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Entries Tagged as 'UK Office Space'

UK Encouraging Companies to Provide Flexible Work for Office Employees

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The UK department of Transportation is starting to encourage companies to find way to work away from the office.  Their report, Alternatives to Travel: Next Step, deals with not only business travel, but also to commuting by office space workers.

The forward begins: 

"When people look back on the early years of the 21st century they will no doubt puzzle over a curious anomaly. 

Ours is an age that has given rise to communications technologies of dazzling sophistication. An era that did more than merely reduce the distance between A and B but, thanks to innovations like tele conferencing and instant messaging, removed it altogether. 

Yet, to date, our approach to alternatives to travel - whether working from home, staggering office hours, or using web conferencing - has not kept pace with the benefits available.  Most of us still take the same crowded bus or train to work with barely a nod to the freedom of flexible working or the versatility of the video conference.

 But the purpose of this report is not to press the case for any one method of travel.  It is not to argue that you should stay at home or invest in the latest gizmo.  Instead, it seeks to challenge inflexibility.  The insistence on doing things because that's the way they've always been done."

There are also an interesting case studies, including one on Microsoft employees in the UK, of which 90% work flexibly.

Over the past few years we have been seeing a fast change in workstyles and workplaces to meet those style.  I expect that to continue.

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Coworking office space , Flexible Workspace , Home Office , UK Office Space

The Most Expensive Office Location in the World

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According to their annual study of 105 office space markets, Knight Frank reports that London's West End has passed up Tokyo as the most expensive office space in the world. The cost to rent office space in the West End of London rose 31 % in 2010 to £90 per sq ft, nearly $150 USD per sq ft.  By comparison, Midtown Manhattan office rental is less that half of that at $65 per sq ft per year. Slower development and growth in the financial and media sectors has led to a drop in vacancy rates and increase in rental rates.
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London Office Space , Office Rental , Tokyo Office Space , UK Office Space

Good News on Office Space Recovery Continues

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Good news regarding the office space market seems to be abundant now-a-days. I was just reviewing my Google alerts for office vacancy and office space and came across quite a few positive headlines.  Here are a few:

Jobs will fuel an office market recovery
Michigan Business Review - MLive.com

Twitter hunts for Manhattan office space
The Real Deal New York (blog)

Dubai office occupancy set to go up
Zawya

Manhattan Business Center Expands by Opening Fourth Office Center
DigitalJournal.com (press release)

Record Occupancy Levels for Birmingham Office
officebroker.com (blog)

Brisbane office market bounces back
Queensland Business Review

Commercial real estate recovering
Daily Press

Key Economic Indicators Hint At Local Recovery
SF Weekly (blog)

Recession over--sort of--and recovery underway
STLtoday.com

Office spaces outside of CBD to yield higher rents due to growing demand
Channel News Asia

Amazon's Hiring Spree Will Fill 1.7 Million Square Feet of Office Space in Seattle
All Things Digital (blog)

Office take-up in Edinburgh increased significantly in 2010
Free Office Search

GSA posts 255,000 SF office space requirement
Washington Business Journal

Nordstrom leasing more space from art museum
Seattle Times

Liverpool hindered by a lack of grade A office space
Liverpool Daily Post

Not bad for just a week’s worth of news. Let’s hope this trend keeps going forward.

Commercial Real Estate , Manhattan Office Space , New York Office Space , Office Building Sales , Office Relocation , Office Rental , Office Space , UK Office Space

The Worlds Most Expensive Markets for Office Space for Lease

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Office space for rent costs worldwideLOS ANGELES, May 05, 2010 (BUSINESS WIRE) -- London's West End remains the world's most expensive office market, according to CB Richard Ellis Group, Inc. (CBRE) Global Research and Consulting's semi-annual Global Office Rents survey. Hong Kong's Central Business District (CBD) has risen to second place pushing Tokyo's Inner Central to third place. Mumbai is now in fourth position on the list while Moscow remains in fifth in the CBRE rankings, which tracks occupancy costs for prime office space in 176 cities around the globe.

Office occupancy costs measured in U.S. dollars are affected by changes in the dollar's value versus the respective local currency. Hence, office occupancy costs when converted into U.S. dollars are driven by both the local market dynamics of supply and demand, as well as currency changes.

"We have found that currency fluctuations play a big role with regard to where markets rank in the top 10 for office costs," said Dr. Raymond Torto, CBRE's Global Chief Economist. "However, the 'most expensive club' still includes the usual names -- London, Hong Kong and Tokyo."

The report also found that on a year-over-year basis, global occupancy costs are searching for a bottom, with the markets monitored revealing a collective drop of -4.6% worldwide over the 12-month period ending March 31, 2010. Larger markets experienced a slightly greater decline of -6.4%. The majority of markets (133) experienced a decline, with 33 of these markets registering double-digit percentage-point drops in office occupancy costs. 53 markets experienced annual increases in occupancy costs, generally smaller markets affected by quality shifts in key market assets...

... North America is led by Midtown New York, which posted an office occupancy cost of US$64.51 per sq. ft. While office occupancy costs in Midtown New York are high for North America, that market ranked just 26th globally.

North America saw a below-average decline of -3.3% (year-over-year), making the region the third weakest with falling occupancy costs in 51 out of 77 markets. The largest declines were in Calgary CBD (-24.9) and New York Downtown (-19%).

Top Ten Most Expensive Markets
-------------------------------------------------
(In US$ per SF per annum)              US$/SF/annum
  1.) London West End, United Kingdom     182.94
  2.) Hong Kong (Central CBD)             153.20
  3.) Tokyo, (Inner Central), Japan       143.99
  4.) Mumbai, India                       125.76
  5.) Moscow, Russian Federation          125.10
  6.) Tokyo (Outer Central), Japan        118.41
  7.) Paris Ile-de-France, France         113.23
  8.) London City, United Kingdom         110.07
  9.) Dubai, United Arab Emirates         108.92
  10.) Sao Paulo, Brazil                  100.00

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Bloggers note: It is interesting to see that the major US office space leasing markets are no where close to the top ten in office space rent costs. Midtown Manhattan is only just over 1/3 of the cost of number one London office space rental rates. The other interesting location in the top ten is Mumbai, India, still nearly double the cost of Midtown Manhattan.

 

London Office Space , Manhattan Office Space , New York Office Space , Office Rental , Office Space , UK Office Space

Volcanic Eruptions Lead to a 230% Increase in Video Communication in the UK

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April 23, 2010 - Regus, the world’s largest executive suite provider, has seen a 230% increase in video communication over the last week in the UK, helping to alleviate the problem of displacement and enabling business to continue as usual.

Since the situation began last Thursday, demand for virtual meetings has been unprecedented. Across Europe week-on-week demand increased by 180%, whilst on Monday calls to Regus call centres were 450% above the daily average.

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Executive Suites , Flexible Workspace , Office Space , Serviced Office Space , UK Office Space , Virtual Office Space