Demand for serviced office space in Yorkshire and Humberside has experienced an increase. Enquiries from businesses increased by 25% from last year’s figures, with 2009 figures showing a 7% decrease.
The economy has thankfully seen a recovery, though it has been slow to turn around. This recovery coupled with a growing interest in the commercial property market has given much relief to the 225 serviced office providers that reside in Yorkshire and Humberside.
The Irish Times have reported a steady increase in demand for office space in Dublin, Republic of Ireland.
The reasons for the increase have been attributed to a recovering economy, but also the new advantages available to tenants such as break options and better value deals. The city’s office space market had been at a stand-still for the past six months as now more companies are on the search for prime office space, mainly in the docklands and south of the city. (more…)
BUPA International, the private health-care provider, have agreed terms on a major new office space lease in Brighton.
They have ended a slow period in the Brighton office space market by agreeing terms on 45,000 sq ft at Victory House, Trafalgar Place. BUPA have signed up to a 15-year lease for about £21.50 per sq ft, with a 10-year break. (more…)
The Triangle, a business centre in Manchester, has successfully signed five new tenants for serviced office space.
The business centre in Manchester city centre will now be occupied by design agency Detail Creative, building services firm Futureserv, programming recruitment company TM Silver Recruitment, Oke Hypnotherapy & Life Coaching and Azimi Hypnotherapy.
The Triangle is run by Forsyth Business Centres, who look after the 31,000 sq ft space on behalf of Aviva. (more…)
A new report shows that Tokyo, Japan is the most expensive city to rent office space in. The report shows the average cost of opening an office in Tokyo is around €1,441 per square metre per year.
Tokyo has beat Hong Kong as the most pricey location to open up office space. Hong Kong was also beaten by London‘s West End. Prices for office space in Hong Kong have fallen to €1,207 per square metre per year. (more…)
An office space development in West Bromwich has been forward purchased by Invista Foundation Property Trust for a reported £15 million.
The development is set to be completed in August 2011 and is subject to conditions which are being set within the next three months time. Invista plan to let the property near Birmingham to BT for a 15-year lease, on an initial £1.2 million per year rent. (more…)
With residential property rents rising, tenants and developers are taking unusual steps to turn office space into living space according to a report in The Independent.
Offices are ideal places for work and business, however overall they’re not famed for their cosiness! Carpet tiles like sandpaper, dull, paper thin walls and fluorescent lighting aren’t anyone’s idea of home normally. But reports show that both commercial property owners and prospective residential tenants are having to be a little bit creative. (more…)
Prupim have bought a development in Westhill, Aberdeen, the largest commercial development sale in Aberdeen for around two years.
They paid £36 million for the development, reflecting a net initial yield of 7.1%. The development was completed in October 2008, and is currently the headquarters for construction and engineering company Acergy UK, who have a 20 year lease on the site.
Stewart Milne Developments sold the site to Prupim and were represented by Ryden, whilst Lewis Ellis represented Prupim. (more…)
Planning approval has been received for the redevelopment of Elisabeth House in Manchester city centre. The development is run by The Greater Manchester Property Venture Fund (GMPVF) and Argent. Elisabeth House will then be renamed One St. Peter’s Square as part of the scheme.
Now that Manchester City Council have granted the planning permission for the development, work can begin on the proposed 270,000 sq ft site, which will feature ample office space, as well as cultural and public areas. It will also include a double height reception area, allowing for a fantastic view of the newly redeveloped area. (more…)
Ignis House in Glasgow has been sold by Redevco to PRUPIM for £29 million. The building houses office space of around 90,000 sq ft and is currently occupied by both upper floor offices and retail units below for Superdrug and Costa.
The sale will provide an initial net yield of 6.75% for Redevco. The building itself is located in the business district of Glasgow and is primly located for any business. (more…)