CB RICHARD ELLIS RESEARCH AND CONSULTING. Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS

Size: px
Start display at page:

Download "CB RICHARD ELLIS RESEARCH AND CONSULTING. Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS"

Transcription

1 CB RICHARD ELLIS RESEARCH AND CONSULTING Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS August 2010

2

3 TABLE OF CONTENTS Foreword 4 Introduction 5 Corporate Tax Rates 6 Rents 7 Capital Values 8 Market Size 9 Annual Take-Up 10 Availability of Accommodation 11 Lease Structures 12 Other Influencing Factors 12 Transport Links 13 House Prices 14 Availability of Labour 15 Summary , CB Richard Ellis, Inc. Office Market - A Comparative Analysis August 2010

4 Office Market - A Comparative Analysis FOREWORD Over the last decade, a number of large multi-national organisations have established operations in Ireland. CB Richard Ellis has been at the forefront in conducting searches and securing premises on behalf of many corporate occupiers looking to set up operations here. There are many reasons why these companies choose to locate their European headquarters in Ireland and more specifically in Dublin. These include our strategic location within Europe; the fact that we are English-speaking and Euro-denominated; the availability of skilled labour and probably of most significance our favourable rate of corporation tax. In most cases, corporate occupiers consider a number of cities before ultimately choosing to locate in Dublin. Guy Hollis, Managing Director, CB Richard Ellis, Ireland In this report, we take a look at some of the cities that Dublin typically competes directly with for office occupiers, looking at the factors that occupiers typically consider when making location decisions, the reasons why Dublin loses potential investments to other cities and the factors that bode well in terms of attracting more foreign direct investment to our capital city over the next number of years. August , CB Richard Ellis, Inc.

5 INTRODUCTION All trading profits from corporate organisations in Ireland benefit from a corporate tax rate of 12.5% and there are no restrictions on repatriation of earnings, capital, royalties or interest. Many organisations cite the ease of doing business and the availability of a highlyeducated and skilled labour force as their ultimate reasons for locating their businesses in the Republic of Ireland. The reality however, is that the favourable rate of corporation tax is the main attraction enticing corporate occupiers to set up operations here and over the last number of years this has counter-balanced the anti-competitive costs of locating and doing business in the jurisdiction. For many years, wage costs and occupation costs in Dublin have been considerably higher than in many other cities that we have competed directly with for office occupiers, many of which also boasted better transport and broadband infrastructure. In some cases, these excessive costs have resulted in Dublin losing potential investment to other competing cities such as Birmingham, Manchester or Glasgow. In the majority of cases however, corporate organisations have bitten the bullet, paid the higher occupation and wage costs and forfeited the better infrastructure and quality of life on offer in other locations on the basis that the 12.5% corporation tax rate prevailing here justified their location decision. We are now in a very different climate and Ireland has become more competitive. In addition to having assurances from the Irish Government that the prevailing 2010, CB Richard Ellis, Inc. 5 rate of corporation tax won t be changed and that EU tax harmonisation is not an immediate threat, we have seen both wage costs reducing and occupation costs falling dramatically over the last 18 months. With the rate of unemployment in the Republic now in excess of 13.5% and continuing to edge upwards, there is now a ready supply of labour available for potential occupiers. In addition, new legislation has introduced both upwards and downwards revision clauses in commercial leases, which is a significant competitive advantage for potential occupiers signing leases in the current climate. All of this makes Ireland a much more attractive location option for corporate occupiers and should boost our chances of attracting a greater share of foreign direct investment going forward. However, it is important to look at the office locations that we continue to compete directly with for occupiers to determine how they compare in the current climate and to establish what lessons we can learn to maximise our chances of securing as much investment as possible over the next few years. In this report, we have specifically considered the cities of Manchester, Birmingham, Edinburgh, Glasgow, Belfast and Amsterdam on the basis that many of the corporate entities that have set up operations in the Republic in recent years have also considered locating in these cities. We have referred to the specific dynamics of the office markets in these cities, looking specifically at rents and occupation costs as well as considering other factors that corporate occupiers would typically consider when making location decisions. Over the last number of years, the favourable rate of corporation tax in the Republic has counter-balanced the anti-competitive costs of locating and doing business in the jurisdiction. Office Market - A Comparative Analysis August 2010

6 Office Market - A Comparative Analysis CORPORATE TAX RATES One of the main reasons corporate organisations choose to locate in one jurisdiction over another is the rate of corporation tax prevailing in that country. For this reason, it is not surprising that Dublin has accounted for a greater proportion of foreign direct investment and office letting activity than other competing cities over the last decade, considering that the rate of corporation tax prevailing in the Republic is 12.5%, compared with 25.5% in the Netherlands and 28% in the UK. There are plans to reduce corporation tax in the UK over the next few years. In addition, a UK parliamentary committee are to consider reducing this tax in Northern Ireland in an effort to enable the region to compete effectively with the Republic. For the meantime, however, Dublin has a significant competitive advantage in this respect. August , CB Richard Ellis, Inc.

7 RENTS Aside from tax issues, one of the primary factors influencing occupier s location decisions is the cost of renting suitable accommodation in the cities in which they are considering locating. In comparing prime office rents across the cities we reviewed for the purposes of this report, it is perhaps not surprising to hear that prime office rents in the Dublin market were considerably more expensive than in most of the other competing cities over the last 10 year period. To some extent, it could be argued that the specification and quality of the office buildings being marketed in Dublin were superior to those on offer in other competing cities, as is the case in the industrial property market. However, on its own, build and design quality would not account for the significant differential in office rental costs between Dublin and the other cities. While prime office rents in Dublin were running at an average premium of approximately 25% over competing cities at the beginning of the decade, this increased to a massive premium of approximately 65% in Q4 2008, when prime office rents in Dublin were quoting in the order of 65 per square foot or 675 per square metre. Rental costs in Dublin are still approximately 10% more expensive than the average rent being quoted for prime office accommodation in cities Dublin competes directly with for potential office occupiers , CB Richard Ellis, Inc. 7 per Sq M per annum - Q Q While rents in all competing cities have fallen over the last two year period, the most significant decline in headline quoting rents has occurred in Dublin, where the peak-to-trough decline in prime office rents has been a dramatic 44% according to our research. Prime office rents have now stabilised at approximately 35 per sq ft or 376 per square metre in the Dublin market. It is encouraging that Dublin office rents are now more competitive relative to other competing cities as this may encourage more occupiers to locate here. However, rental costs in Dublin are still approximately 10% more expensive than the average rent being quoted for prime office accommodation in Amsterdam, Birmingham, Edinburgh, Manchester, Belfast and Glasgow cities Dublin competes directly with for potential office occupiers. Interestingly, over the last decade, when Dublin office rents have been trading at a significant premium to other competing cities, office rents in Belfast have been trading at an average discount of 50% to other competing locations. With prime office rents in Belfast currently approximately 60% cheaper than in Dublin and wage costs considerably lower, this undoubtedly poses a threat to the Dublin office market, particularly if in the future, corporation tax in Northern Ireland is reduced to make it more comparable with the Republic, as is proposed. Prime Office Rents - Dublin vs Competing Cities Q Q Q Q Q Dublin Amsterdam Birmingham Q Q Q Q Q Edinburgh Glasgow Q Q Q Q Manchester Belfast Q Q Q Q Q SOURCE: CBRE Research Office Market - A Comparative Analysis August 2010

