CoStar Agency Awards 2014 1 Welcome to the 2014 CoStar Agency Awards CoStar Group is pleased to announce the winners of the 2014 Agency Awards! It would seem that 2014 will be remembered as the year when commercial property finally emerged from the gloom of the downturn. Across the board activity is up and we are pleased to celebrate the well-deserved successes of the agents’ community in this book. In the last 12 months, we have recorded 52,274 deals, an increase of 14% on the previous year. This year we have routinely updated deal and listing information with nearly 4,000 UK firms. I would like to take the opportunity to thank all of you who share your data with the community through working with our research teams and our platforms. I am convinced that market transparency enhances liquidity and that the example of the Birmingham Office Market Forum (see pages 10-11) shows how their open approach has attracted significant inward investment. As the speed of transactions is set to accelerate, we will continue to support the industry with the best data, analytics and news solutions. Our aim is to help drive market efficiency and streamline our clients’ workflows, saving you precious time and allowing you to provide ever better service to your clients. Finally, I would like to congratulate this year’s winners and wish everyone a prosperous end to this eventful year. Yours Sincerely, Giles Newman Managing Director CoStar Europe 1 Data Analytics News 2,748,708 Q1 Q2 28,000 1,476 Changes made to our database Phone calls made every day in the past 12 months Q3 Q4 UK professionals receive our news every day 940,000+ Submarket Reports are Digital images taken updated in CoStar Suite 207 (and counting) 80 every quarter Deals added every day Investment Bulletin 12,000 Volume of transactions recorded in 2014 vs 2013 We speak to: sent quarterly and yearly to news articles are available in Suite 2014: 52,274 8,401 agents in 2013: 45,727 3,972 rms across the UK 20+ news stories a day 120 a 14% That’s over researchers increase 5,000 users 100 a week UK rms 650 are now using CoStar Suite 50% The power of Data, Analytics of our UK client base and News,combined have migrated to One new client CoStar Suite Access a unique combination of Data, Analytics and News, oering the most signs up to Costar Suite comprehensive macro to micro explanation of the UK commercial property market. every single day CoStar’s proprietary data, which underpins this book, is sourced directly from thousands of property agents, owners and other involved parties to accurately reect the transactional market in real time. 2 Data Analytics News 2,748,708 Q1 Q2 28,000 1,476 Changes made to our database Phone calls made every day in the past 12 months Q3 Q4 UK professionals receive our news every day 940,000+ Submarket Reports are Digital images taken updated in CoStar Suite 207 (and counting) 80 every quarter Deals added every day Investment Bulletin 12,000 Volume of transactions recorded in 2014 vs 2013 We speak to: sent quarterly and yearly to news articles are available in Suite 2014: 52,274 8,401 agents in 2013: 45,727 3,972 rms across the UK 20+ news stories a day 120 a 14% That’s over researchers increase 5,000 users 100 a week UK rms 650 are now using CoStar Suite 50% The power of Data, Analytics of our UK client base and News,combined have migrated to One new client CoStar Suite Access a unique combination of Data, Analytics and News, oering the most signs up to Costar Suite comprehensive macro to micro explanation of the UK commercial property market. every single day CoStar’s proprietary data, which underpins this book, is sourced directly from thousands of property agents, owners and other involved parties to accurately reect the transactional market in real time. 3 Give yourself a clear advantage. With the market well on track to break new records, are you lagging behind or leading the race to outrun your competition? Over 650 UK firms have already signed up to CoStar Suite, from single surveyor practices to major property consultancies. Get integrated Data, Analytics and News. visit www.costar.co.uk or call 020 3205 4500 Meet us at MIPIM - Stand D21. 15th-17th October, London. 4 Table of Contents Office Markets Birmingham Office ............................... 6 Birmingham Office Market Forum .. 10 Edinburgh Office .................................. 12 Glasgow Office .................................... 16 Leeds Office ........................................ 20 London City Office ............................... 24 London Docklands Office ...................... 28 London Midtown Office ......................... 32 London Southbank Office ...................... 36 London West End Office ........................ 40 Western Corridor Office ........................ 