EG’s must reads: 1-5 July

Here’s a wrap-up of some of the top stories on EG from the past week. Real estate leaders are hopeful of a “game-changing” new government after Labour achieved a landslide in the general election. William Beardmore-Gray, senior partner and group chair at Knight Frank, said: “We are hopeful that this election result ends the long period of political uncertainty which has negatively impacted the real estate sector. Both our domestic business leaders and those considering investing in the UK need a stable policy footing that addresses a myriad of challenges.”Real estate looks to ‘game changing’ government as Labour sweeps to powerWhat Labour’s victory means for living The City of London Corporation has deferred a decision on whether to approve Perennial Group and Stanhope’s proposals to develop 1 Undershaft, slated to be the City’s tallest tower. The scheme had been recommended for approval by planning officers at a meeting this week, despite attracting opposition not only from individuals but also the corporate owners and occupiers of nearby real estate. Now the developers will make further changes to the proposals centred on the future of St Helen’s Square and nearby public realm.City defers planning decision on 1 Undershaft skyscraperCorporate nimbys shaft City tower voteCould corporate nimbyism be development’s new plague? The Crown Estate has taken over the JLL property management teams acting on its London portfolio, to create its own in-house property management division. The firm appointed former JLL director William Maugham as head of property management for its St James’s portfolio, and Maugham will be joined by more JLL colleagues, including the finance team that supports its London portfolio, in the autumn.Crown Estate takes on JLL London property management team Build-to-rent, student housing and co-living operators are witnessing an explosion in the use of flexible rental strategies as they evolve beyond traditional leasing practices. Lavanda’s Global Flex Report 2024 found that firms whose portfolios accounted for 85% of the BTR and student beds in the study plan to increase the use of shorter leases this year.‘Flex’ renting for BTR and PBSA ramps up The average length of a London office lease has plunged in recent years as occupiers look for more flexibility around their real estate. A new study from Kitt, a managed office operator, found lease lengths for space of less than 10,000 sq ft have shortened by more than a third in the past five years, from eight years in 2019 to five now. The average length has decreased by more than 20% in the past year alone.‘Landlords feel the pain’: London office lease lengths lessen Other stories you must not miss: Cubo’s flex expansion: ‘We’ve barely scratched the surface’Manchester dealmaker eyes an end to uncertaintyLidl blocks Aldi’s plan for Lincolnshire storeNewRiver and Ellandi’s one-word merger manifestoCity of London office take-up shows ‘positive progress’Get Living redraws Elephant and Castle plansPBSA investment skyrockets to £1.7bnFrasers closes deal to buy Doncaster shopping centreCan ‘core to floor’ move the dial in a polarised office market? For your listening pleasure from EG Property Podcasts: Voice of the Region: Greater Manchester – Occupiers say definitely maybe Image © Dbox for Eric Parry Architects