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No Easy Way To Implement Mansion Tax

Press Releases   •   Mar 18, 2015 10:26 GMT

Implementation of a Mansion Tax would be fraught with difficulties, property agents CBRE say in an authoritative report released today. The report also argues that designing and implementing an entirely new tax would be time consuming and complex.

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83% Of Law Firms Seek To Reduce Property Overheads As Open Plan Debate Hots-Up

Press Releases   •   Feb 12, 2015 11:35 GMT

The average area occupied per fee earner in the 100 largest London law firms (ranked by space occupied) has reduced by 5% since 2012 to 490 sq ft, costing £22,400 per annum in 2014, according to the latest research by CBRE, the global property advisor. In the third of CBRE’s Law in London series, 83% of respondents surveyed stated that their firm is considering strategies to reduce property overheads (up from 76% in 2012), however, 69% expect to see growth in their London headcount over the next three years.

Frances Warner Lacey, Senior Director, Central London, CBRE, said:

“The legal sector has benefited from an increase in M&A activity, due to market stability and increasing confidence. However, whilst we’re seeing a return to pre-recession activity and headcount, post-recession values are influencing decisions; growing competition within the legal sector is increasing pressure on fees; clients want more for less.

“Firms looking for costs saving strategies are targeting real estate spend, the largest cost to legal practices after salaries. As a result, total space occupied has reduced - from 10.8m sq ft in 2012 to 10.4m sq ft in 2014.”

The pursuit of alternative space use strategies should result in cost saving in the medium and long term. Of the 60 UK law firms in the list, the top 11 to 25 have been most reactive, cutting the cost of rent per fee-earner by 9% to £19,600 per annum. The benchmark shows a clear differential between open plan and cellular: 310 sq ft occupied per fee earner in open-plan offices in contrast to 550 sq ft per fee earner in cellular workspace.

Colin Manders, Executive Director, Central London, CBRE said:

“Key tactics that support space reduction are outsourcing, intensifying use of space and the disposal of space. There isn’t a one size fits all approach, but interestingly, many firms find a new office layout, including spaces that support collaboration, integral in developing innovative service offerings and cross-selling, now seen as vital to a firm’s survival. In the long term, the benefits of an inventive real estate strategy can provide more than just cost saving and act as a catalyst for business change.”

Whilst space occupied has reduced, location is seen as key in attracting the best talent. 74% of respondents cited location as the most important aspect of a firm’s workplace to help attract and retain talent, explaining many law firms’ commitment to the City and Midtown despite rising occupational costs.

Warner Lacey said: 

“As the market returns to growth, attracting talent has returned to the top of firms’ priority lists. Our report suggests firms should factor this into future property strategies, even perhaps asking whether space can be reduced in preference for a more favourable office location.”

59% of respondents stated that outsourcing or moving certain functions to global locations is either planned or in place within their firms, down from 76% in 2012, indicating that many firms have already outsourced non-core functions. In August 2014, Baker & McKenzie announced plans to open a second global services centre in Belfast, which is also home to similar centres set up by Allen & Overy, Axiom and Herbert Smith Freehills, whose presence has driven up local rents for Grade A space.

About CBRE Group, Inc.


CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

The average area occupied per fee earner in the 100 largest London law firms (ranked by space occupied) has reduced by 5% since 2012 to 490 sq ft, costing £22,400 per annum in 2014.

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Capital And Rental Value Growth Slow Across The UK

Press Releases   •   Feb 10, 2015 15:23 GMT

Following a strong end to 2014, the pace of capital and rental value growth across the UK decelerated significantly in January. According to the latest CBRE Monthly Index, capital values for All Property increased by 0.4% in January, lower than December’s 1.2%.

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CRE Debt to Offer Investors Three Times the Level of Return Available from Gilts

Press Releases   •   Feb 03, 2015 22:36 GMT

CBRE launches new index for commercial real estate debt.

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CBRE Votes For Shelter As Its First UK Charity Partner

Press Releases   •   Feb 03, 2015 14:17 GMT

CBRE has announced a new two year partnership with national housing and homelessness charity, Shelter as part of its ‘building a better future’ responsible business plan.

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CBRE Continues To Strengthen Northern Planning Team

Press Releases   •   Feb 03, 2015 13:23 GMT

Following the recent appointment of Chris Argent as Planning Director from GVA, CBRE announces the appointment of James Sheppard as Associate Director and the promotion of Bernadette McQuillan to Planning Director.

As recently reported, Iain Jenkinson will also be joining the Manchester office later this year as Senior Director.

The strategic appointments are designed to significantly enhance the multi-disciplinary offer which the CBRE Manchester office can provide to clients by integrating planning, development, investment and commercial agency advice.The appointments are part of an ambitious expansion to position CBRE as the leading commercial planning and development team across the North.

James Sheppard will primarily focus on large mixed-use commercial schemes having worked on a number of major city centre developments in Manchester, Chester and Stoke-on-Trent as well as the Omega strategic site in Warrington.

