Good morning. Here’s your round-up of the latest news and views from EG as well as some real estate-related headlines from the nationals.
Birmingham City Council will have to offload some £750m of assets to bring itself out of special measures after declaring itself effectively bankrupt last year. The announcement came as the council confirmed a budget that will cut public services by £300m and increase council tax by 21%.
Bad news from the US, where soured commercial real estate loans have overtaken loss reserves at the biggest banks after a sharp increase in late payments linked to offices, shopping centres and other properties, according to the Federal Deposit Insurance Corporation.
Here’s Regal London’s Jonathan Seal on how the government and industry can “unpick the challenges” of developing in the capital. “We all – whether private or public sector – have a shared ambition to get building again, but we must accept that by the time the London Plan was adopted in 2021, the development landscape in London was really very different,” he says. “Perhaps the time has come to consider a more pragmatic approach.”
And if you haven’t yet listened to the latest episode of EG’s School of Hard Knocks, here’s JLL’s Katie Kopec on the development market, coping with a lack of market activity and finding strength in flexibility.
All this morning’s headlines:
Brum forced to sell £750m of assets
Lok’nStore posts revenue rise and plans more sites
Comment: It’s not all about planning
Bad property debt exceeds reserves at US banks
Farm shops escape planning with ‘Clarkson clause’
Closures expected as hospitality firms run out of cash reserves
Bidding war boosts Currys
Carlyle set to take control of Southend Airport
Backlash grows over Airbnb planning plans
Royal London and Graftongate plot £140m aerospace industry project
School of Hard Knocks: JLL’s Katie Kopec
Businesses hunt for tech talent in untapped quarters
Majority of real estate leaders to adopt AI in next few years
Federated Hermes makes real estate debt hire
Savills hires former JLL EMEA alternatives boss
