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Homes: new homes, green homes, any homes. In the three months since the new government was elected, one thing has become clear: Labour wants to see a seismic shift in [...]

If Jo Davis's parents hadn't fancied a child-free night out at the pub when she was younger, she might never have got into property. The Avison Young UK managing director, [...]

The UK's 9% median gender pay gap in 2023 means that for every pound a man earned, a woman in an equivalent role earned around 91p. The real estate sector's [...]

The 110-acre York Central redevelopment project aims to transform a disused storage and goods yard into a vibrant city quarter in York, England. The development will include parkland, 2,500 homes, and over 1 million square feet of commercial space. The project is being spearheaded by Network Rail Property and Homes England, and McLaren Property and Arlington Real Estate have been appointed as strategic developers. The developers are focused on creating a space that reflects the character of York, with an emphasis on smaller, local occupiers and businesses. The project also aims to incorporate arts and culture organizations into the new squares and prioritize sustainability, including exploring the potential for tapping into an aquifer for heat. The developers are under pressure to increase the proportion of affordable housing on the site from 20% to up to 40%. The first phase of the project is expected to be completed by early 2028, with the final phase scheduled for completion in 2035. [Extracted from the article]

The article discusses the issue of affordable housing in the UK and its impact on politics and society. It highlights the low number of homes being built compared to the target, with a focus on the disparity between the number of homes built in thriving neighborhoods versus low-income areas. Various experts and industry professionals provide their perspectives on the issue, calling for government-backed targets, planning reforms, increased funding, and sustainable solutions. The article also mentions the key policies of different political parties regarding housing. [Extracted from the article]

This article examines the gender pay gap in the UK's real estate sector, noting that while progress has been made, it remains slow. The current median gender pay gap in the sector is 9.4%, up from 8.2% in 2022. The underrepresentation of women in senior positions is identified as a contributing factor to the slow progress. However, many companies are implementing diversity and inclusion initiatives to promote gender equality, such as equitable hiring and promotion practices. Some firms, including Taylor Wimpey and Canary Wharf Management, have smaller gender pay gaps compared to others in the industry. The article emphasizes the importance of leadership and engagement in addressing gender pay inequality and highlights efforts to increase female representation in managerial roles and support female career progression. The article concludes by presenting data on the median gender pay gap in the real estate industry over the past few years. [Extracted from the article]

Last week, the government published a green paper paving the way for the development of a 10-year industrial strategy. It focuses on eight sectors: advanced manufacturing; clean energy; creative; defence; [...]

The UK real estate sector's offer of long-term income generation, risk-adjusted returns and liability-matching qualities has always been attractive to pension schemes. The problem is that the offer has often [...]

According to Property Week's analysis of property firms listed on the FTSE 100 and FTSE 250, property share prices rose by 19% year on year in the second quarter of 2024. Housebuilders saw particularly favorable share price increases, with Vistry's shares soaring by 79%. However, the student accommodation sector experienced declines in share prices, which could indicate a turn in the tide for the sector. Additionally, the article highlights the contrasting performance of different property companies, such as Workspace Group's significant share price increase and Great Portland Estates' significant decrease. [Extracted from the article]

The Real Estate Balance's 2023 equity, diversity, and inclusion survey results were presented to senior and junior members of the UK property sector. The survey captured the views of those under 35 or in the first 10 years of the sector on barriers to entry, inappropriate attitudes and behaviors, and the sector's pursuit of inclusivity. The survey revealed that 64% of respondents had experienced or witnessed inappropriate attitudes or behaviors in the workplace, including sexism, classism, ageism, and racism. Attendees discussed solutions such as anonymous reporting lines and representative EDI panels. The importance of accountability across supply chains and creating inclusive cultures in a hybrid working environment was also emphasized. [Extracted from the article]

How can the property industry improve its ability to recruit and retain a more diverse workforce? It feels like this question needs to be repeated more often than it should [...]