Bernadette McQuillan’s promotion to Director reflects her leadership of the CBRE Planning team over recent years.She continues to work for major landowners and developers including Schroders, United Utilities, Taylor Wimpey, and Countryside Properties.

James said:

“I am delighted to be joining the CBRE team in Manchester.It is a move which provides me with greater exposure to a wide variety of institutional funds, investors and developers.The ‘client first’ focus provides a perfect platform to deliver high profile schemes in an increasingly confident market.I am very much looking forward to the opportunities this move to CBRE presents.”

Bernadette said:

‘It is fantastic to be part of a successful team with significant ambitions for growth.The team has a proven track record in advising on major high profile development schemes across the North and the recent senior appointments will significantly increase our market prominence.

John Ogden, Head of CBRE's North West offices, continues;‘James is the second of three strategic appointments within the planning consultancy team designed to bolster our already-strong market leading team and enable us to provide truly integrated commercial advice to meet all our client expectations and requirements.The team enjoyed a successful 2014 and we are incredibly excited to be launching our enhanced team to our valued, and varied, client base.The feedback from key clients regarding the appointments has been exceptionally positive with all recognising that CBRE’s multi-disciplinary proposition is unrivalled.We do however have further ambitions to grow and look forward to announcing other additions to the office in due course’.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

Following the recent appointment of Chris Argent as Planning Director from GVA, CBRE announces the appointment of James Sheppard as Associate Director and the promotion of Bernadette McQuillan to Planning Director.

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Property Market Not Disrupted By General Election Uncertainty

Press Releases   •   Feb 02, 2015 15:46 GMT

The prospect of a general election has minimal impact on the property market, according to a new report by CBRE, the leading commercial property and real estate services advisor.

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UK Records The Highest Rental Value Growth Since Q3 2007

Press Releases   •   Jan 23, 2015 11:08 GMT

Of the 1022 locations monitored, 16% showed an increase in rental value. Prime yields fell by an average of 8 basis points over the quarter and the UK All Property average currently stands at 5.6%, with 35% of locations recording falling yields.

In 2014 total prime rental value growth was 3.8%, up from 2.8% in 2013, with the rate increasing steadily over the last 12 months. The average prime yield recorded a fall of 41 basis points over 2014 (compared to 32 bps in 2013) and the combination of continued falls in yields and strengthening rental value growth resulted in capital value growth of 11.8% for 2014.

Michael Haddock, Senior Director, CBRE commented:

“During 2014 we have seen prime rental growth strengthening across many UK markets. Prime yields also recorded a substantial improvement, reflecting the growth in investment activity over the last year. At a national level, total transaction volume reached £61.7 billion in 2014 compared to £54.5 billion in 2013 and just beating the total reached in 2006.

“Within the office sector, Central London experienced the strongest rental value growth, at 11.4% in 2014 compared with 8.1% for the UK as a whole. However, yields are showing the reverse of this pattern, with the strongest falls in office yields being recorded in the rest of the UK.”

Over 2014, the South East and Eastern regions stood out because of the lack of rental value growth. Yield shift is spreading to the rest of the country meaning that capital value growth has been fairly evenly distributed across the country. In contrast the industrial sector is seeing an even pattern of both rental value growth and yield shift across the country, although the West Midlands, which is experiencing a shortage of good quality industrial space, appears to be leading the way.

Yields in the shopping centre and retail warehouse sectors stabilised in Q4 2014 after sharp declines in the first three quarters. Although, prime yields were flat in these two sectors in the last quarter, they have recorded the highest average fall for the year as a whole, with the average prime yield down by 53 and 63 basis points respectively compared to the all sector average of 41 basis points.

Andrew Marston, Director, CBRE said:

“Capital value growth in the Office sector has been seen across the whole of the UK. Central London recorded growth of 7.2% for the quarter and 15.6% for the year as a whole. However, the gap between London and the rest of the UK is narrowing, with capital value growth of 10.6% for the UK (excluding London, South East and Eastern). In just Q4 2014 East Midlands and Yorkshire and Humberside recorded the highest capital value growth in the office sector.

“All Industrials also performed very well, recording capital value growth in all regions. This was the result of both increasing rents and falling yields, which contributed to the capital value growth of 12.1% for 2014.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

UK rental growth continued to accelerate in Q4 2014, showing 1.3% growth over the quarter, the highest quarterly rate since Q3 2007, according to the latest research from CBRE, the leading commercial property advisor.

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Workplace Wellbeing Top Priority For Companies

Press Releases   •   Jan 08, 2015 09:00 GMT

Companies are increasingly prioritising employee needs when making business and real estate decisions, according to the latest annual European Occupier Survey by global real estate advisor, CBRE.

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Lambeth Confirmed As Best Performing Borough For 2014 House Price Growth

Press Releases   •   Jan 02, 2015 14:40 GMT

The London Borough of Lambeth takes top spot in house price growth witnessing a rise of over 40% throughout the year

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  • Head of UK Communications, CBRE
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About CBRE

Welcome to CBRE's UK newsroom

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.