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DTZ

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2014 was a stellar year for the office portfolio of North West property company, Pin Property Consultancy.

In total, lettings amounting to 77,066 sq ft were achieved in their Birchwood office portfolio, equating to approximately 18% of the total take-up recorded for the wider Warrington area of 419,361 sq ft. This is strongest performance by any single landlord in the locality.

Pin currently has three office buildings in Birchwood: Rutherford House, Allday House and Washington House.

Imran Younus, Marketing Director at Pin Property Consultancy commented: “To achieve this level of success in 2014 is a real milestone and testament to the team’s hard work. We currently have three office buildings in the Birchwood portfolio comprising 160,000 sq ft which means we let 48% of our portfolio in 2014.

He continued: “We believe our pragmatic, tenant focused, ‘can do’ attitude is appealing to occupiers as demonstrated by our success. We look forward to welcoming more tenants to our Warrington portfolio in 2015. We will shortly be unveiling our plans for a further high quality refurbishment in the locality.”

DTZ and Altus Eileen Bilton acted for Pin.

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Take-up of commercial property in central London reached 1.5m sq ft in December, bringing the year-to-date total to 14.2m sq ft, according to research out today from DTZ.

The annual figure is 18% up on the 12 month total for 2013. Additionally, the 2014 total is above the pre-recession (2004-2008) average of 13.3m sq ft pa, and considerably higher than the post-recession average (2009-2013) of 11m sq ft.

Companies in the growing professional (29%) and tech, creative & new media sectors (27%) took the largest share of office space in 2014. Companies within the insurance & finance sector –  many of which upgraded their central London HQs in 2014 –  took 26%. Between them, these sectors acquired 10.3m sq ft.

There were year-on-year take-up increases in five out of six central London submarkets. Docklands saw the biggest increase in take-up, 1.2m sq ft transacted in 2014 (compared to 540,000 sq ft in 2013). Year-to-date take-up in the West End and Midtown reached 2.5m sq ft and 1.2m sq ft respectively (the same figures last year were 2m sq ft and 900,000 sq ft).

The City continued to be the most active market, with 6m sq ft let in 2014, compared to 5.4m sq ft in 2013. The only submarket to see a year-on-year fall in take-up was the North and West fringe (with annual lettings of 1.3m sq ft, compared to 1.6m sq ft last year).

There were seven transactions over 40,000 sq ft in December, the largest saw Google take 202,000 sq ft at 6 Pancras Square in King’s Cross. The next largest saw Coworking providers WeWork and Neuehouse each take 63,000 sq ft (at 199 Bishopsgate, EC2 and The Adelphi Building, WC2 respectively).

Central London availability in December 2014 was 9.5m sq ft, a slight decrease on the previous month, 28% down on the same period last year, and the lowest level recorded since 2001. Availability of new and newly refurbished offices is declining less rapidly, having fallen 18% year-on-year (to 4.7m sq ft).

All six central London submarkets saw year-on-year falls in availability. The biggest decrease was in the North and West fringe (which includes King’s Cross, where there have been a number of large pre-lets). Here, availability fell by 38% to 360,000 sq ft. Availability has fallen by 35% in the City (to 3.8m sq ft), 30% in the West End (to 1.9m sq ft), and 25% in Docklands (to 1.2m sq ft).

The amount of floor space under offer decreased in December 2014 (to 2.5m sq ft, from 3.2m sq ft in the previous month) but remained at around five year average levels.  There are five 50,000 sq ft plus units under offer at present.

The largest units under offer include 160 Aldersgate Street, EC1 where law firm DLA Piper is negotiating on 202,000 sq ft, 30 Gresham Street, EC2 where Investec is in negotiations to take 61,000 sq ft, and 2 London Wall Place, EC2, 60,000 sq ft of which is under offer to Cleary Gottlieb Steen & Hamilton.

Sophy Moffat, DTZ’s Senior Analyst, Central London Agency & Investment, said: “The recovery in the UK economy combined with low levels of development means the balance between demand and supply is now swinging in favour of landlords. As competition for space increases, rents will continue to rise.”

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Brad Johnson joins DTZ as a consultant based in Manchester. Brad was previously in energy and sustainability roles at Rotherham Metropolitan Borough Council and across the wider public sector in Kent including the County Council, the Police and Fire & Rescue services.

