Newton Perkins Weekly Newsfeed
City of London's ever-changing skyline has had, what some would deem, a
relatively quiet few years compared to the boom years which saw the like of the
Cheesegrater, Walkie Talkie, the Willis building and Shard punctuate East
the ‘tower cluster’ sits primarily within the EC3 postal district, all those
within Newton Perkins office who wander amongst these giants on a daily basis
know things are soon to change. Several major City office schemes are now
beginning to soar. Significant office developments starting to appear include
The Scalpel, The Can of Ham, 22 Bishopsgate and 100 Bishopsgate. Some of these
schemes have already secured significant pre-lets which shows and proves great
sentiment in the London office market, particularly in these turbulent economic
and political times.
London the multi-use development cycle continues rapidly including Europe's
tallest residential building, stretching 236m into the sky.
of this gives us all every faith that London is still, and will remain, a
global hub for business and enterprise.
The City of London is ready to love ‘Shack’!
The City of London is eagerly awaiting the opening of one of
London’s so called coolest leisure venues. Puttshack is a social
entertainment concept using an innovative technology to transform mini golf - https://www.puttshack.com/
Puttshack currently has a successful operation at the Westfield
Centre, London and will be expanding to the City of London’s No.1 One Poultry
building. The building was developed by General Projects along with
architects, Buckley Gray Yeoman and was thoughtfully designed around the
evolving needs of today’s creative sector businesses. The scheme has
delivered 110,000 sq.ft of innovative Grade A offices and targets occupiers
within EC2, EC3 and EC4.
Coq d’Argent, the prominent D&D London operated restaurant
will remain on the highest floor and offers stunning views, whilst 25,000 sq.ft
of new retail and leisure activities will be offered at the ground and lower
Puttshack is a further example of a new concept to arrive in the
City of London which will energise the area as a dynamic hub.
Newton Perkins are looking forward to getting involved!
NP sees strong start to the year for small office take-up
Just when the
market for small conventional offices was starting to look a little bleak, 2018
appears to have brought about a fresh spell of strong demand. This will be
music to the ears of all landlords who have experienced somewhat of a drought
of interest in their small office floors, with serviced alternatives currently
very much on trend.
Many of our
friends and commentators in the market are quick to note that the extraordinary
serviced office take-up levels are not in fact a reflection of the number of
tenants’ occupying their space but rather of the activity of the providers
This is a fair
assertion; however, it’s also a reasonable leap to assume that these companies
are expanding as a result of strong demand for their offerings. Certainly our
first-hand experience when speaking to the smaller City Core occupiers is that
serviced offices are often, at least, a consideration.
previously commented on the merits of serviced offices (of which there are
many), however, the recent resurgence in interest for small conventional City
Core offices is not entirely unexpected. What is particularly interesting
though is that a lot of these occupiers are coming out of serviced offices.
Whilst this is a common trend amongst the small-medium sized occupiers (seeking
upwards of c.2,000 sq ft in what is often described to us as a ‘more grown-up’
office), we haven’t seen a noteworthy number of smaller tenants vacate to
conventional offices, until now.
aforementioned, our article about short-term opportunities sets
out some the possible reasons for this shift. It will be interesting to see
whether this trend continues throughout the year.
In the meantime,
we are hard at work filling our client’s buildings, having already completed 5
deals for floors of 500-2,000 sq ft in January and with a further 4 floors
within that size range under offer.
But it’s not
too late! We are currently still marketing the following small office suites
(of sub 2,000 sq ft).
63 Mark Lane
10 New Street
150 Fenchurch Street
65 Leadenhall Street
48 Gracechurch Street
Jamie or Nurcombe or Ali Porter for more information or to arrange a viewing.
The Crossrail project becomes the Elizabeth Line
With the first roundels being put up at certain central
London tube stations, the transport project once known as Crossrail is now
ever so close to its completion. Named after Queen Elizabeth II, the Elizabeth
Line will be in full operation come December 2019 when a rapid and direct
transport service will run to and from the City of London. The full impact on
the City of London office market is predicted to be game-changing.
The first new trains entered passenger service between
Liverpool Street and Shenfield in June 2017 and will eventually allow commuters
to travel across central London without changing trains. The City of London’s
enhanced connectivity will support the creation of thousands of new jobs and, therefore, increase demand for the office leasing market. A research briefing
by the City Corporation from 2015 estimated that by 2023, 63,000 jobs in the
City and the Isle of Dogs will be created as a result of the project. In
conclusion, the Elizabeth Line will boost the economy by £42bn overall and
reinforce London as a truly global city.
Newton Perkins are excited to see the transformation of
Watch the end to end journey here - https://www.youtube.com/watch?v=d-RzWLxPQCs
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