8 Office Market - A Comparative Analysis CAPITAL VALUES Most corporate entities setting up operations in a new jurisdiction choose to rent their premises as opposed to purchasing buildings, a trend that we have certainly seen in the Irish market over the last decade. However, it is interesting to compare the cost of purchasing buildings in the various cities that Dublin competes with for foreign direct investment. The cost per square metre of purchasing prime office buildings in Dublin was almost 60% more expensive than the average of other competing cities at the beginning of the last decade. (It could be argued that the specification of these buildings was of a very high standard, which would go some way towards explaining the higher rate per square metre as is the case in the industrial property market). The margin had reduced considerably by 2003 but climbed at an extraordinary rate in the period to 2008 when capital values for prime office properties in Dublin were running at more than twice the cost of the average cost in other competing centres, peaking at 18,000 per square metre in late In the same way that prime office rents in Dublin have fallen dramatically from peak, prime capital values have fallen hugely since the onset of the Prime Capital Values- Dublin vs Competing Cities , , , , , , , , , , Q Q Q Q Q Q Q Dublin Amsterdam Birmingham Q Q Q Q Q Q Edinburgh Glasgow Q Q Q Q Manchester Belfast latest downturn, with prime capital values in the Dublin market now just over 5,000 per square metre per annum, primarily as a result of the very rapid yield correction experienced in the Irish commercial property market over the last two year period. This represents a very significant improvement in competitiveness in a very short period of time. Rather than being more expensive than other locations, at current levels, the average cost of purchasing office accommodation in Dublin is approximately 4% less expensive than the average cost across the competing cities being reviewed. However, it must be remembered that capital values in the Dublin office market are still more than twice those in Belfast. Q Q Q Q SOURCE: CBRE Research The fact that prime office rents and capital values have becoming significantly more competitive coupled with the fact that wage costs have reduced considerably over the last two year period will boost Ireland s prospects of attracting an even greater share of foreign direct investment over the coming years. August , CB Richard Ellis, Inc.

9 MARKET SIZE It is interesting that the size of the office market in the Central Business District in Dublin is comparable to the various cities that we typically compete directly with for foreign direct investment. At approximately 2.1 million square metres, the size of the office market in Dublin city centre is just slightly bigger than the city of Edinburgh, both of which are approximately 25% bigger than cities such as Sq Metres (Millions) Size of CBD Office Market 2010, CB Richard Ellis, Inc Birmingham, Manchester, Glasgow, all of which have approximately 1.5 million square metres of office accommodation in their Central Business Districts. In comparison, there is approximately 1.25 million square metres of office stock in Belfast and approximately 1.17 million square metres of office accommodation in Amsterdam s central business district (with the vast bulk of the cities office stock located in the suburbs). Dublin Edinburgh Manchester Birmingham Glasgow Belfast Amsterdam SOURCE: CBRE Research Office Market - A Comparative Analysis August 2010

10 Office Market - A Comparative Analysis Sq M (Millions) ANNUAL TAKE-UP Annual take-up in the Dublin office market is considerably higher than in other competing cities of a similar size, with approximately 5.7% of the office stock being let on an annual basis. Annual CBD Letting Activity as % of Total Stock % 3.8% 5.9% 4.0% Dublin Edinburgh Manchester Birmingham Glasgow Belfast Amsterdam 4.0% Average take-up in the Dublin city centre office market in the period was approximately 115,000m 2 per annum while annual average take-up in the Greater Dublin area generally in the period was 168,400m 2. In comparison, annual average office takeup in Manchester city centre over the same period was approximately 88,000m 2 and average annual take-up in Edinburgh city centre was 73,500m 2 compared to approximately 60,000m 2 of lettings per annum in both Birmingham and Glasgow. In comparison, average annual take-up in Amsterdam s central business district in the period was just less than 50,000m 2 while annual average take-up in Belfast city centre was approximately 35,000m 2 per annum. 2.0% 4.0% SOURCE: CBRE Research With at least 50% of annual take-up in the Dublin office market emanating from overseas occupiers, it is clear that the city has achieved its fair share of foreign direct investment and in turn office letting activity over the last decade. The challenge from this point is to continue to sustain this momentum and attract a large proportion of investment projects as this is vital to create much-needed employment in the general economy. From a property perspective, letting office premises to corporate occupiers who are not in turn attempting to re-let their previous premises is particularly desirable as it creates net absorption and helps to reduce the vacancy rate. Annual take-up in the Dublin office Sq M Annual Average Office Take-up - Dublin vs Competing Cities , , ,000 80,000 market is considerably higher than in other competing cities of a similar size. 60,000 40,000 20,000 0 Dublin Manchester Edinburgh Birmingham Glasgow Amsterdam Belfast SOURCE: CBRE Research August , CB Richard Ellis, Inc.

11 AVAILABILITY OF ACCOMMODATION The vacancy rate in the Dublin office market is currently at an all-time high, with approximately 19% of office accommodation in the CBD currently being marketed as available to let. A large proportion of the office accommodation which is being marketed in Dublin comprises older accommodation that is being put on the market as companies move to newer accommodation to take advantage of current market conditions or floors in part-occupied buildings that have come available as companies have rationalised operations. Despite the vacancy rate, there are currently only 5 buildings in the Central Business District in Dublin that could accommodate a requirement for 5,000m 2 of office accommodation from a corporate occupier. In contrast, there are currently approximately 7 buildings in Manchester that could accommodate a requirement of this size and 6 buildings in Glasgow, where vacancy rates are currently 15.2% and 12.2% respectively. 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% CBD Office Vacancy Rate Q , CB Richard Ellis, Inc In Edinburgh city centre, where the vacancy rate is approximately 13.5% at present, there are 4 buildings available that could accommodate a 5,000m 2 requirement. There are currently only 3 buildings in Belfast and 3 in Birmingham that could accommodate this requirement. The vacancy rate in Amsterdam South, the city s CBD, is just less than 13% at present and there are approximately 4 buildings available that could accommodate a 5,000m 2 requirement. With development pipelines in all office markets severely compromised as a result of the credit crunch, the supply of modern office accommodation in many cities will continue to dwindle over the course of the next few years which may result in many corporate organisations having to locate in refurbished accommodation as opposed to new build. Dublin City Council have recently put restrictive caps on the height of buildings going forward. As this does not apply in the other cities, it may impact on Dublin s ability to attract some occupiers over the next few years. 7 Dublin Birmingham Manchester Edinburgh Amsterdam Glasgow SOURCE: CBRE Research Office Market - A Comparative Analysis August 2010

