Sandyford Business Park in Dublin is to become home to a major new let. Dun & Bradstreet (D&B) have chosen the site as their new business operations centre. D&B will initially take up 47,782 sq ft of 
office space at the business park, but also has the option to take another 15,000 sq ft at a later date.
The news comes as the latest sign of an increased interest in the Dublin commercial property sector, as well as recovery after the recession. (more…)
A property investment fund for the green regeneration of commercial buildings has closed having raised £69 million.
Climate Change Capital Limited (CCC) ran the fund and invested in two commercial properties in Birmingham and Edinburgh last year. They are now looking for further investment properties to give the ‘green makeover’. (more…)
We’ll all try to do our bit for the environment, but on your way out to your christmas party, did you remember to turn off your monitor? The printer? The lights? Well, ‘Make It Cheaper’, the business price comparison company have calculated that over the 11 days that office workers are enjoying themselves with family, businesses are collectively set to lose around £110 million.
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Some of the most expensive commercial office buildings in London have been placed into administration following the collapse of Simon Halabi’s business empire.
The High Court has appointed Ernst and Young as administrator for the 6 properties which are estimated to be worth over £500 million. It’s the latest move in the unfolding drama which began with the properties sinking into negative equity against a £1.15 billion senior loan.
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Knowing where to locate as a small businesses can, in some instances, be crucial in determining the success of the company. For some companies location will of course be more important than for others, but most companies will find there are benefits and drawbacks from the location they eventually settle in. With the recession heaping additional financial pressure on SME’s, cost has come to play an increasing role in decision making. Some other factors that companies consider are..
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July and August are traditionally quieter periods in the serviced office industry. However with the need for flexible and affordable office space even greater than in past years, has this year been busier than ever? Some factors that might have contributed to busy summer include..
Start ups
With many white collar jobs going in the recession, new businesses are appearing, often with the proceeds from people’s redundancy. Forming a company is not an expensive operation these days, as you can either enjoy office space at rock bottom prices or simply opt for a virtual office option.
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Take up of office space in Manchester was lower in the first two quarters of this year compared to the same period last year, but should recover by the end of the year. The take up level was above the ten year average however. Over 247,000 sq ft of office space in Manchester has been let since January. However another 300,000 sq ft is under offer with a possible 200,000 sq ft in deals that should go though before the end of the year.
The office space market in London is beginning to recover, according to commercial property experts. Although rents are continuing to fall, in some areas they are stabilising. Investments levels are also continuing to increase, in particular from overseas investors.
With commercial property prices being so low in the capital, investors have been attracted to strong yields. Most of the acqusitions have been in prime areas such as the West End, which is where rents rose the most during the boom time. The commercial property market is likely to be one of the first sectors to recover out of recession.
A virtual office provider in the North East has enjoyed a fruitful first few months as companies seek an affordable way to do business in the recession.
Office Matters, who are based in Belmont, Durham offer services such as call handling and mail handling, to companies that either cannot afford or choose not to reside in an physical office. Their clients can use office space, meeting rooms and conference rooms on ad ad-hoc basis. Despite the company only forming earlier this year, they already have 12 staff in place as well as a wide selection of clients.
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Rental prices in the office space market have been falling since the start of the recession. Some areas have faired worse than others, for example the West End has seen the most significant falls – up to 40% down on the peak levels achieved before the credit crunch. As capital values fell and demand for workspace weakened, the market quickly fell heavily on the side of the occupier. Traditional tenants could barter for strong incentives such as rent free periods, while serviced clients were presented with rents for as little as £1.
This has meant that although many of the major providers, such as Regus, have grown during the recession in terms of the number of workstations that have been rented out as well as boosting profits significantly, profit gains possibly may not have been as high as they might have been if rental values had held up. Of course, if you are looking for office space, there is no better time to be shopping around. When a market has hit rock bottom, there will always be people looking for a bargain. And serviced offices offer unquestionable value for money, as well as flexibility.
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