44 Industrial Markets North West Industrial ............................... 48 Scotland Industrial ................................... 52 West Midlands Industrial .......................... 56 Meet us at MIPIM - Stand D21. 15th-17th October, London. 5 Birmingham Office Station comes forward. HS2’s commitment, while a major endorsement of the city, has heightened the sense that there is a crisis in terms of the dwindling supply of Grade A stock. Paul Norman Editor, CoStar News In response, a significant number of developers are jostling to secure prelets and bring forward major new schemes, or are flirting with pushing the button While the investment market for on speculative development. This includes Goodman, Birmingham offices has taken off in Legal & General, Sterling Property Ventures and IM Properties. recent months, the leasing market has been notably short of large-scale transactions, following the series of landmark moves seen in early 2013 and 2012. All that has of course changed post the voting period with the news that HS2 is to set up its 100,000 sq ft UK headquarters at Hines’ and Ballymore’s Two Snowhill in Birmingham. That is expected to prompt a host of satellite operations to need space in the city Two Snowhill centre as the vision for the regeneration of Curzon Editor’s Choice Awards CoStar News readers have been voting for two awards – the deal and dealmaker of the year - in each market. Readers picked Bruntwood’s letting of 33,460 sq ft at its Centre City Tower to Legal & General as their deal of the year in Brum. Perennial Birmingham dealmaker John Griffiths of GBR Phoenix Beard was one of only two people to Centre City Tower repeat their success last year and be voted dealmaker of the year again. 6 Eyes on the market Birmingham Office: Supply, Demand and Vacancy 2014. June 30th to 2013 July 1st from CoStar collected *Data by Supply/Demand (000s SF) Vacancy Rate (%) 500 18% 400 16% 300 14% 200 12% 100 10% 0 8% 100 6% 200 4% 300 2% 400 0% Q2 06 Q4 06 Q2 07 Q4 07 Q2 08 Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Change in Demand (LHS) Change in Supply (LHS) Vacancy Rate (RHS) Largest deals of the year* Address Size Occupier Landlord/Seller Tenant/Buyer Month sq ft Agent Agent 1 Centre City Tower 33,460 Legal & General Group Knight Frank, DTZ Nov-13 GVA, CBRE 2 NTI Building 27,506 Birmingham City JLL GVA Apr-14 University 3 Tricorn House 24,850 Housing 21 CBRE, Jaggard Baker Dec-13 GBR Phoenix Beard 4 20 Colmore Row 15,000 Allianz Insurance Cushman & Dexter Brown Aug-13 Wakefield, GVA 5 22 Gas Street 14,928 Carl Zeiss Vision UK CBRE, Deloitte Real Estate Jul-13 GBR Phoenix Beard 6 St Philips Point 14,682 Weightmans GBR Phoenix Beard DTZ Jan-14 7 2 Colmore Square 14,000 Vax CBRE, GVA Harris Lamb Nov-13 8 St Philips Chambers 13,500 CBRE CBRE, KWB CBRE Apr-14 9 19 George Road 12,138 Healthtrust Europe DTZ Boston Fieldgate Jan-14 Company 10 1 - 5 Broadway 11,514 Valuation Office Cushman & N/A Feb-14 Agency Wakefield, DTZ 7 Birmingham Office Winners Office 2014(July 2013 - June 2014) *Data collected by CoStar from 1st July 2013 to 30th June 2014. 2014. June 30th to 2013 July 1st from CoStar collected *Data by Top Agents by Availability sq ft Top Agents by Acquisitions sq ft 1 GBR Phoenix Beard 1,690,032 1 DTZ 71,757 2 CBRE 1,315,677 2 Savills 37,544 3 JLL 1,032,528 3 GVA 30,407 4 GVA 988,889 4 Jaggard Baker 24,850 5 DTZ 760,288 5 Boston Fieldgate 22,138 6 Savills 519,945 6 Dexter Brown 15,000 7 Colliers International 515,103 7 Deloitte Real Estate 14,928 8 Knight Frank 416,845 8 Lambert Smith Hampton 14,486 9 Cushman & Wakefield 273,072 9 CBRE 14,351 10 KWB Property Management 258,553 10 Harris Lamb 14,000 Top Agents by No. Instructions Top Agents by Disposals sq ft 1 GBR Phoenix Beard 126 1 GBR Phoenix Beard 234,787 2 JLL 84 2 GVA 210,674 3 KWB Property Management 75 3 CBRE 178,039 4 Mason Young Property Consultants 70 4 KWB Property Management 159,185 5 DTZ 66 5 DTZ 127,569 6 CBRE 54 6 JLL 113,974 7 Knight Frank 48 7 Knight Frank 77,502 8 GVA 36 8 Colliers International 68,940 9 Siddall Jones Limited 29 9 Cushman & Wakefield 35,431 10 Colliers International 25 10 Mason Young Property Consultants 28,763 Top Agents by Total Value of Lease Transactions (£ PA) Research 1 GVA 3,200,721 2 CBRE 2,987,604 Contact 3 GBR Phoenix Beard 2,662,210 Laura Roberts 4 DTZ 2,373,707 Laura Roberts 5 Knight Frank 2,362,285 Research Manager 6 KWB Property Management 1,270,984 BirminghamWest Midlands 7 Savills 1,050,634 & West Midlands Industrial 8 Colliers International 829,802 T: 0141 354 0786 9 Cushman & Wakefield 600,985 T:E: [email protected] 354 0625 10 JLL 596,089 E: [email protected] 8 Editor’s Choice Winners 2014 *Data collected by CoStar from 1st July 2013 to 30th June 2014.