12 Office Market - A Comparative Analysis LEASE STRUCTURES With the exception of Amsterdam where leases are typically for between five and ten years with an option to extend for another 5 years, leases in the UK and Ireland tend be longer with year leases with break options at specified points in the tenancy being the norm. In the past, 25 year leases were commonplace in both the UK and Ireland but the trend is now moving increasingly towards the European norm of shorter leases. Rents in Amsterdam are generally reviewed annually in line with indexation as opposed to the UK and Ireland, where rents are generally reviewed to open market every five years. A key change in the Irish market was signed into legislation in 2010, to ensure that all new leases signed after March 2010 contain a provision that rents can be reviewed both upwards and downwards on review. This is in contrast to the UK where rents are predominantly reviewed on an upwards only basis at review. While there are problems with the legislation as implemented in Ireland, the ability to review rents downwards on review is proving attractive to potential corporate occupiers and this to some extent could prove a competitive advantage for Dublin over other competing cities. However, in many cases, landlords are agreeing to follow the European and US norm and adopt an inflation-linked review mechanism to satisfy demand from potential occupiers. Rent-free periods are a common incentive being offered by landlords in the current market. Having reviewed all of the cities we are considering as part of this analysis, there doesn t appear to be a radically different range or value of incentives being offered by landlords in one market over another. In fact, even though the value of the incentive depends on the general market, the quality of the tenant signing the lease and the length of the term, two months rent free for every year of term agreed seems to be typical. 35 and 55 per square metre per annum compared with approximately per square metre per annum in the UK and per square metre per annum in Dublin. In addition, local authority charges (rates) have to be paid. In the UK and Ireland, this cost is borne by the tenant. Liability is calculated based on a rental valuation of the property and vary considerably from one local authority area to another. On average, rates can account for between 20% and 30% of the rent in both jurisdictions so is therefore a significant consideration for potential occupiers. In Amsterdam, the landlord pays approximately 55% of the property tax with the remainder payable by the tenant. The rate depends on the municipality the office building is located in. OTHER INFLUENCING FACTORS Outside of taxation and occupational issues that primarily dictate the location decisions of corporate occupiers, there are a myriad of other factors that organisations consider before choosing a location, all of which will have different weightings depending on the organisation. Relative wage costs will be the ultimate deal-breaker for some organisations while others may make a decision based on the quality of broadband infrastructure; the availability and cost of housing; the availability of specialist utilities; access to employees with specific educational qualifications or the quality of air access. In all markets, tenants also have to factor in service charges and local taxes. The typical service charge in a modern office building in Amsterdam ranges between August , CB Richard Ellis, Inc.

13 TRANSPORT LINKS Access to public transport infrastructure is obviously a significant issue for potential office occupiers in terms of getting their workforce to and from their premises. In this respect, occupiers looking specifically at Dublin have a particular preference for locating in office buildings in Dublin city centre as opposed to cheaper suburban schemes on the basis that the city centre is better served from a transportation viewpoint. In comparison to many of the other cities that Dublin typically competes with for office occupiers, transport infrastructure was severely lacking in the Irish capital ten years ago and one would have to conclude that some potential office investment was lost to competing cites as a result. However, with significant investment in public transport infrastructure over the last decade, Dublin city centre now offers infrastructure that is on a par if not superior to that available in other competing cities. Further developments over the coming years including the extension of the LUAS light rail system to Cherrywood in the south suburbs; connecting the Dublin city centre now offers infrastructure that is on a par if not superior to that available in other competing cities 2010, CB Richard Ellis, Inc. 13 existing city centre LUAS lines in the city centre; the development of Metro North connecting Dublin city centre with the airport and development of the Underground DART rail project will all serve to enhance Dublin s attractiveness in this respect, although some occupiers will understandably have concerns about disruption during the construction phase of all of these projects. While Dublin is relatively accessible in terms of air access, there is certainly room for considerable improvement in this area, which would further boost our chances of attracting more foreign direct investment, particularly from Central and Eastern Europe and Asia. In this regard, it is hoped that following the opening of Terminal 2 at Dublin Airport later this year, international air access will improve and this, in turn, will further improve Ireland s attractiveness as an office location. Office Market - A Comparative Analysis August 2010

14 Office Market - A Comparative Analysis Q = 100 HOUSE PRICES Another consideration for corporate entities looking to establish operations in a particular jurisdiction is average house prices and rents in the location as this is obviously relevant for their potential employees and has implications for wage rates. The extent to which house prices and rents in the Dublin market have declined over the last two year period has significantly improved competitiveness in this respect; with average house prices in the Irish capital now back to levels last seen in Dublin House Price Index Average House Price - Dublin vs Competing Cities , , , ,000 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q House prices in Dublin have fallen by as much as 45% from peak and rents are back about 25% on average. However, despite this, it is interesting to note that other than in Amsterdam, average house prices in Dublin are still as much as 30% higher than the average price of houses in the other cities, which clearly shows the extent to which Dublin housing was over-priced in relative terms during the last decade. SOURCE: PTSB/ESRI The extent to which house prices and rents in the Dublin market have declined over the last two year period has significantly improved competitiveness 100,000 50,000 0 Amsterdam Dublin Edinburgh Belfast Birmingham Manchester Glasgow SOURCE: CBRE Research August , CB Richard Ellis, Inc.

15 AVAILABILITY OF LABOUR While from a domestic economic perspective the fact that the unemployment rate in Ireland is now in excess of 13.5% is of huge concern, it is interesting to note that corporate occupiers actually view this in a positive light on the basis that there is a ready supply of labour available and at more competitive wage rates than was previously the case. Compared to the period , when the average rate of unemployment in Ireland was less than 4.5%, there are now more than 450,0000 persons unemployed in Ireland. The unemployment rate in Dublin is approximately 13.5%, compared to an average unemployment rate of 9.3% in the other cities that Dublin typically competes with for foreign direct investment. With the exception of Birmingham, which currently has an unemployment rate of 13.9%, the rate of unemployment in Dublin is considerably higher than in the other cities that it competes with directly for office occupiers. The availability of labour is certainly very encouraging for corporate entities looking to locate operations in Ireland, particularly considering the fact that Irish graduates The availability of labour is certainly very encouraging for corporate entities looking to locate operations in Ireland 2010, CB Richard Ellis, Inc. 15 % Ireland - Unemployment Rate % Jan-03 Apr-03 Average Unemployment Rate 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% generally tend to be more highly educated than in other countries. One of the key competencies required by many of the large organisations setting up operations in Europe is the ability to attract staff who can speak a range of languages and in this respect, Dublin s multicultural societal make-up has been hugely attractive. Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Birmingham Dublin Manchester Glasgow Amsterdam Belfast Edinburgh SOURCE: CSO SOURCE: CBRE Research Office Market - A Comparative Analysis August 2010

16 Office Market - A Comparative Analysis SUMMARY Over the last ten years, Dublin has attracted more than its fair share of foreign direct investment and corporate office occupiers from overseas. Much of this investment has been attracted here by the 12.5% corporation tax rate but there are a number of other factors which will further boost our attractiveness to corporate occupiers over the coming years and should be promoted. These include more competitive rents and occupation costs, lower wage rates and lower house prices. Much of the improvement in competitiveness has come about as a result of the recession and has been forced on us as opposed to us making a conscious decision to drive down the cost of doing business or setting up operations in Ireland. Although rents and occupation costs have reduced significantly over the last 18 months, we have to remember that costs in all of the cities we compete with directly have also declined, negating the effect. Although costs in many areas have fallen significantly, the cost of services and legal costs still remain relatively expensive and are off-putting for potential investors. Two of the most urgent requirements in order to boost foreign direct investment are further improvements to broadband infrastructure and improved air access. The challenge now is to continue to seek out opportunities to attract more foreign direct investment into Ireland and to maintain competitiveness once the economy starts to improve, as it inevitably will. August , CB Richard Ellis, Inc.

