Good morning. Here is your AM bulletin with all the latest news and views from EG, along with some of the best bits from the national press.
There is yet more bad news for the RICS. EG has listened to what members want to see in its future, and 40% say it should be dismantled and replaced.
Meanwhile, the British Property Federation has been a powerful voice over its 60 years, writes EG’s deputy editor. And the good news is, the right people are listening.
The length of UK office leases has fallen to the lowest level on record, while vacancies rates have soared close to a decade high.
And glass skyscrapers could become a relic of a former age in the race to net zero. “The days of the glass building are over,” says Sir Stuart Lipton.
Planning rules are driving out small housebuilders, the prime minister has been warned.
The Edwardian baroque Carlisle House on Southampton Row, WC1, has been put on the market, with potential for redevelopment.
Gary Neville’s Relentless Developments has set a new headline rent for Manchester offices after two law firms signed prelets for its £400m St Michael’s scheme.
Eastdil Secured has been named the new front-of-shirt sponsor for Leyton Orient. The football club said the three-year partnership was a “significant commercial deal” as it returns to the Sky Bet League One.
And Prezzo’s landlords have been forced to accept a £32m loss, following a restructuring deal that wipes out all of the restaurant chain’s creditors, except the taxman.
Fund managers should charge clients for exiting property funds, two regulators have said.
LondonMetric has sold five assets for a total of £42.8m.
Workspace Group says it has had a “good start” to its financial year, adding that while it remains “vigilant”, the market appears “resilient”.
And a new toolkit to guide developers of lab space has been created (in a lab, presumably) by consultants across the real estate, health, life sciences and construction sectors.
And finally, Salisbury City Council has been labelled a “left-wing cabal” for “peddling ideological nonsense”(£). What has the Labour-led coalition council been doing? Forcing pre-teens to sing the Red Flag? Confiscating private property? Praising Jeremy Corbyn? No, turns out it has decided that small parks and “living pillars” of plants – moss and other vegetation wrapped around traffic lights and so on – do more for biodiversity than hanging baskets. Oh, the humanity!
