Engage Issue 11 - Gerald Eve

How do you manage the rates payments for nearly ...... TO MANAGE ALL RATING SERVICES FOR WORKSPACE ... be more like Vodafone than a traditional.
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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 [email protected]

d – largest quarterly volume on recor 13.8 million sq ft taken-up in Q3 ft sq million Amazon commit to 3.4 ear average effect’, take-up still above five-y Even discounting this ‘Amazon rate to 6.6% bility availa ses increa y suppl Addition of new speculative r speculative funding weakens However, funds' appetite for furthe investor sentiment remains strong Volumes traded down 27%, but

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