17 CONTACTS CB Richard Ellis DUBLIN Connaught House Burlington Road Dublin 4, Ireland +353 (1) BELFAST Imperial House Donegall Square East BT1 5HD +44 (0) , CB Richard Ellis, Inc. 17 Office Market - A Comparative Analysis August 2010

18 DISCLAIMER 2010 CB RICHARD ELLIS IRELAND Information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility top independently confirm its accuracy and completeness. Any projections opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by C Richard Ellis clients, and cannot be reproduced without prior written permission of CB Richard Ellis Ireland.

19

20

PROGRESS UPDATE. January 2015

PROGRESS UPDATE. January 2015 PROGRESS UPDATE January 2015 DISCLAIMER This presentation document (hereinafter "this document") has been prepared by Green REIT plc (the Company ) and Green Property REIT Ventures Limited ( Green ), the

More information

Q2 2015. Dubai Real Estate Market Overview

Q2 2015. Dubai Real Estate Market Overview Q2 2015 Dubai Real Estate Market Overview Dubai Market Summary Dubai s real estate market saw little change in the second quarter, with the slowdown in performance across all asset classes continuing,

More information

First Half Of The Year: How Bad? How Low Will It Go? Watch EC Postcodes. Twice As Much Available Space In The City Than A Year Ago

First Half Of The Year: How Bad? How Low Will It Go? Watch EC Postcodes. Twice As Much Available Space In The City Than A Year Ago Half Yearly Take-up 2005-2008 First Half Of The Year: How Bad? The first half of 2008 has been characterised by falling values, tighter lending restrictions, company downsizing and tumbling listed and

More information

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView Q4 212 CBRE Global Research and Consulting OFFICE STOCK 3.9 M SQ M OFFICE VACANCY 8.8% OFFICE TAKE-UP 68,5 SQ M COMPLETION 268, SQ M UNDER CONSTRUCTION.2% Y-O-Y GENERAL OVERVIEW

More information

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView H1 213 CBRE Global Research and Consulting OFFICE STOCK 4. M SQ M OFFICE VACANCY 1.5% OFFICE TAKE-UP 334, SQ M COMPLETION 152, SQ M UNDER CONSTRUCTION 7.8% Y-O-Y GENERAL OVERVIEW

More information

CB Richard Ellis HCMC Tenants Evening Q2 2011

CB Richard Ellis HCMC Tenants Evening Q2 2011 CB Richard Ellis HCMC Tenants Evening Q2 2011 28th June 2011 Presented by Chris Currie CB Richard Ellis Page 2 Recent Headlines HCMC Office Market Overview Q2 2011 Flight to quality Existing Grade A all

More information

Schroder Property Multi-let industrial estates: more than just your average manufacturer

Schroder Property Multi-let industrial estates: more than just your average manufacturer Schroder Property Multi-let industrial estates: more than just your average manufacturer July 201 For professional investors and advisers only Introduction Eleanor Jukes, Senior Property Research Analyst

More information

The resilience of the London property market Why London provides attractive opportunities for Commercial Property Investment

The resilience of the London property market Why London provides attractive opportunities for Commercial Property Investment The resilience of the London property market Why London provides attractive opportunities for Commercial Property Investment Anthony Epenetos The Lorenz Consultancy The Lorenz Consultancy Commercial property

More information

Property Topics & Guides. Rent Reviews Guide. www.officespace.co.uk

Property Topics & Guides. Rent Reviews Guide. www.officespace.co.uk 1 Property Topics & Guides - Copyright Introduction Rent Review clauses are a feature of most modern commercial leases which are granted for a term in excess of 3-5 years. The majority of rent review clauses

More information

Outlook for Australian Property Markets 2010-2012. Perth

Outlook for Australian Property Markets 2010-2012. Perth Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012

More information

Commercial Property Newsletter

Commercial Property Newsletter Commercial Property Newsletter November 2010 Inside: Irish Commercial Property Commentary UK Commercial Property Commentary - Irish Life UK Property Fund Information European Commercial Property Commentary

More information

rent reviews 1 ADB RENT REVIEWS www.adblondon.com Andrews Denford & Boyd have extensive experience in handling rent reviews on behalf of

rent reviews 1 ADB RENT REVIEWS www.adblondon.com Andrews Denford & Boyd have extensive experience in handling rent reviews on behalf of 1 ADB RENT REVIEWS www.adblondon.com rent reviews Andrews Denford & Boyd have extensive experience in handling rent reviews on behalf of clients and have handled a range of projects with a high degree

More information

West End of London Office Property Market Outlook

West End of London Office Property Market Outlook September 2011 West End of London Office Property Market Outlook Mark Callender, Head of Property Research, Schroders By contrast with the pedestrian recovery of the overall UK economy, the West End of

More information

Policy Response Buy to Let Tax Relief

Policy Response Buy to Let Tax Relief Savills World Research Policy Response Buy to Let Tax Relief Autumn 215 savills.co.uk/research In his May budget the Chancellor announced a limit on mortgage interest relief for buy to let investors in

More information

TO LET. Unit 1 Wharfside Business Park Kings Norton, Birmingham.

TO LET. Unit 1 Wharfside Business Park Kings Norton, Birmingham. Unit 1 Warehouse Trade Counter Workshops Storage Units Property Location & Description is an established, mixed use facility located approximately 5miles South of Birmingham City Centre and 4 miles from

More information

Adelaide CBD Office Market

Adelaide CBD Office Market SPRING 2015 MARKET TRENDS Leasing demand strengthened in the year to July 2015, led by take up from the Government and regulatory authorities and Utilities, Mining and resources sectors. Supply additions

More information

The world s most expensive office location of 2015. Is document scanning one answer?

The world s most expensive office location of 2015. Is document scanning one answer? The world s most expensive office location of 201 Is document scanning one answer? 1 Contents I. The world s most expensive office location of 201 3 II. The ripple effect: costing up office space across

More information

ESRI Research Note FDI and the Availability of Dublin Office Space

ESRI Research Note FDI and the Availability of Dublin Office Space ESRI Research Note FDI and the Availability of Dublin Office Space David Duffy and Hannah Dwyer Research Notes are short papers on focused research issues. They are subject to refereeing prior to publication.