Retail parks have become a popular investment choice due to strong yields and accessibility, with major players like British Land making significant acquisitions. Competition for retail parks is high, with limited supply and increasing interest from investors. The sector's attractiveness is fueled by rising rental values and the flexibility it offers to occupiers, making it a sought-after asset class in the real estate market. [Extracted from the article]

Knight Frank's research highlights the importance of developing an asset sustainability strategy to meet the 2030 Minimum Energy Efficiency Standard (MEES) regulations in England and Wales. Currently, 70% of commercial property floorspace is rated below the required EPC 'B' rating, making it potentially unlettable. Sustainability pressures are already affecting the office market, creating an imbalance in supply and demand. Investors are advised to consider retrofitting strategies that incorporate future occupier requirements, such as green certifications and specific amenities. While retrofitting will need to double to meet the 2030 deadline, not all solutions require high capital expenditure or vacant possession of buildings. Understanding occupier demand for sustainable and amenity-rich buildings is crucial for future-proofing assets. The report also emphasizes the importance of amenities in attracting and retaining workers, with active travel facilities and mental health spaces being in high demand. The research suggests that supply currently meets demand only in the highest-certified buildings, presenting an opportunity for real estate firms to upgrade poor ESG-performing assets. However, amenity provision should align with certification strategies and the type of occupier targeted. Factors such as construction price inflation, floorplate efficiency, and timescales should also be considered in retrofitting projects. By delivering desirable buildings from an amenity perspective, landlords and investors can ensure the buildings are more lettable and help occupiers meet talent retention and ESG requirements. [Extracted from the article]

The Renters' Rights Bill, introduced to parliament, aims to make significant changes to the rental sector in the UK. The bill will abolish Section 21 evictions for all tenancies, mandate rent levels to stay at or below the advertised level, and increase the notice period for eviction from two to three months' arrears of rent. It also allows tenants to terminate a tenancy with two months' notice at any time, which has raised concerns among smaller landlords. The impact of the bill on investment in the industry and the balance of rights between landlords and tenants remains uncertain. [Extracted from the article]

Canvas Offices, a flexible workspace provider, plans to triple its footprint in London. The company, founded in 2013 by Israeli brothers Yaron and Oren Rosenblum, aims to take market share from major names like WeWork and IWG. Canvas Offices differentiates itself by offering customization and a homely feel in its locations, focusing on the mid-market and prime London locations. The company has grown steadily and hopes to expand globally in the future. Despite increased competition in the flexible office market, Canvas believes there is room for a variety of providers and sees competition as driving overall demand for flexible workspace. [Extracted from the article]

Organisations in all sectors have a duty of care towards employees, including their financial, physical and mental health - areas that are distinct yet closely interconnected. While employee financial wellbeing [...]

INVESTMENT Madeleine Knight The Wales Pension Partnership (WPP) has awarded a [pounds sterling]2bn real estate mandate to Schroders Capital and a separate [pounds sterling]500m mandate to CBRE Investment Management (CBRE [...]

INVESTMENT Madeleine Knight Abrdn has claimed the UK is leading the way in a global real estate recovery, with price falls for core assets now complete and residential, retail and [...]

Editor: In response to the Property Week article 'Al retains its hold on the property sector's hopes'--which revealed a rising confidence in the potential of artificial intelligence (AI) to support [...]

Sirius Real Estate has raised a further [pounds sterling]150m in its second fundraising, as it pushes ahead with its acquisition strategy. It is set to invest the proceeds into its [...]

Editor: Covid, Brexit, the infamous 2023 Autumn Budget, rising interest rates and now an election.... The UK real estate market can't seem to catch a break, and the first six [...]

It arrives as an annual reminder of the inequality that exists across the UK's business community. The gender pay gap statistics published by the government show that despite six years [...]

The week I meet Rob Wilkinson the international banking sector is in turmoil. Silicon Valley Bank and Signature Bank have just collapsed and Credit Suisse has narrowly avoided a similar [...]

