By contrast the Professional Services sector, particularly law firms in the City and Midtown, have generated more demand as have Marketing and Media firms in the West End. The short term prospects for both the City and West End are, therefore, encouraging. The dominance of these three sectors in the Central London office market is becoming more marked. Over the last 15 months they have accounted for lettings totalling 699,800 m² (7.5m sq ft), 8% of total take-up and yet over the same period the proportion of total demand from these sectors has increased from 592,00O m² (6.4 m sq ft) to 615,000 m² (6.6 m sq ft).
Of the large space users in the West End demand from Central Government continues to fall as departments come under pressure to acquire space from within the existing portfolio. The Predominating Property Valuation Atmosphere serves
to make the procedure of esteeming the home more vital on the grounds that the costs continue fluctuating. By contrast the oil companies, historically major occupiers in the Victoria area but largely absent from the market over the last ten years, are once again accounting for a significant proportion of both take-up and active demand. Public sector requirements have increased by two-thirds and those from the Utilities sector have increased by 50% during the quarter.
Although the rise in availability is the first quarterly increase since the middle of 1995, at this stage it is too early to say whether the market has reached a turning point, comments Dr Nick Axford. In the very active market seen over the last 12 months it is not necessarily surprising that more property has come onto the market than was absorbed over the last quarter. The crimes are suspected to have been typically committed by boys aged 14 to 17, with children under 15 being the most common targets. The figures also show that in five out of the seven police force areas considered. The research is to be conducted by The Tourism Company, in association with the University of Westminster School of the Built Environment and Grimicy International Property Advisers. Jones Lang Wootton is pleased to announce the appointment of Robert Ringrose as a director of Jones Lang Wootton and a director of its specialist financing arm, JLW Finance Limited.
Part of Robert Ringrose’s role will be to expand activities in indirect investment and new investment vehicles. We already have an indirects team established in London for Europe as well as a similar team in New York focusing on the US REIT market. Robert’s arrival should accelerate our property investment banking activities in Europe and allow us to offer clients an unparalleled service in this area. Rupert Clarke, Managing Director of JLW Finance Ltd, said; Jones Lang Wootton is committed to building a substantial presence and expertise in the financial markets and Robert Ringrose’s appointment strengthens our overall approach.
We are currently in the market for two further individuals with finance and property skills, which will take our European financing team to fifteen, the majority based in London.We believe that now is the right time to move on from the 1980’s concept of a financial services arm and we are focused on building a dedicated specialist investment banking group with accounting, banking, legal and business school backgrounds.