More information

Imperial College ThinkSpace

Imperial College ThinkSpace Imperial College ThinkSpace Leasing Terminology Head of lease terms The principal terms upon which the lease will be drafted are detailed within a single document, entitles the Heads of Lease Terms. These

More information

Property Times Europe Q3 2010 Short supply improves rental outlook

Property Times Europe Q3 2010 Short supply improves rental outlook 1999 2000 2001 2002 2003 2004 2005 2006 2007 2011 2012 2013 2014 Property Times Europe Short supply improves rental outlook 19 October Contents Overview 1 Market Statistics 2 Office Market Overview 3 Outlook

More information

Midtown, Soho & Southbank London Office Market Update Q2 2010

Midtown, Soho & Southbank London Office Market Update Q2 2010 EA Shaw 9 12 Bow Street Covent Garden London WC2E 7AB +44 ()2 724 2255 eashaw.com Midtown, Soho & Southbank London Office Market Update Q2 21 London property In brief Office markets continue to tighten

More information

GREATER COLUMBUS OFFICE MARKET OVERVIEW. Current Market Trends

GREATER COLUMBUS OFFICE MARKET OVERVIEW. Current Market Trends GREATER COLUMBUS OFFICE MARKET OVERVIEW Current Market Trends Over the past 12 months, overall market conditions have continued to improve. Vacancy declined, absorption remains positive and rental rates

More information

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success.

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success. Office Rents map EUROPE, MIDDLE EAST AND AFRICA Accelerating success. FINLAND EMEA Office Rents H2 212 NORWAY Oslo 38.3 5.4% 7.% 295, SWEDEN Stockholm 44.7 4.5% 3.% 5, Tallinn 13.4 44,2 21. 5.25% 1.% 12,

More information

London Market Snapshot October 2015 10/15

London Market Snapshot October 2015 10/15 London Market Snapshot October 2015 10/15 Global Macro Overview Global equities experienced their sharpest falls since 2011, with most major markets moving into correction territory (a fall of more than

More information

ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m

ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m 1 November 2007 0 DISCLAIMER NOT FOR DISTRIBUTION OR RELEASE IN THE UNITES STATES OR TO U.S. PERSONS This presentation

More information

Rebound after a slow start

Rebound after a slow start DTZ Research PROPERTY TIMES Rebound after a slow start Europe Office Q2 2015 28 August 2015 Contents Take-up 2 New office supply 3 Vacancy ratio 4 Prime office rents 5 Outlook 6 Definitions 7 3 million

More information

European office market recovery continues but at varying speeds

European office market recovery continues but at varying speeds The Jones Lang LaSalle Office Property Clock Q2 2013 European office market recovery continues but at varying speeds European Prime Office Rental Index continues upward trend Aggregate European leasing

More information

The Vietnamese Real Estate Market (in minutes)

The Vietnamese Real Estate Market (in minutes) The Vietnamese Real Estate Market (in minutes) What is really happening? Presented by: ADAM BURY Senior Manager, Research & Consulting CB Richard Ellis (Vietnam) Co., Ltd. Wednesday 21 st March, 2012 What

More information

Berlin Office MarketView

Berlin Office MarketView Berlin Office MarketView Q2 213 GDP Q1 GER +.1% Q-o-Q GDP Q4 GER -.6% Q-o-Q IFO BUSINESS CLIMATE INDEX 1.9 June 213 CBRE Global Research and Consulting GFK CONSUMER CLIMATE INDEX 6. June 213 UR BER 11.6%

More information

Briefing Office sector November 2014

Briefing Office sector November 2014 Savills World Research Beijing Briefing Office sector November 2014 SUMMARY Image: CBD area, Chaoyang district City-wide vacancy rates hovered at the lowest level in China despite the market receiving

More information

Yield Compression is evident in the prime end of the market

Yield Compression is evident in the prime end of the market MARKETVIEW Helsinki Metropolitan Area (HMA) Office, Q4 2014 Yield Compression is evident in the prime end of the market 0.9% (Nov Y-o-Y) 1.0% (2014 Y-o-Y) 8.8% (Dec) QUICK STATS ECONOMIC OVERVIEW Q4 2014

More information

CITY FLOOR REVIEW. A floor-by-floor analysis of the City office market Q1 2015

CITY FLOOR REVIEW. A floor-by-floor analysis of the City office market Q1 2015 CITY FLOOR REVIEW A floor-by-floor analysis of the City office market Q1 215 FIRST QUARTER REVIEW THE QUARTER IN NUMBERS Q ON Q Y ON Y Comment 374 floors available, totalling 2.9m sq ft 24 floors taken-up

More information

European office sector recovery continuing Divergence in speed and strength remains

European office sector recovery continuing Divergence in speed and strength remains The Jones Lang LaSalle Office Property Clock Q3 2013 European office sector recovery continuing Divergence in speed and strength remains European Office Rental Index decreases q-o-q Aggregate European

More information

The National Business Survey National Report November 2009 Results

The National Business Survey National Report November 2009 Results The National Business Survey National Report November 2009 Results 1 Executive Summary (1) 2 NBS results from November 2009 demonstrate the continued challenging conditions faced by businesses in England

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

Q3 2014. Cairo Real Estate Market Overview

Q3 2014. Cairo Real Estate Market Overview Cairo Real Estate Market Overview Cairo Market Summary The third quarter of 2014 saw further political stability as the regime proceeded with implementing its roadmap. Following the reduction of energy

More information

LONG INCOME FREEHOLD OFFICE INVESTMENT

LONG INCOME FREEHOLD OFFICE INVESTMENT LONG INCOME FREEHOLD OFFICE INVESTMENT REVERSIONARY LEASE TO CIVICA UK LIMITED EXPIRING ON 27TH SEPTEMBER 2033 ENTER INVESTMENT SUMMARY Attractive former mill building refurbished in 2001 providing good

More information

InvestIng In london commercial real estate

InvestIng In london commercial real estate InvestIng In london commercial real estate contacts gareth Williams Partner Property Department for Royds LLP Tel: +44 (0) 20 7583 2222 gwilliams@royds.com andrew cruickshank Tel: +44 (0) 020 7338 4434

More information

Midtown South Manhattan Office MarketView

Midtown South Manhattan Office MarketView Midtown South Manhattan Office MarketView CBRE Global Research and Consulting LEASING ACTIVITY 1.1 MSF NYC UNEMPLOYMENT RATE (DEC. 1) 7.5% NYC OFFICE EMPLOYMENT (DEC. 1) 1,6, U.S. GDP CHANGE (Q 1) 4.1%

More information

European office rental struggle amidst subdued demand

European office rental struggle amidst subdued demand The Jones Lang LaSalle Office Property Clock - Q2 2012 European office rental struggle amidst subdued demand The European rental index records a second successive modest fall (-0.2%) The European vacancy

More information

OUT OF TOWN NORTH LIVERPOOL CITY FRINGE OUT OF TOWN WAVERTREE

OUT OF TOWN NORTH LIVERPOOL CITY FRINGE OUT OF TOWN WAVERTREE LIVERPOOL COMMERCIAL OFFICE MARKET REVIEW 2013 WATERLOO NORTH LIVERPOOL BOOTLE CITY FRINGE KNOWSLEY ST HELENS CITY CENTRE RIVER MERSEY WAVERTREE LIVERPOOL CITY REGION MAP SOUTH LIVERPOOL SUMMARY Combining

