In Q1 we spoke of unprecedented investment activity in the UK leisure property market. Now just six months into 2015 we have a clear picture of what is becoming a record year in M&A activity in the corporate leisure market too. To the end of June 2015 approx. £2.39bn of M&A activity has already occurred with visibility on a number of deals which is likely to take that total through £5bn by the end of the year.
There are currently around 1 million private rented households across London accounting for 30% of the city's homes. Since last year this number has risen by 32% and is predicted to continue to increase by around 20,000 over the next six years. The London living report examines the different types of renters in London and the product they demand. These households come in all shapes and sizes and the sector must cater for this diverse and ever changing group. We also examine how affordability constraints affect the choices of location and finally whether London is building enough rental stock to satisfy demand.
Activity continues at pace in the investment sector of the NI commercial property market Increasing investment appetite from UK institutional buyers Attractive gap between NI prime yields versus UK regional cities Approx. £142.5m of investments completed in H1 2015, plus over £90m in legals Several new requirements emerging in the office & retail sectors Prime office rents continue to rise with Belfast now at £15.50 psf Continued emergence of new entrants in the retail sector with strong demand from the food & beverage sector Irish Open & Tall Ships Festival to provide international profile for NI and boost the hotel sector across the region
Welcome to the Spring 2015 edition of IN_business. With the renaissance of UK regional cities, there are strong performance prospects for property outside London. Articles in this edition on regional investment across the commercial real estate sectors, and the sunny prospects for UK regional hotels, provide encouraging evidence for those broadening their asset mix in the country’s investment landscape. We also investigate two key issues for those investing anywhere in the UK market: the government’s upcoming review of Business Rates, and property occupiers’ changing attitudes to sustainability. Manchester’s emergence as a Northern powerhouse is confirmed by our IN_terview with Sir Howard Bernstein, Chief Executive of Manchester City Council providing some exclusive insights on devolution and the Council’s vision for the future of the city. In Birmingham we hear about the Paradise scheme, the city centre’s first major speculative office development for over seven years and look at the management challenges of the nearby Cube project. And finally, we feature the CBRE Women’s Network as it celebrates its tenth anniversary and ten years of progress towards gender equality in the property industry.
Take-up in Central London for May 2015 was 831,600 sq ft, a fall of 15% when compared to the previous month. Central London availability fell to 10.2 million sq ft in May, 33% below the 10-year average. Under offers reached their highest level since November 2000, standing at 4.5 million sq ft, 25% higher than the previous month. The largest deal to complete in May 2015 saw Arthur J Gallagher acquire 53,300 sq ft at 67 Lombard Street, EC3.