COST MODEL CITY OF LONDON OFFICES

摘要

Times remain uncertain, but exciting, for the City of London office development market. With the dust beginning to settle following the global credit crunch, the fortunes of the sector are as inextricably linked to the future success of the city. The gradual return to health of financial and professional services, and an anticipated rise in levels of employment, will inevitably lead the call for high-quality office space and, in turn, directly affect the pipeline of development over the coming cycle. Furthermore, according to research by CBRE, a return of the investment market driven by the current lack of supply will see rental income, not capital growth, become the key performance driver in the central London office market in 2011. This is set to be driven further by the expiry of major leases over the next few years, with Aon and Schroders in the market this year for 200,000ft2 and 250,000ft2 respectively. Nabarros will be looking for 150,000ft2 in 2014, with Pricewaterhouse Coopers' lease on 350,000ft2 of space at 1 Embankment expiring in 2015.