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Latest National Research
The Property Perspective, UK Offices : H2 2015
The report takes a detailed look at all the UK’s major regional office markets, focusing on movements in each location’s occupational and investment markets through the second half of 2015. To read more, download the report here.
In this fourth edition of CBRE’s Law in London report we consider how the challenges and opportunities facing London’s largest law firms are affecting real estate strategy.
This is underpinned and supported by our regular benchmark analysis of the CBRE Legal 100, which draws on data from four years' surveys.
The legal sector continues to experience significant change.
Cost reduction remains a major focus through strategies such as intensifying use of space and nearshoring. But increasingly law firms are focused on attracting and retaining the best talent. So a greater emphasis is placed on how space is used, and the look and feel of that space. We are seeing alternative workplace strategies and open play layouts becoming more widespread.
In the competitive London environment it will be the firms that can adapt that will survive.
Since our last release of yields in early March, the sector has had to contend with the broader issues of the impending EU Referendum and the Government’s failure to exclude the multiple landlord from the 3% SDLT surcharge.
That said, Brexit appears to be having little or no effect on investment volumes with the overwhelming demand/supply imbalance in the housing sector outweighing concerns regarding a possible Euro exit.
The pattern of platform creation continues with the 3 way partnership for the East Village development pipeline and Elephant & Castle between Delancey, APG and Qatari Diar having completed in March.
UK institutions remained active with M&G, LaSalle and Hermes all securing further schemes over the quarter in London, Birmingham and Manchester.
Indeed, Birmingham seems to suddenly be flavour of the month with Rockspring/Atlas also forward funding Pershore Street.
Whilst we have kept our yields unchanged over the quarter, the outlook remains positive and we expect to see a trend towards forward funding deals to mitigate the SDLT increase.