More information

UK Property Market London & South East March 2011

UK Property Market London & South East March 2011 UK Property Market London & South East March 2011 Economic Background In January we reported that property yields had hardened substantially over the calendar year 2009 and that the UK stock market had

More information

COMMERCIAL LEASE TRENDS FOR 2014

COMMERCIAL LEASE TRENDS FOR 2014 COMMERCIAL LEASE TRENDS FOR 2014 Notes from a Presentation given by N B Maunder Taylor BSc (Hons) MRICS, Partner of Maunder Taylor The following is a written copy of the presentation given by Nicholas

More information

ARLA Members Survey of the Private Rented Sector

ARLA Members Survey of the Private Rented Sector Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Fourth Quarter 2013 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW December,

More information

Commercial Property Newsletter

Commercial Property Newsletter Commercial Property Newsletter July 2010 Inside: Irish Commercial Property Commentary - Irish Life Property Fund Information UK Commercial Property Commentary - Irish Life UK Property Fund Information

More information

Market Commentary Canberra Office

Market Commentary Canberra Office Market Commentary Canberra Office November 2015 Executive Summary A further strengthening in the Canberra office market has been recorded over 3Q15 with a total of 9,300 sqm of positive net absorption.

More information

2 The Braccans, London Road, Bracknell

2 The Braccans, London Road, Bracknell 2 The Braccans, London Road, Bracknell High Yielding Thames Valley Multi-let Office Investment INVESTMENT SUMMARY Bracknell is an established office market in the heart of the Thames Valley Bracknell will

More information

EMEA Office MarketView

EMEA Office MarketView EMEA Office MarketView 2014 CBRE Global Research and Consulting EMEA PRIME YIELD 7.9 BPS EU-28 VACANCY RATE 0.02 PP EMEA PRIME RENT 0.3% EMEA CAPITAL VALUE 1.8% TAKE-UP 17% TAKE-UP STILL SUBDUED BUT SOME

More information

March 13, 2006. Hon. Scott M. Stringer Manhattan Borough President 1 Centre Street New York, NY 10007. Dear Borough President Stringer:

March 13, 2006. Hon. Scott M. Stringer Manhattan Borough President 1 Centre Street New York, NY 10007. Dear Borough President Stringer: THE CITY OF NEW YORK INDEPENDENT BUDGET OFFICE 110 WILLIAM STREET, 14 TH FLOOR NEW YORK, NEW YORK 10038 (212) 442-0632 FAX (212) 442-0350 EMAIL: ibo@ibo.nyc.ny.us http://www.ibo.nyc.ny.us Hon. Scott M.

More information

1 To review the office market in Bakewell in the light of pressures for change from office to residential in town centre sites.

1 To review the office market in Bakewell in the light of pressures for change from office to residential in town centre sites. Page 1 5. THE BAKEWELL OFFICE MARKET (A610611/BT) Proposal 1 To review the office market in Bakewell in the light of pressures for change from office to residential in town centre sites. Within the context

More information

1 Bentinck Mews, London, W1U 2AL

1 Bentinck Mews, London, W1U 2AL Single-Let Office/ Residential Conversion Opportunity gva.co.uk/investment For Sale - Single-Let Office/Development Opportunity Executive Summary Virtual Freehold office of 2,758 sq ft (NIA) / 3,910 sq

More information

Commercial Property Investment Guide. Your guide to purchasing and managing a commercial investment property

Commercial Property Investment Guide. Your guide to purchasing and managing a commercial investment property Commercial Property Investment Guide Your guide to purchasing and managing a commercial investment property Contents Introduction 1 The benefits of commercial property investment 2 Why invest in property?

More information

Leasing activity drives new construction in Milwaukee

Leasing activity drives new construction in Milwaukee MARKETVIEW Milwaukee Office, Q3 2015 Leasing activity drives new construction in Milwaukee Vacancy Rate 15.5% Lease Rate $22.29 PSF Net Absorption 108,597 SF Under Construction 563,717 SF *Arrows indicate

More information

Bearford House, Hanover Street, Edinburgh EH2 2PJ FOR SALE HIGH QUALITY OFFICE INVESTMENT OFFERS OVER 1,600,000

Bearford House, Hanover Street, Edinburgh EH2 2PJ FOR SALE HIGH QUALITY OFFICE INVESTMENT OFFERS OVER 1,600,000 FOR SALE HIGH QUALITY OFFICE INVESTMENT OFFERS OVER 1,600,000 Investment Summary Total passing rent of 115,649 per annum Fully let offices located in prime city centre location Attractive offering of open

More information

Office Market Conditions Across the UK

Office Market Conditions Across the UK UK National Voice - Q4 21 Office Market Conditions Across the UK Signs of recovery in the UK office leasing market appeared during the second half of 21 with take-up activity up 75 in comparison with the

More information

RICS Global Commercial Property Survey Q2 2013

RICS Global Commercial Property Survey Q2 2013 Q2 2013 recovery story gathers pace as falters Further improvement in sentiment in both occupier and investment segments of real estate market The mood in the ian property market takes its lead from the

More information

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis Current Issues Note 27 By Yeukai Muchenje and Nick Ennis copyright Greater London Authority November 2010 Published by Greater London Authority City Hall The Queen s Walk London SE1 2AA www.london.gov.uk

More information

Outlook for Australian Property Markets Sydney

Outlook for Australian Property Markets Sydney Outlook for Australian Property Markets 2010-2012 Sydney Outlook for Australian Property Markets 2010-2012 Sydney Residential Stimulus and the confidence drives recovery Finance commitments to buy or construct

More information

Some of the Practical Implications of the Changes in The 1954 Landlord & Tenant Act

Some of the Practical Implications of the Changes in The 1954 Landlord & Tenant Act Some of the Practical Implications of the Changes in The 1954 Landlord & Tenant Act Introduction The 1954 Act must be one of, if not, the most successful pieces of property legislation produced in modern

More information

RICS Global Commercial Property Monitor Q2 2014

RICS Global Commercial Property Monitor Q2 2014 Simon Rubinsohn Chief Economist srubinsohn@rics.org +44 (0)207334 3774 RICS ECONOMICS RICS Global Commercial Property Monitor Q2 2014 * RICS Occupier Sentiment Index (OSI) is constructed by taking an unweighted

More information

NAI Houston Office Report First Quarter 2012

NAI Houston Office Report First Quarter 2012 NAI Houston Office Report First Quarter 2012 Houston: Office Report CITYWIDE OFFICE LEASING STATISTICS: ABSORPTION: Measure of Demand in Square Footage for Office Space Total net absorption for 2012 YTD

More information

Research Briefing. Rent Review Outlook. Spring 2009

Research Briefing. Rent Review Outlook. Spring 2009 Research Briefing Rent Review Outlook Spring 29 Rent Review Outlook Spring 29 Introduction Welcome to our Rent Review Outlook, which is produced at a time of major turmoil in the economy and the commercial

More information

Special Report Data Centers: Financing Strategies for Data Centers

Special Report Data Centers: Financing Strategies for Data Centers Special Report Data Centers: Financing Strategies for Data Centers AUGUST 2010 FINANCING STRATEGIES OVERVIEW Data Center projects present unique financing challenges. The highlyspecialized infrastructure

More information

THE NETHERLANDS OFFICE MARKET

THE NETHERLANDS OFFICE MARKET March 216 Contents 1. Office take-up 2. Office supply STATE OF AFFAIRS THE NETHERLANDS OFFICE MARKET 3. Office rents 4. Office investments Colophon Composed by Drs. R. L. Bak Data source NVM Data & Research

More information

Real Estate Finance. Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION?