Being a local specialist in the real estate industry can provide a competitive advantage and serve as an "economic moat" for companies. Local owners have superior knowledge of the market conditions, established relationships with relevant businesses and agents, and a strong local brand. They can also provide hands-on management and quicker response times, leading to better tenant satisfaction. While there may be a lack of geographical diversification, the depth and breadth of the SME occupier base in the multi-let industrial sector mitigates this risk. Regional property businesses can offer a thorough and personable service to occupiers, benefiting the local area through increased business flow and job opportunities. [Extracted from the article]

The Inspiring Diversity in Property Forum event, hosted by Property Week, emphasized the importance of collaboration and data in promoting diversity in the property sector. Karl Brown, chair of equity, diversity, and inclusion at Clarke Willmott, highlighted the value of collaboration and the need for accurate data to drive change and measure success. The event also discussed the significance of gathering external data through independent surveys and the role of attrition rates in evaluating diversity strategies. Additionally, the panel sessions explored ways to increase awareness of career opportunities in the industry and the importance of presenting diverse role models. [Extracted from the article]

There are a host of reasons businesses put a transformation strategy in place. Often, they do so because the firm is haemorrhaging money and needs to cut back, or it [...]

There is no doubt 2023 has been a challenging year across the alternative asset space - and real estate has been no exception. Prevailing uncertainty in global markets coupled with [...]

Watson Farley & Williams (WFW) has agreed to lease Barings' 70,000 sq ft 25 Moorgate office scheme, currently undergoing refurbishment. The law firm will occupy the sustainable office space on multiple floors, along with a retail unit and amenities like a roof terrace. Barings, in partnership with LBS Properties and Morrow + Lorraine, is developing the property, which has been praised for its quality by Barings' director of UK asset management. [Extracted from the article]

UK supermarket chain Morrisons has raised £331m by selling ground rent payments on 76 of its stores to US property investor Song Capital. The move is part of Morrisons' efforts to reduce its debt, which stood at £8.6bn at the end of 2023. The chain plans to use the proceeds from the deal to repay debt and unlock value from its UK property portfolio. Morrisons has been working to cut its debt over the past year, including through the sale and leaseback of assets and the sale of petrol stations. [Extracted from the article]

Logistics developer Panattoni has secured a £625m development loan to support its growth in the UK. The loan, arranged by JP Morgan, will enable Panattoni to develop new speculative warehouses in areas with undersupply. Panattoni has already acquired several new sites this year, adding 2 million sq ft of industrial space to its development program. This loan will allow the company to continue its growth plans and build best-in-class assets. [Extracted from the article]

The Earls Court Development Company (ECDC) has submitted a planning application for the £10 billion redevelopment of the former exhibition center in west London. The masterplan includes 4,000 homes, 2.5 million square feet of workspace, and 20 acres of new public open and green space. The scheme aims to create 12,000 jobs and construction is expected to begin in 2026 and continue until 2040. The plans have been updated to include a 35% provision for affordable housing and a 20% increase in open space. The development also has a zero-carbon energy network and a zero operational carbon target. Praxis, a real estate platform, has appointed Andrew Robinson as managing director of capital markets to develop the firm's fundraising strategy. Robinson will work with Graham Barnes, managing director of strategic partnerships, to broaden the range of capital partners. Orion Land & Leisure has submitted a 1,000-home masterplan for a mixed-use scheme in Cardiff Bay. The development will also include an innovation center, restaurants, shops, and a luxury hotel. Orion was selected as the master-developer for the scheme, which aims to blend seamlessly with the existing sports development in the area. [Extracted from the article]

JAMES SPARROW Chief executive, Savills UK and EMEA In common with everyone, we would like to see the end of the pandemic and associated uncertainty this year. Beyond that, having [...]

Global economic uncertainty and volatility, and their effect on the built environment, ironically seem to be the only certainty we have had recently. In Europe, factors including the pandemic and [...]

Derwent London has reported that it signed new leases totalling [pounds sterling]5.4m in Q1 2024, with a further [pounds sterling]4.3m under offer, following a [pounds sterling]1.8m leasing deal with Cushman [...]

Since the pandemic, employee workplace satisfaction is more multifaceted than ever before. The expectation that hybrid working would be advantageous for employees has been contested, with surveys showing a gradual [...]

How did you join the property industry? I studied law at university and found property to be the most boring topic. Every time I did work experience in law firms, [...]

I make no apologies for stealing a wonderful and highly apposite quote from a recent article in The Times by Anne Boden, founder of Starling Bank and leader of a [...]

