Como asks the industry: should I stay or should I go?
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01/05/2011
More than 80 industry leaders recently attended Como's fourth state-of-the-market breakfast briefing to hear a discussion on the topic: "Should I stay or should I go?".
Hosted at The Folly, in central London, the event presented an honest view of the current challenges facing the commercial office sector and the opportunistic outlook for the future.
Como director, Robin Harris, opened the morning's discussion before introducing keynote speakers Patrick Plant, partner-Linklaters; Dan Burn, regional director-Jones Lang LaSalle; and Richard Norton, international director-Jones Lang LaSalle.
The key points of discussion included the supply and demand for office space, including a rising demand for Grade A office space, and the lack of supply of new office space, with the exceptions of a few tower structures between 2011-2014. A shortfall of six million square feet was predicted over the next four years.
Attendees also heard how lease events are expected to provide opportunities; with 24 million known lease events in next four years. More tenants are restructuring leases where expiries break within 2011-2013, and refurbishment opportunities will be available as more clients stay put.
An increasing need for cost control and flexibility, and certainty of rental growth, was also highlighted during the morning's talks.
Keynote speaker Patrick Plant pointed to the importance of investing in design, and appointing consultants and contractors who understand how to work in occupied buildings, as reasons for their success in staying put and refurbishing.
Attendees included industry leaders and key clients from British Library; Weil; Land Securities; RREEF; BT; PwC; SEGRO; UBS; Goldman Sachs; and Linklaters. Key consultants at the briefing included Turner & Townsend; Davis Langdon; TP Bennett; Deloitte; TTSP; Jones Lang LaSalle; GTMS; Long & Partners; Chapman Bathurst; and Gardiner & Theobald.
