Commercial Blog February 2018 - Colliers International | London

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  1. February 2018

  2. Mic on Mondays | Tom Redmayne

    14 February 2018
    Our Mic on Mondays series continues with Tom Redmayne Director of Business Development for WiredScore. Tom chats to us about connectivity and the importance of wired certification in commercial real estate.

    You can read the full interview below, or view the highlights of our chat on our YouTube channel. For more episodes make sure you follow us on Instagram @Colliers_City.

    What is your service and how is it important in commercial real estate?

    We are a digital connectivity rating scheme for commercial real estate, we allow landlords and tenants to objectively benchmark how well designed and connected different office buildings are for the internet. I think we can all agree that whatever is happening in the market, digital connectivity is a fundamental driver in people’s businesses and it’s only going to become more important in years to come. In fact, many people even talk about it now being the fourth utility.

    Why is Wired Certification useful?

    Wired Certification is useful to tenants for 3 things. One is to help them understand in private what is wrong with their buildings connectivity and digital infrastructure and how they can improve it. A lot of landlords understand this is becoming increasingly important for tenants, but aren’t quite sure how to go about it. So we help them understand and review their portfolio, to prevent them becoming obsolete further down the line.

    The second thing is on the marketing side, allowing landlords to go and promote how well designed and connected their buildings are and create a clear message to the market. Not only about how well connected the building is but how much they as a landlord care about the buildings of the future.

    The third thing is the design and engineering side. When you are building a new building from scratch, ensuring that you have the right digital infrastructure to future proof it is key and you can make a lot of mistakes early on that we can help remove.

    Have you seen an increase in how important connectivity is becoming?

    Yeah absolutely, it’s not just tech business or traders that care about connectivity now, it is the life blood of everybody’s business. Whether it’s a real estate firm or law firm, everyone works on computers and it is key to everything they do on a day to day basis.

    Do you change your service for different business?

    Although our users are tenants, our clients are landlords. This means we have two types of service; one for occupied buildings, so buildings that are already built, and we review the telecoms and help landlords to improve it and then promote it. Then we have a separate certification that works on development, from the planning and design stage upwards, to ensure people are building the kind of platforms that people are going to want to work in not just now but also for the next 15 years.

    What is the Future of WiredScore?

    We’ve had a really exciting few years, we are an American business originally and we have now expanded into the UK, Ireland, France and Germany. We are really excited over the next 12 to 18 months to increase our international presence, a lot of tenants on the larger global scale want to have international certification that they can understand when moving countries. We also want to look at different areas and sectors to think about how we can grow our business to suit our tenants needs.


    The Author

    Natalie Lelliott
    02074871853
    07702975683
    Natalie.Lelliott@colliers.com
  3. Victoria values: growing up and staying local in SW1

    9 February 2018
    We have just completed on the acquisition a 60-person office space for a financial advisory firm based in Victoria
    Like almost every enterprise in the UK, the company was looking to balance its expansion plans with the uncertainty of Brexit. Having doubled in size in the last
    2 years, the firm had an immediate and urgent requirement for more space but wanted as much flexibility as possible around its commitment and future.

    Based in Victoria for the last 7 years, the company was keen to stay in the area, not only for the excellent transport links for its workforce and clients, but also because of the remarkable local regeneration that has taken place.

    After helping the tenant get clear on their requirements and to define their brief, we filtered through a myriad of options to shortlist suitable buildings. We eventually secured a deal on favourable terms at 84 Eccleston Square, one of London’s most prestigious locations.

    This new development from The Office Group is a radical repurposing of a regency building into a futuristic co-working space. Beyond the 7-storey grand façade, architects and designers SODA have created an unashamedly minimal and calming interior of generous ceiling heights and beautiful concrete augmented with the introduction of natural materials and plants. This gives the building sense of wellbeing that’s followed through with meditation rooms, a library, a cavernous gym and two garden terraces with views across the city.

    As part of the deal, The Office Group agreed to tailor a space to fit the needs of our client’s business by developing a self-contained office with its own kitchen and private meeting rooms.

    The SW1 postcode has really come of age recently and is now a bustling district of retail and office space that has completely transformed what was a somewhat seedy part of Central London. With the refurbishment of many old office blocks and the addition of many new commercial buildings, the streetscape is both familiar and unrecognizable at the same time. 

    But it’s the life at street level that has really made the difference with cafe culture and boutique shopping drawing people to the main thoroughfares and turning them into a destination in their own right. No longer a place to simply - and quickly - pass through, Victoria is now somewhere to linger and enjoy.

    The Office Group is a true pioneer of the shared workspace phenomenon. Since launching in 2003 with a mission to “reconfigure the modern British workplace to bring it into line with a fast-changing world”, the developer has delivered on its goal and amassed 30 buildings that house over 15,000 members from various sectors of the modern economy, from freelancers and entrepreneurs, through app makers and architects to established professionals and disruptive start-ups.

