AUTUMN 2016
ISSUE ELEVEN
WWW.GERALDEVE.COM
The Regeneration Game
Growing Places
A Tale of Three Cities
Berkeley Group’s Tony Pidgley talks policy, regeneration and Brexit
Mark Dixon provides an insight into Regus’ global expansion plans
A look at the New York, Los Angeles and Atlanta real estate markets
CONTENTS AUTUMN 2016
PRIME LOGISTICS The definitive guide to the UK’s Q3 2016 Bulletin
distribution property market
02 06
04
NEWS UPDATE
Catch up with the latest news and developments at Gerald Eve.
FAITH, HOPE & CHARITY
08 12
14
QUARTERLY SUMMARY • • • • • •
For more information please contact Richard Ludlow +44 (0) 7836 766167
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GROWING PLACES
Mark Dixon, founder and CEO of Regus, outlines his ambitious expansion plans and prospects for the sector as a whole.
18
A TALE OF THREE CITIES
ENGAGE speaks to transatlantic colleagues at Lee & Associates for their views on the USA’s most exciting real estate markets in 2016.
SPACE RACE
THE REGENERATION GAME ENGAGE talks to Berkeley Homes chairman Tony Pidgley CBE to get his take on the marketplace.
THE MANCUNIAN WAY
Manchester’s renaissance has been one of the UK’s standout regional success stories. ENGAGE asks whether its winning streak can continue.
17
REGUS’ RATES RIDDLE
How do you manage the rates payments for nearly 300 Regus locations throughout the UK? Gerald Eve partner Steve Hile gives ENGAGE the inside track.
20 MARKET FACTS
01
EDITOR’S NOTE
ENGAGE catches up with Gerald Eve’s managing partner, Simon Rees.
ENGAGE takes a look at how changing times are impacting on third sector organisations’ property portfolios.
ENGAGE ISSUE ELEVEN
As we approach the end of 2016 the property sector, like the rest of the UK, finds itself in a state of flux. The Brexit vote and election of Donald Trump as US President have altered the economic and political outlook in ways that are yet to be understood, and every business is coming to terms with the implications of these events. But while there remains uncertainty, there are also some measures of optimism to be found. Six months on from the referendum, the more lurid predictions of an immediate downturn have failed to materialise. The falling pound has effectively given overseas investors a 20% discount on UK property, and Gerald Eve’s involvement in major investment deals – including Wells Fargo’s City office acquisition, and Goldman Sachs’ purchase of the Alecta portfolio – is testament to the continuing interest. As Tony Pidgley says himself in an interview (page eight), the public mood is one of ‘getting on with it’ now the decision has been made, but that Government policy needs to back this up. The recent High Court ruling that an act of parliament is required before triggering article 50 has created some uncertainty in this regard and will inevitably cause further delays to an already lengthy process. In the meantime, business needs to make sure its voice is heard and that its needs are represented in any ongoing negotiations. For Gerald Eve itself, 2016 has been a transformational year. Following record financial results for the year ending 5th April 2016, the acquisition of key transactional teams and personnel represent
