPAR growth this year and a further 4.4 per Clearly an economic slowdown will translate into cent gain in 2009, this will be a sharp fall compared to weaker demand growth in the second half of 2008. the growth realised in 2007. If this forecast is achieved, The fallout, including a lack of confidence, will impact RevPAR could pass £100 for the first time in the capital corporate travel budgets and overstretched consumers and top £50 in the Provinces in 2008.
    [Show full text]
  • Places of Work Workspace Providers Directory
    PLACES OF WORK WORKSPACE PROVIDERS DIRECTORY FOR DEVELOPERS AND PLANNING OFFICERS DRAFT v2 09/01/2015 2 USING THIS DIRECTORY GETTING WORK SPACE INTO NEW DEVELOPMENTS Workspace Providers can play an The directory uses information important role in new housing- from the online map of Open led mixed-use developments by Workspaces prepared with the LEP ensuring non-residential elements following research into incubators, are occupied and well used. They accelerators, co-working, artist can be considered analogous to workspaces, and maker spaces. Affordable Housing Landlords, and are in a position to take on non- residential space and manage it as workspace for small businesses, start-ups, and individuals. Well- managed workspace can add value to a development. This directory is aimed at helping developers and planning officers form early relationships with Online map of Incubators, Accelerators, Co-working, Workspace Providers to achieve Maker Spaces, and Artists’ Workspace https://www.london.gov.uk/priorities/business-economy/ the best results. Finding workspace for-business/business-support/london-workspaces/ partners at pre-application stage london-open-workspaces-full-width can ensure non-residential spaces work well. LEP research: “Incubators, Accelerators, Co-wroking Spaces” and “Artists’ Workspace Study”, GLA, 2014 https://www.london.gov.uk/priorities/regeneration/ publications-guidance/supporting-places-of-work- incubators-accelerators-and-co-working 3 While the online map records Developers may wish to consider individual workspaces, this these factors, when finding partners. directory provides contact details of However all kinds of Workspace Workspace Providers. This is by no Providers may be looking to take means an exhaustive list, and there on new premises and expand or may be providers with missing or move, given the right conditions and inaccurate information, or those that opportunities.
    [Show full text]