    The Author

    Mark Bott
    0207 101 2020
    07879 890 115
    Mark.Bott@colliers.com
  4. Track changes

    8 February 2018
    A new tech innovation has reopened the debate about how much it is acceptable to track people’s movements in the workplace.
    Most of us already have entry cards that enable us to ‘check in’ at work, but tech start-up, Unifi.id, has now developed a system which continues to track you as you move around your office environment.
    The new smartcards use a long-range version of Radio Frequency Identification chips which bounce signals between smart cards and data sensors positioned throughout a building. 

    Contemporary office buildings still face challenges including unauthorised entries, impersonal front-of-house service, lack of synchronicity between decentralised premises and poor visitor management. All of these can pose a threat not only to security, but also make a workplace less efficient and easy to occupy.

    While some of us might feel slightly uneasy about the technology allows ‘real-time monitoring of employees in all building locations and floors’, it’s also hard to deny that in the event of a fire or other life-threatening incident, there’s an obvious safety and security benefit of knowing exactly where everyone is located in a building.

    There may also be a contingent benefit in terms of better understanding how a building is ‘living’ from day to day. Greater insights into the patterns of a building’s use are also of great value in terms of working with owners to help plan the maintenance and effective operation of buildings.

    So whilst the knee-jerk reflex to these sorts of tracking systems may be to invoke images of ‘Big Brother is watching you’, they are actually more likely to benefit both the occupiers and owners of a building.


    Author
    Investment Property Management 
    Rachael is leading Colliers’ WorkLife service which focuses on customer experience incorporating wellbeing, proptech and the delivery of the property management of multi-let office buildings

  5. Mic on Mondays | James Lowery

    7 February 2018
    Mic on Monday is a new series by Colliers London, where we get to quiz the leaders of industries and companies we work with, collaborate with and admire.

    In this episode, we spoke to James Lowery, co-lead at Storey, about co-working spaces and workspace design.

    You can read the highlights of our chat below, or view the full interview on our YouTube Channel. For more episodes make sure you follow us on Instagram @Colliers_City.

    Storey is an initiative, providing flexible, productive and personalised spaces for small to medium businesses. As a service provided as part of British Land Plc, Storey is a progressive and original concept in the office market and speaking to James gives us a different take on commercial real estate.

    How do you fulfil the needs of a small to medium business?

    The target customer of Storey are companies and teams of 20 to 70 people who don’t necessarily have their own space. We have designed Storey to take away the pain of the day to day running of the space but still give that feeling of their own space which can reflect their own brand and their own culture.

    How do you tailor a workspace to a company’s culture and needs?

    There are lots of different components of a workspace. Therefore, for a company that may not be used to looking at the world of workspace it can be hard. Companies are either in a world of co-working where they’re sold desks, and a desk is good for doing part of what you do on a day to day basis but it’s certainly not the whole answer, or they're sold square feet and it’s hard to look at a box and work out what you need to do to get the best out of the space.

    We understand that different companies operate in different ways and help companies to achieve their workspace potential by speaking their language. We then have the capability to translate that potential into a reality. We hold a company’s hand through the process, as it’s a process that can sometimes distract a company of 20 people who don’t necessarily have a person responsible for managing workspace.

    How does Storey differ from other co-working spaces?

    We have found that about ¾ of our existing customers have grown up in a world of co-working but got to a certain size where they feel like they need their ‘own home’. However, when they start looking at the options in the market it starts getting complicated in terms of leases and time-frames. So everything we have designed means Storey sits between this world of co-working and the conventional office lease.

    Firstly, it means we have focused on private space, we have an element of shared, however the day-to-day meeting rooms sit within the companies own private space so its secure and branded in the company’s own way.

    It’s important to remember that a 20 – 70 people company is a really successful company, so they will be comfortable planning a year or 2 ahead. Therefore, it’s not necessary to have this hyper-flexible leasing conventional of co-working spaces, which can be expensive for the company if offered.

    How does Storey fit into British Land's bigger picture?

    I think that’s an exciting part of the Storey offer; British Land owns most of its office buildings in 3 campuses across London. However historically, we have these large buildings with great companies, but they get full. So by adding in Storey into the campuses, it embeds an element of flexibility. It allows companies that otherwise wouldn’t have access to these great buildings and companies, to plug in to the same infrastructure. So if a small company starts off in a Storey space like Appold Studios, they can move to another campus as they grow and their needs change.


  6. Old Street Works... for everyone: beautiful spaces and flexible terms deliver a universal offer

    6 February 2018
    Flexibility is the buzzword of the moment. More and more potential occupiers are looking for elasticity in terms around lease length and break clauses as we near the UK’s exit from the EU.
    One development answering that call is Old Street Works, a beautiful Edwardian building and former cork factory that has been converted into a series of high quality office spaces about 5 minutes walk from Old Street Roundabout.