Andres Guzman joins DTZ as a senior consultant in London and was previously with the JLL Upstream Sustainability Team. Andres has over 6 years’ sustainability experience delivering energy management services and advising large organisations and real estate companies on carbon compliance and sustainability reporting.

Both Andres and Brad will report to Alan Somerville Head of Strategic Energy and Sustainability for EMEA. In their new roles, Andres and Brad will be working on an expanding portfolio of energy and sustainability projects for clients such as DTZ Investors, Schroders, St Modwen, Pinewood Studios, Infinis & Berkeley Homes.

Alan Somerville, Head of Strategic Energy and Sustainability for EMEA, says: “Andres and Brad are joining DTZ’s SES team at a very exciting time. Our EMEA energy and sustainability group is part of an expanding global DTZ capability. Within the UK specifically we have a wide range of investor, developer and occupier clients and are delivering some ground breaking projects. Our clients are driven by the desire to reduce energy costs, increase energy efficiency and improve investment returns from their assets.”

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Jeremy Rodale joins DTZ from Strutt and Parker as a Director in the firm’s South East Office Agency Team.

Jeremy will work with fellow Directors Jamie Renison and Stewart Barlow on disposals and acquisitions across the region for a range of landlords, developers and corporate occupiers.

Jeremy has fifteen years experience in the South East office market.  Prior to joining Strutt and Parker he spent three years at Donaldsons.  Jeremy has worked on high profile instructions including Enterprises House, Uxbridge, Uxbridge Business Park, Bedfont Lakes and Hyde Park Hayes as well as a number of schemes in the Blackwater Valley.

The team has also recruited Sarah Rees-Davies as a Senior Surveyor from Savills’ Cardiff office and DTZ’s Jeremy Smith has moved from the firm’s City Agency team to be an Associate Director within the South East Office Agency team. Jeremy has been at DTZ for twelve years and has seventeen years of experience in the industry.

Jamie Renison, Head of the South East Office Agency Team, says: “Jeremy Rodale has a raft of experience in the property industry and we are delighted to welcome him to the team alongside Jeremy Smith and Sarah Rees-Davies. These recruitments will enhance our South East Office Agency’s already outstanding client service and enable us to further capitalise on the market recovery.”

Over the last twelve months the team has advised on over 1m sq ft of transactions, including the acquisition of Flow for VMWare, 10 Hammersmith Grove for Fox International,  80,000 sq ft at Hatfield Business Park and have over 1m sq ft of active requirements.  The recent letting at Green Park to PepsiCo and appointment by Cathedral Group on the Record Store at The Old Vinyl Factory are two more successes they are looking to capitalise on.

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Brad Johnson joins DTZ as a consultant based in Manchester. Brad was previously in energy and sustainability roles at Rotherham Metropolitan Borough Council and across the wider public sector in Kent including the County Council, the Police and Fire & Rescue services.

Andres Guzman joins DTZ as a senior consultant in London and was previously with the JLL Upstream Sustainability Team. Andres has over 6 years’ sustainability experience delivering energy management services and advising large organisations and real estate companies on carbon compliance and sustainability reporting.

Both Andres and Brad will report to Alan Somerville Head of Strategic Energy and Sustainability for EMEA. In their new roles, Andres and Brad will be working on an expanding portfolio of energy and sustainability projects for clients such as DTZ Investors, Schroders, St Modwen, Pinewood Studios, Infinis & Berkeley Homes.

Alan Somerville, Head of Strategic Energy and Sustainability for EMEA, says: “Andres and Brad are joining DTZ’s SES team at a very exciting time. Our EMEA energy and sustainability group is part of an expanding global DTZ capability. Within the UK specifically we have a wide range of investor, developer and occupier clients and are delivering some ground breaking projects. Our clients are driven by the desire to reduce energy costs, increase energy efficiency and improve investment returns from their assets.”

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DTZ is congratulating its UK APC candidates for another 100% pass rate in the October and November exams.

30 DTZ members of staff sat their Assessment of Professional Competence (APC) exams in October and November and every single one passed.

In DTZ’s Birmingham office, Sally Peet of the Project & Building Consultancy team and Ed Holmes of the Rating team were among the successful candidates and are both now qualified surveyors.

The APC is an important milestone in the career of a chartered surveyor and the Final Assessment, a one hour interview, can be a notoriously nerve-wracking experience.