Real Estate Finance.  Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? Real Estate Finance www.cbre.com/research THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? by Natale Giostra Head of UK and EMEA, Real Estate Finance INTRODUCTION The global financial crisis and the

More information

Northern Ireland CBRE. REVIEW OF 2012 Outlook for 2013

Northern Ireland CBRE. REVIEW OF 2012 Outlook for 2013 CBRE Northern Ireland www.cbre.co.uk/ni THE NORTHERN IRELAND PROPERTY MARKET - OUTLOOK 2013 By Brian Lavery, Managing Director, CBRE, Belfast and Marie Hunt, Executive Director, CBRE, Ireland REVIEW OF

More information

Quarterly Update January 2014. Lothbury. Review of 2013. Investment Management

Quarterly Update January 2014. Lothbury. Review of 2013. Investment Management Q4 Quarterly Update January 2014 Lothbury Property Trust Review of 2013 Investment Management Overview Lothbury Property Trust Fund Description Lothbury is an offshore Trust investing in UK real estate.

More information

LARGE OFFICE SPACE Where to find 5,000 sq m in Europe

LARGE OFFICE SPACE Where to find 5,000 sq m in Europe EMEA Office July 2015 LARGE OFFICE SPACE Where to find 5,000 sq m in Europe HIGHLIGHTS The availability of large office premises has reduced by 12% year-on-year Choice is limited - only 19% of options

More information

TO LET Ideal Starter Warehouse / Light Industrial Unit

TO LET Ideal Starter Warehouse / Light Industrial Unit TO LET Ideal Starter Warehouse / Light Industrial Unit WARWICK HOUSE BUSINESS PARK BANBURY ROAD SOUTHAM CV47 2PT Typical terrace frontage Unit 14 500 sq ft (46.37 sq m) Extensively refurbished former bathroom

More information

EMEA Office MarketView

EMEA Office MarketView EMEA Office MarketView 20 CBRE Global Research and Consulting EMEA PRIME YIELD 7.6 BPS EU-27 VACANCY RATE 0.11 PP EMEA PRIME RENT 0.5% EMEA CAPITAL VALUE 1.9% TAKE-UP 9.6% EMEA OFFICE MARKETS SET FOR IMPROVEMENT

More information

The Chartered Tax Adviser Examination

The Chartered Tax Adviser Examination The Chartered Tax Adviser Examination November 2014 Taxation of Individuals Advisory Paper TIME ALLOWED 3 ¼ HOURS The first 15 minutes is designated as reading time. During this time you may read your

More information

How important is Dublin to Ireland's recovery?

How important is Dublin to Ireland's recovery? Davy Research Davy Economics Monthly February 27 2015 How important is to 's recovery? DAVY VIEW In the February issue of Davy Economics Monthly, we examine the importance of to the Irish economy. accounts

More information

TO LET. GROUND FLOOR OFFICES WITH SHOWROOM 683 sq ft (63.45 sq m) Unit G2, Avonside Enterprise Park, New Broughton Road, Melksham, SN12 8BT

TO LET. GROUND FLOOR OFFICES WITH SHOWROOM 683 sq ft (63.45 sq m) Unit G2, Avonside Enterprise Park, New Broughton Road, Melksham, SN12 8BT TO LET GROUND FLOOR OFFICES WITH SHOWROOM 683 sq ft (63.45 sq m) Unit G2, Avonside Enterprise Park, New Broughton Road, Melksham, SN12 8BT LOCATION Melksham is a busy growing market town in West Wiltshire

More information

MORTEC OFFICE PARK, YORK ROAD, LEEDS MULTI-LET OFFICE INVESTMENT

MORTEC OFFICE PARK, YORK ROAD, LEEDS MULTI-LET OFFICE INVESTMENT MORTEC OFFICE PARK, YORK ROAD, LEEDS MULTI-LET OFFICE INVESTMENT INVESTMENT SUMMARY High quality, well-specified Business Park investment. Built/comprehensively refurbished in 1999/2000. Six modern purpose-built,

More information

Q2 2014. Cairo Real Estate Market Overview

Q2 2014. Cairo Real Estate Market Overview Cairo Real Estate Market Overview Cairo Market Summary The election of President El-Sisi with a huge majority and relatively little active opposition marks the next stage towards a return of political

More information

EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS

EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS EXAMINING THE EFFECT OF RISING INTEREST RATES ON NET LEASE REITS AUGUST 2013 INTRODUCTION The net lease market has been highly competitive for the first half of 2013 with buyers pursuing office and industrial

More information

DTZ Insight Public administration employment Major office markets weather the storm

DTZ Insight Public administration employment Major office markets weather the storm DTZ Insight Public administration employment Major office markets weather the storm 27 October 2010 Contents Introduction 2 Trends in office based employment 3 Impact on office markets 8 Appendix 1: Methodology

More information

Lents Town Center Mixed-Use Market Study Office Market Analysis Lents, Oregon

Lents Town Center Mixed-Use Market Study Office Market Analysis Lents, Oregon Lents Town Center Mixed-Use Market Study Office Market Analysis Lents, Oregon Portland Development Commission January 2008 Draft Copy 9220 SW Barbur Boulevard Portland, Oregon 97219 503.636.1659 www.marketekinc.com

More information

Green investment an asset value? Miles Keeping Director

Green investment an asset value? Miles Keeping Director Green investment an asset value? Miles Keeping Director Downloadable from www.greenleases-uk.com Agenda Making office buildings greener: How is it an issue? Why is it an issue? What are the effects of

More information

Real Estate Investment Trusts (REITs) The International Standard for Property Investment

Real Estate Investment Trusts (REITs) The International Standard for Property Investment Real Estate Investment Trusts (REITs) The International Standard for Property Investment What is a Real Estate Investment Trust (REIT)? A REIT is a listed company, used to hold rental investment properties.

More information

Healthcare will thrive on structural change

Healthcare will thrive on structural change United Kingdom Healthcare, March 2016 Healthcare will thrive on structural change 4.50% (4.50%) 4.50% (4.50%) 5.00% (5.00%) 5.50% (5.50%) *Arrows indicate yield direction. Previous quarter yields in brackets.