    Two units are available with floorplates ranging from 1,500 to 1,839ft2. Available with leases starting from just 12 months, these classic City Fringe spaces are aimed squarely at creative occupiers seeking authentic office space. Interior specifications include exposed brickwork, wood flooring, galvanised conduit, chic and sleek suspended contemporary lighting and plenty of natural daylight through huge sash windows.

    Each space is fitted with a meeting room and cabling as well as having its own demised male and female WCs together with a tucked away kitchenette with high-gloss grey cupboards, white metro tiles and brushed steel handles and taps.

    The building’s facilities include a passenger lift, CCTV, security, a building manager and 24-hour access.

    The location of Old Street Works is perfect for those who like variety. Take your pick from the scene around Old Street Roundabout include the new culinary boulevard at The Bower, or wander into Shoreditch, Clerkenwell and even Angel for their vibrant collection of modern eateries, bars and shops. Whitecross Street’s food market, Hoxton Square, The White Collar Factory and many more local favourites are all within walking distance.

    Connectivity and access is also excellent, with Northern Line and National Rail services at nearby Old Street station. Loads of buses stop along City Road and Old Street while Cycle Superhighway 1 also passes close by.

    For the combination of flexible, classic, cool and beautiful office space in the City Fringe, Old Street Works is a strong contender.

    We are quoting a rent of £59.50 psf excluding business rates and services.

    The Author

    Emma Higgins
    0207 101 2020
    07769 605 295
    emma.higgins@colliers.com
  7. Three sides to every storey: stunning triangular offices in Clerkenwell

    1 February 2018
    Occupying a wedge-shaped plot reminiscent of New York’s Flat Iron Building, 44-46 Sekforde Street is a fantastic refurbishment of a former office building that sits among a collection of former factories, warehouses and Georgian terraces in in the warren of streets between Clerkenwell Green and St John Street.
    The location is the site of a former factory where Croll manufactured gas meters in the 1850s, but the current building was constructed in 1963 for Blick Time Recorders Ltd to a design by architect Robert Cromie who also designed the Theatre Royal on Drury Lane, the Royal Court Theatre at Sloane Square and the Apollo in Hammersmith. Most recently, the fashion company Henri Lloyd was headquartered here and ran regular sample sales.

    Today, after being completely reimagined, 44-46 Sekforde Street delivers on everything a contemporary Clerkenwell occupier demands through a deft mix of sleek modernism and hi-tech industrial chic bolstered with a rugged edge. Running to a total of 8,348ft2, the building consists of four office units – two single storey and two duplex – with floorplates ranging from 1502 – 2800ft2. The building has 24-hour access and services include secure cycle storage and a passenger lift.

    The unusual shape of the plot gives the spaces within a real sense of individuality with large casement windows running like ribbons around the building and letting in light from almost every corner. Bright white walls are contrasted with black painted window frames and grit blasted original brickwork; floors are covered in light oak engineered boards with galvanised steel perimeter trunking; exposed air conditioning ducts run overhead among suspended LED light boxes.

    Each unit has self contained WC and shower facilities that are equally slick with white ceramic metro tiles, sleek white sanitaryware including 1m wide shower stalls, and chrome taps and accessories.

    The 3rd & 4th floor office has been created with the addition of a new fifth storey that is stepped back from the building line, with the two levels connected by a striking black steel staircase with timber treads and glass balustrade. For a business that requires a private street entrance, look not further than the duplex on the ground and lower ground floors.. 

    Looking out across Clerkenwell Green, the building occupies a prime City Fringe position among myriad places to socialise and shop and just a few minutes walk from Farringdon station whose Thameslink and Underground services are soon to be met by the arrival of the Elizabeth Line to create a major Central London interchange.

    We are quoting rents between £62.50 and £69.506 per ft2 and the building is ready for immediate occupation.

    The Author

    Ricky Blair
    020 7101 2020
    07961 104 125
    Ricky.Blair@colliers.com
  8. January 2018

  9. The London office market saw robust demand in the face of wider market uncertainty in 2017

    31 January 2018
    Our latest London Offices Snapshot is now available.

    KEY HIGHLIGHTS INCLUDE:

    The London office market saw robust demand in the face of wider market uncertainty in 2017. In addition, long term commitments from Deutsche Bank alongside Bank of America, Citi, European Bank of Reconstruction and Development who are expected to sign for new HQs in 2018.
    Limited pipeline supply and occupier appetite is set to create acute shortages of prime product in many submarkets during 2018 – helping to insulate markets from downward pressure on prime rents.
    At the same time, a major influencer will be the flexible office, which in spite of hoovering up space, will deliver new product onto the market in 2018-19.
    On the investment side, Asia-Pacific investors paused for breath in Q4 but there is still plenty of hard evidence of strong Chinese (Hong Kong) investor appetite. We expect a continued widening of the overseas investor base throughout 2018.