ESG focus In addition, Cowley says that care homes are increasingly attractive to investors that have developed robust environmental, social and governance (ESG) strategies. "The key market drivers attracting investors to the UK care home market are that healthcare outperforms all real estate in economic downturns [and] the UK care home market is highly fragmented, with a significant supply/demand imbalance, an ageing population and strong stable growth in weekly fees and strong government support", says Cowley. Like many western countries, the UK has an ageing population. [Extracted from the article]

Real Estate Balance has been running evening speed mentoring events for some time, but recently decided to turn the concept on its head by introducing a reverse mentoring session, where [...]

The UK hospitality sector has bounced back from the pandemic-induced lull despite current macroeconomic headwinds. Research from Knight Frank shows London hotels achieved an occupancy rate of 82% in June [...]

Specialist investor Octopus Real Estate is part of the larger Octopus Group, with more than [pounds sterling]3.7bn of assets and a funding arm that has lent [pounds sterling]6.2bn across 4,400 [...]

When it comes to delivering growth, Andrew Coombs has something of an enviable track record in the property industry. Since becoming chief executive of business park operator Sirius Real Estate [...]

Investor interest in healthcare real estate is increasing due to a critical shortage of future-fit facilities and strong market fundamentals. According to CBRE's UK Healthcare Sentiment Survey, 62% of healthcare investors plan to increase their allocation to the sector in the next five years. Additionally, 70% of developers and 50% of providers are preparing to take on more healthcare projects and grow their portfolios. The sector offers long lease terms and attractive yields, making it appealing to institutional investors. Furthermore, investing in healthcare assets can help improve environmental, social, and governance (ESG) credentials. The sector is highly regulated, and collaboration with the NHS is crucial for success in this market. [Extracted from the article]

The Renters Reform Bill (RRB) has passed its third reading in the House of Commons, with the abolition of Section 21 'no-fault' evictions being a key focus. The government has announced that an assessment of the county court system must be published before Section 21 evictions can be banned. While housing charity Shelter criticizes this delay, rental industry commentators argue that it is a necessary step to assess the court system's capacity. The RRB also includes other amendments such as minimum tenancies of six months and new provisions for rental properties. The impact of the bill on institutional landlords in the build-to-rent sector is expected to be minimal, but private landlords may exit the market due to the RRB. [Extracted from the article]

Property Week's annual Editor's Dinner, held in Cannes, brought together industry leaders to discuss the prospects for the property industry. The conversation focused on optimism for the market in the coming year and in 2025, with many attendees expressing confidence in improved performance. Topics of discussion included the influence of interest rates, the UK's political stability, the need for modernization in the industry, and the importance of sustainability and diversity. Despite the challenges identified, participants remained optimistic about the future of the industry. [Extracted from the article]

According to a report by Devono, the central London office market remained resilient in 2023, with strong leasing activity and record headline rents. Despite economic uncertainty, there was a significant increase in large leasing transactions, indicating that larger businesses are committing to office spaces. Rental growth was observed in nearly all locations, with some submarkets reaching new rental highs. However, rising vacancy rates across the capital remain a concern. The report also highlights the demand for environmentally and socially responsible office spaces. [Extracted from the article]

Giles Easter--chief executive, Astrea Asset Management John Edgar--chief executive, Fenwick Susan Freeman--partner, Mishcon de Reya Charlie Green--co-founder & co chief executive, The Office Group Jeremy Grey--managing director, James Andrew International [...]

Rokstone's clients want the best schools, gyms, restaurants and members' clubs - all of which Fatemi, and her black book of high-end contacts, can help provide. Sadly, Fatemi resists all attempts to extract any details of her more famous clients, as absolute discretion is another Rokstone USP. It's a lucrative niche - the firm carried out more than £500m in sales and lettings in 2022 - but one that requires complete dedication to the cause, says Rokstone's founder and chief executive Becky Fatemi. [Extracted from the article]

Real estate revenue at Blackstone, the world's largest commercial real estate manager, halved last year from $6.8bn ([pounds sterling]5.3bn) to $3.4bn ([pounds sterling]2.7bn). The drop came despite the firm's assets [...]