More information

Property Management Guide

Property Management Guide Property Management Guide 7a/87 King Street, Warners Bay NSW 2282 Phone: 4965 7299 Fax: 4965 7933 infowarnersbay@globalproperty.net.au Scale of fees Initial Costs Letting Fee Lease Preparation Fee Equivalent

More information

First Floor Office Space (255 Sq Ft) 13 St Mary s Street, Stamford,

First Floor Office Space (255 Sq Ft) 13 St Mary s Street, Stamford, First Floor Office Space (255 Sq Ft) 13 St Mary s Street, Stamford, First Floor Office Space, 13 St Mary s Street, Stamford General Information Planning The property has Use Class B1 (offices) Peterborough

More information

CENTRAL LONDON MARKET INSIGHT SERIES

CENTRAL LONDON MARKET INSIGHT SERIES CENTRAL LONDON MARKET INSIGHT SERIES Challenge 2025: The Growth Map for Central London 30 April 2014 WELCOME Adam Hetherington Managing Director, Central London AGENDA The Central London Market Kevin McCauley

More information

High Yielding Office Investment

High Yielding Office Investment High Yielding Office Investment 2 Alexandra Gate, Ffordd Pengam, Rover Way, Cardiff CF24 2SA On behalf of: Heron s Park Investment Ltd In Administrative Receivership gva.co.uk/6785 Investment Summary Cardiff

More information

In its Explanatory Memorandum to the Committee, the Department for Work and Pensions states that:

In its Explanatory Memorandum to the Committee, the Department for Work and Pensions states that: Joint response to SSAC consultation on The Housing Benefit and State Pension Credit (Temporary Absence) (Amendment) Regulations 2016 1 About us Housing Rights was established in 1964 and is the leading

More information

BUSINESS BRIEFING SELF STORAGE

BUSINESS BRIEFING SELF STORAGE BUSINESS BRIEFING VALUATION & ADVISORY A Cushman & Wakefield Valuation & Advisory Publication JANUARY 2015 SOLID YEAR AHEAD IN As we enter 2015, investors always ask about market expectations for the New

More information

MENA Office Markets. and their impact on CRE function. Craig Plumb Head of Research, MENA April 2013

MENA Office Markets. and their impact on CRE function. Craig Plumb Head of Research, MENA April 2013 MENA Office Markets and their impact on CRE function Craig Plumb Head of Research, MENA April 2013 Agenda 01 02 03 04 05 06 Regional Office Markets Dubai Market Update Summary of other MENA Markets Importance

More information

Q3 2015. Cairo Real Estate Market Overview

Q3 2015. Cairo Real Estate Market Overview Cairo Real Estate Market Overview Cairo Market Summary All sectors of the Cairo real estate market exhibited positive performance and improved sentiment during, with the office market signaling the most

More information

Scottish rents 1.6% higher than a year ago

Scottish rents 1.6% higher than a year ago Under embargo until 00:01 Wednesday 27 th May 2015 April 2015 Scottish rents 1.6% higher than a year ago Residential rents have climbed 1.6% year-on-year the fastest rate of increase since November 2014

More information

Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE

Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE Investment Summary Recently completed trade park scheme in an established

More information

TO LET. Modern Office Suites in comprehensively refurbished building. 62 Brandon Parade Holly Walk, Leamington Spa, CV32 4JE

TO LET. Modern Office Suites in comprehensively refurbished building. 62 Brandon Parade Holly Walk, Leamington Spa, CV32 4JE TO LET Modern Office Suites in comprehensively refurbished building 62 Brandon Parade Holly Walk, Leamington Spa, CV32 4JE First floor - 1,260 sq ft (117.05 sq m) Second Floor 1,500 sq ft (139.35 sq m)

More information

EXECUTIVE SUMMARY... 3 RETAIL BETTING OVERVIEW... 4 SECTOR EMPLOYMENT... 5 TURNOVER LEVELS... 5 SHOP NUMBERS... 6 TAXATION CONTRIBUTION...

EXECUTIVE SUMMARY... 3 RETAIL BETTING OVERVIEW... 4 SECTOR EMPLOYMENT... 5 TURNOVER LEVELS... 5 SHOP NUMBERS... 6 TAXATION CONTRIBUTION... Betting Industry EXECUTIVE SUMMARY... 3 RETAIL BETTING OVERVIEW... 4 SECTOR EMPLOYMENT... 5 TURNOVER LEVELS... 5 SHOP NUMBERS... 6 TAXATION CONTRIBUTION... 6 Average contribution to Exchequer... 7 PAYMENTS

More information

Cushman & Wakefield. Business appetite for sustainable property is on the rise

Cushman & Wakefield. Business appetite for sustainable property is on the rise Cushman & Wakefield Sustainability BRIEFING Business appetite for sustainable property is on the rise Business appetite for sustainable property is on the rise Before the downturn, sustainability was an

More information

UK commercial property prime rental values continue to increase.

UK commercial property prime rental values continue to increase. MARKETVIEW UK Prime Rent and Yield, UK commercial property prime rental values continue to increase. 164 3 23 6 *Arrows indicate change from previous quarter. Prime rental values increased by 1.3% in,

More information

Key contacts. EMEA Investor Intentions Survey 2015. www.cbre.eu. CBRE Research

Key contacts. EMEA Investor Intentions Survey 2015. www.cbre.eu. CBRE Research Key contacts For more information about this regional special report, please contact: Michael Haddock Senior Director, EMEA Research t: +44 7 182 3274 e: michael.haddock@cbre.com For more information regarding

More information

LAND TO LET. Flexible Terms Competitive Rent. Telephone: 0121 303 3935. www.birminghampropertyservices.co.uk

LAND TO LET. Flexible Terms Competitive Rent. Telephone: 0121 303 3935. www.birminghampropertyservices.co.uk www.birminghampropertyservices.co.uk LAND TO LET Flexible Terms Competitive Rent Telephone: 0121 303 3935 Birmingham Property Services, Birmingham City Council, PO Box 16255, Birmingham, B2 2WT Tel No:

More information

PROPERTY: COMMERCIAL AND INDUSTRIAL

PROPERTY: COMMERCIAL AND INDUSTRIAL PROPERTY: COMMERCIAL AND INDUSTRIAL This information sheet summarises the key issues in obtaining commercial and industrial property in the UK. The factors covered are: 1. Procurement options (leasehold

More information

UK Prime Rents and Yields MarketView

UK Prime Rents and Yields MarketView Q 2 Q1 2 Q1 2 Q 2 Q2 2 Q1 2 Q 2 Q 2 Q2 2 Q 2 Q2 211 Q 212 UK Prime Rents and Yields MarketView CBRE Global Research and Consulting RENTS - RISERS 2 YIELDS - FALLERS RENTS - FALLERS YIELDS - RISERS ACCELERATING

More information

Survey Of Office Occupiers. Changing Attitudes To Property Needs

Survey Of Office Occupiers. Changing Attitudes To Property Needs Survey Of Office Occupiers Changing Attitudes To Property Needs Business Legal Services One of the largest law firms in the UK, Irwin Mitchell provides a wide range of legal services to a diverse spectrum

More information