Colin Wilson, DTZ Head of the UK & Ireland, said: “We would like to congratulate all those who successfully passed their APC, this is a great achievement and testament to the candidates’ hard work and dedication. I would also like to extend a big thank you to all those who supported the candidates throughout the process – the Supervisors and Counsellors and all those who support DTZ’s Graduate Development programme.”

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DTZ is congratulating its UK APC candidates for another 100% pass rate in the October and November exams.

30 DTZ members of staff sat their Assessment of Professional Competence (APC) exams in October and November and every single one passed.

In DTZ’s Manchester office, Jonathan Brown of the Investment agency team and Daniel Barnes of the Office agency team were among the successful candidates and are both now qualified surveyors.

The APC is an important milestone in the career of a chartered surveyor and the Final Assessment, a one hour interview, can be a notoriously nerve-wracking experience.

Colin Wilson, DTZ Head of the UK & Ireland, said: “We would like to congratulate all those who successfully passed their APC, this is a great achievement and testament to the candidates’ hard work and dedication. I would also like to extend a big thank you to all those who supported the candidates throughout the process – the Supervisors and Counsellors and all those who support DTZ’s Graduate Development programme.”

135

DTZ is congratulating its UK APC candidates for another 100% pass rate in the October and November exams.

30 DTZ members of staff sat their Assessment of Professional Competence (APC) exams in October and November and every single one passed.

In DTZ’s Leeds office, Emma Bainbridge of the Public Sector Advisory team and Mark Holmes of the Office agency team were among the successful candidates and are both now qualified surveyors.

The APC is an important milestone in the career of a chartered surveyor and the Final Assessment, a one hour interview, can be a notoriously nerve-wracking experience.

Colin Wilson, DTZ Head of the UK & Ireland, said: “We would like to congratulate all those who successfully passed their APC, this is a great achievement and testament to the candidates’ hard work and dedication. I would also like to extend a big thank you to all those who supported the candidates throughout the process – the Supervisors and Counsellors and all those who support DTZ’s Graduate Development programme.”

146

DTZ is congratulating its UK APC candidates for another 100% pass rate in the October and November exams.

30 DTZ members of staff sat their Assessment of Professional Competence (APC) exams in October and November and every single one passed.

Andrew Gibson of DTZ’s Project and Building Consultancy team and Noel Gilroy part of the Professional Advisory Services team in DTZ’s Glasgow office were among the successful candidates.

The APC is an important milestone in the career of a chartered surveyor and the Final Assessment, a one hour interview, can be a notoriously nerve-wracking experience.

Colin Wilson, DTZ Head of the UK & Ireland, said: “We would like to congratulate all those who successfully passed their APC, this is a great achievement and testament to the candidates’ hard work and dedication. I would also like to extend a big thank you to all those who supported the candidates throughout the process – the Supervisors and Counsellors and all those who support DTZ’s Graduate Development programme.”

102

NFU Mutual, the landlord at No 1 Whitehall Riverside, has achieved some early success on the back of their continued investment in this prime Leeds office building.

Following the Grade A refurbishment of 34,000 sq ft of space arranged over two floors, the landlord has undertaken a contemporary refurbishment of the reception area, having spent in excess of £150,000. This has not only received some excellent feedback from existing tenants in the building, but some 8,000 sq ft is already under offer, with an announcement of the letting to a major corporate, expected shortly.

Paula Dillon of Bond Dickinson, who occupies space in the building, commented: “Whitehall Riverside provides first rate office space in a fantastic location. We at Bond Dickinson welcome the continued investment by NFU Mutual making what is already an excellent building an even better place for our business, our clients and our people.”

David Hidderley of NFU Mutual added: “Our continued investment in this building is testimony to the proactive asset management strategy we adopt in providing a very high quality working environment. Indeed, No 1 Whitehall Riverside is a trophy asset in our portfolio where we have already incorporated many sustainable features in the specification in order the building is future proofed for years to come.”

Richard Thornton from JLL, joint leasing agents with DTZ, said: “The very fact that we already have space under offer reflects current office demand for Grade A space in buildings such as Whitehall Riverside. With a good level of interest in the balance of the space we expect to make some announcements very soon.”

“This continued investment in the building ensures No 1 Whitehall Riverside leads the way within the hierarchy of business accommodation in Leeds. It is no surprise we are ahead of our business plan in respect of letting accommodation within the building,” added Eamon Fox from DTZ.