City rents rise as return to the office drives up demand for prime locations Property Available office space in London’s most sought-after areas has slumped to near record lows as businesses continue to reverse pandemic-era working from home rules. According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.3 per cent in the West End Core – which includes Mayfair and St James’s [...]
Wework: UK firm owes almost £840m to bankruptcy-hit US owner Business The UK arm of troubled US co-working startup Wework lost almost £150m in the year before its parent company filed for bankruptcy. The division suffered a pre-tax loss of £147.9m in 2023, according to newly-filed accounts with Companies House. The latest figure comes after the arm racked up a pre-tax loss of £122.6m in 2022. [...]
Updated plans for City of London’s tallest skyscraper: 1 Undershaft Property Aroland Holdings has submitted updated plans for the City of London’s tallest skyscraper, 1 Undershaft. The new proposals, which will be validated later today, will deliver a comprehensive ground-floor redesign. The scheme, delivered by development manager Stanhope, aims to enhance St Helen’s Square with a more accessible and active public realm, such as a re-imagined [...]
Office Depot owner loses over £50m ahead of quitting UK thanks to working from home trend October 2, 2024 OT Group, the owner of Office Depot and the Spicers wholesale brand, lost more than £50m in the year before it revealed plans to quit the UK. The Greater Manchester-headquartered group has posted a pre-tax loss of £52.5m for 2023, having also lost £15.8m in 2022. Newly-filed accounts with Companies House also reveal that turnover [...]
Plans unveiled for major 54-storey skyscraper in the City of London September 12, 2024 Proposals for a new 240-meter-tall office building in the City of London’s eastern skyscraper cluster have been submitted for planning approval. The 54-storey 99 Bishopsgate scheme, filed earlier this week by developer Brookfield Properties, represents a key development in the Square Mile’s skyscraper boom as the area around Bishopsgate and Gracechurch Street undergoes a transformation [...]
‘Critical growth hub’: Hedge funds drive demand for office space in London July 19, 2024 Over $13.1 trillion (£10.4 trillion) in assets are managed in London, and the capital has remained the world's second-largest centre for hedge funds and private equity firms globally after New York.
Helical slashes dividend despite London lettings and development progress July 17, 2024 Progress in flagship central London office developments and the successful lettings of three Aldgate East spaces has led office specialist Helical to underline its confidence it has in the capital's office market despite having to slash its dividend.
GSK moves into New Oxford Street office in boost for central London July 16, 2024 GSK has opened the doors to its new West End office - called the Earnshaw.
Demand for office space in the City of London jumps as firms return July 4, 2024 Stuart Lawson, a director in Savills’ Central London Agency team, said: "The first half of 2024 has demonstrated positive progress in the City of London's office market, following on from a strong 2023.
Workspace: Flexible office provider calls market bottom as workers return to the City June 5, 2024 Flexible office provider Workspace said its “future is bright” after it revealed a 8.7 per cent increase in profit for the year to March.