MORNING NEWS: A lift for London office leasing

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of real estate-relevant headlines from the national papers. Some reason for cheer in London’s office market via the team at Savills, but also a reminder of how far the market would have to go to get back to its best days.  Research from the agency found central London’s office leasing activity rose to 2.3m sq ft between April and July, a 9% uplift on the second quarter of 2023. That left the first-half figure at 4.1m sq ft across 356 transactions, a 3% rise year-on-year. These figures were, however, 12% below the long-term average, which the agency attributed to the ongoing effect of occupiers offering staff hybrid working options. The West End market performed poorly, with leasing standing at 37% below the long-term average over the first half, while the City remained resilient with a 1% increase on its long-term average. Royal London Asset Management has sold a premier run of high street shops in Harrogate, Yorkshire, for £4.8m – 30% up on the asking price. A private investor has bought 36-46 James Street in a deal that represents a net yield of 5.54%. When the site was first marketed by TW Keil three months ago, the firm was looking for offers over £3.75m. This week’s big interview is with Rapleys managing partner Justin Tuckwell. Since the summer of 2022, Rapleys has bought five businesses, bulking out in areas where organic growth would have been slower and less certain. Tuckwell takes us through the lessons he and the team have learnt during this period – how to identify the right targets, the telltale signs that corporate cultures might clash, how to run an efficient integration process and more. There’s also news on Colliers’ latest results, a new firm from a former Crosstree boss, and Moda’s hunt for a funding partner for a 392-home BTR project in York. All of the news from EG, plus a selection of headlines from the nationals:Financial firms take London office leasing higherM&A lessons from Rapleys’ managing partnerHome REIT sells 226 more propertiesNet zero-carbon student scheme gets green lightBe less British – it’s time to show off the capital’s jewelsRLAM sells Harrogate retail assets for 30% over asking priceRenewal’s £1.9bn New Bermondsey masterplan receives approvalMarsaoui launches Blackstar Real EstateRichborough hires from Taylor Wimpey for eastern expansionBGO seals 1m sq ft Suffolk industrial leasing dealLeasing drives 6% revenue lift at ColliersBlackpool Council picks contractor for £65m education campusConstruction starts signal return of confidenceRMG appoints managing director after founder retiresModa seeks funding partner for 392-home York BTR schemeDuo of occupiers expand at Oxford Science ParkUntold Living appoints chief financial officerEndurance Land boss steps down as Nan Fung ups stake to 100%Investment declines slow as European real estate levels outUK property market buoyed by interest rate cut (£)Bank of England governor cautious on prospect of more interest rate cutsGrowth of UK economy upgraded but falls short of Labour’s target (£)Mutant algorithm returns to terrorize UK nimbys (£)