    View the full report here.

    The Author

    Guy Grantham
    +44 20 7344 6793
    +44 779 596 3710
    Guy.Grantham@colliers.com
  10. Q4 2017: a remarkable result for the Colliers City Fringe Team

    31 January 2018
    The league tables for EG’s London Office Market Analysis (LOMA) have revealed the tremendous performance put in by the Colliers City Fringe team in the final quarter of 2017.
    Capturing 33% of the market share, and transacting no less than 42 deals, the team generated a total of 254,501ft2 in office space disposals, with the EG commenting that: “Colliers was by far the most prolific player in the City fringe”.

    Among the most noteworthy of Q4’s transactions were a trio of significant lettings: 100,000ft2 to Time Warner at 160 Old Street; the Ground & Lower Ground Floors of 80 Clerkenwell Road at a record rent of £81 psf; and 25,000ft2 to Go Cardless at Sutton Yard.
     
    While a lot of hard work and great team spirit were two important driving factors in the performance, credit must also go to landlords in providing some truly outstanding office space: for creative and professional enterprises alike, the City Fringe has some of the most beautifully realised workspaces that are an understandably irresistible draw.

    It's also yet another sign and vindication of the resilience of London's commercial property market, and of the people and companies located here. Despite a fairly drawn out background of economic and political unrest, businesses continue to fix their eyes on London for either starting up or expanding their operations.

    As the icing on the cake, the City fringe team’s performance contributed strongly to Colliers International being 2017’s most active London office agent by number of deals, completing on 240 spaces.

     

    The Author

    Elliott Stern
    020 7101 2020
    07834 918 700
    Elliott.Stern@colliers.com
  11. Spotting new proptech talent

    31 January 2018
    Colliers has just launched The Colliers Proptech Accelerator - a partnership with Global Technology Investor, Techstars. The intensive 13-week program is focused on the development and acceleration of technology driven solutions.

    The tech sector has been one of the major drivers of the London office market in recent years. You only have to look at the proliferation of tech businesses throughout the City fringe and elsewhere in the capital to see the dramatic effect of demand from the sector.

    Colliers is the dominant letting agent in the City fringe and in the final quarter of last year, we let more than 250,000 sq ft in the market. In total activity was around 700,000 sq ft and reflects sustained demand from tech and creative businesses.

    The property business itself was not an early adopter of tech but in the past two years there has been a rush of new innovation which is aimed at making the ‘mechanical’ aspects of property consultancy more efficient and, by doing so, liberate more time for the most valuable aspect of our work – the expert advice which requires experience and judgment.

    In this context, a new initiative from Colliers has the potential to power profound change in our sector. We have launched an initiative with Techstars – a worldwide network which helps entrepreneurs succeed – to encourage new innovation in the property sector.

    The Colliers Proptech Accelerator will provide early insight into companies and technologies that have the potential to provide value-enhancing strategies to our clients and improve our property skillsets and delivery.

    The initiative will identify and mentor start-ups around the globe that are developing industry-disrupting technologies in the property industry.

    The start-ups selected by the programme will be invited to an intensive 13-week course in Toronto which will be focused on the development and acceleration of technology-driven solutions.

    Applications will open in February for the first Colliers Proptech Accelerator class so if you think you have an innovation which has potential but needs to be supercharged to the next level, there’s more information here


    Author

    Helen O'Reilly

    Head of Digital Marketing | UK & EMEA

  12. In dogs we trust: UK’s largest canine welfare charity acquires extra space

    23 January 2018
    Based on Wakley Street EC1 between Goswell Road and City Road at the Angel end, the Dogs Trust has just acquired a building directly across the street to expand its operations.
    The charity has bought the freehold interest of 2 Wakley Street, a building that currently measures 7,591ft2 and has the potential to extend and create a total space of 9,932ft2.  

    Constructed in the 1980s, the building remains in fairly much its original condition with the Dogs Trust intending to carry out a light refurbishment before taking occupation. The existing offices at number 17 will be retained.

    Dogs Trust was founded in 1891 when “a small party of gentlemen brought together by Lady Gertrude Stock during the first ever Crufts dog show” formed the National Canine Defence League. Since then the charity has gone on to open centres all around the country and today cares for over 17,000 dogs each year through its network of 20 rehoming centres in the UK - and one in Dublin.

    Dogs Trust has also been involved in every piece of legislation affecting dogs over the past 125 years, from minimising their distress from fireworks to the way they are transported and general cruelty. In 1978, the charity’s former CEO coined the phrase ‘A dog is for life, not just for Christmas’ which still chimes today.




    The Author

    Ricky Blair
    020 7101 2020
    07961 104 125
    Ricky.Blair@colliers.com
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