Google has been given the green light by planners for their occupation at the S2 office building at Argent’s King’s Cross Central scheme. The new office development will be wholly occupied by Google, after a 15 year lease was agreed on the 180,000 sq ft property. The rental figure is believed to be around the £55 psf mark – a discount on the average rent at the scheme (£75 psf) due to the plans not being submitted.

Business rates are generally the third biggest of outgoing costs for business, after salaries and rent. In some parts of London, business rates can be as high as £40 per sq. ft. This is a significant cost, but some businesses, such as charity and government organisations, are lucky enough to have relief from paying business rates.

It was revealed last month that Grosvenor, one of Britain’s largest property corporations, owned by the Duke of Westminster and his family, are putting in place contingency plans for another financial crash. This would mean Grosvenor could allow for a 40% drop in property values and the freezing of debt and transaction markets for 2 years, whilst still being able to pay out dividends to shareholders as usual. It was made clear by Grosvenor’s finance director, Nick Scarles that this was purely a safety net and not in response to evidence a crash in imminent.

Transport for London is one of the largest land and property owners in the central London. Historically, TFL’s strategy when it comes to property asset management of its portfolio has been virtually non-existent; however, due to a growing population, more capital is required to continue providing and expanding the service. It was revealed this week TFL have appointed its panel of developers for 50 of the 75 sites that are due to undergo redevelopments.

When it comes to purchasing commercial property there is a lot of risk involved, not only with regards to market, but also in terms of the condition of the property that is being purchased. There are certain checks that most experienced investors would do, and buyers will also have a solicitor doing due diligence, but at the end of the day, much of the information provided about the property upfront will be based on what the seller has provided. This is the reason warranties from the seller are often put in place. 

London’s office market has seen record levels of demand, far outweighing supply on offer. A lack of available space has led to rental peaks breaking records across the capital; St James has seen a rent of £185 per square foot, whilst sub markets such as SE1, Eastern Fringes and the City also have experienced rental levels on their highest levels ever.

Even though plans are constantly submitted for new commercial properties, the Central London property market is continuing to experience a gulf between supply and demand. This has resulted in knock on effects in the capital’s core markets, with the City experiencing some of the lowest vacancy rates in its history. The area has seen small, medium and large floorplates all experiencing a negative availability to take-up correlation; in the end of 2015, the City had approximately 35 percent less floor space available than the same time previous year.

–    50% of those surveyed admitted they would engage in a work place romance-    Those over 35 years old are more likely to start a relationship with a colleague –    Men are more likely to pursue workplace dating then women in the same role

Recent reports confirm that Aorland Holdings has now submitted plans for the skyscraper dubbed The Shard II.  As previously reported by Morgan Pryce, the 1 Undershaft building is set to be the tallest building in the City of London.

Last year on 12th December 2015, the UN Framework Convention on Climate Change (UNFCCC) adopted the ‘Paris Agreement’ at the 21st Conference of Parties (COP21).