glenny databook q1 2017 · glenny databook q1 2017 ... and what a turbulent 10 years it has ... to...
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ESSEX I EAST LONDON I NORTH LONDON & HERTFORDSHIRE I SOUTH EAST LONDON & KENT
WELL PLACED PROPERTY ADVISORS
GLENNY DATABOOK Q1 2017
ESSEX I EAST LONDON I NORTH LONDON & HERTFORDSHIRE I SOUTH EAST LONDON & KENT
WELL PLACED PROPERTY ADVISORS
GLENNY DATABOOK Q1 2017
HERTFORDSHIRE ESSEX
KENT
NORTH LONDON
SOUTH EAST LONDON
EAST LONDON
INTRODUCTION
Glenny LLP is the leading property consultancy and chartered surveying practice specialising in the region accessed by the North East and South East sections of the M25 motorway, which we service through a network of strategically located of� ces in Essex (Basildon), East London (Stratford), North London and Hertfordshire (En� eld & Harlow) and South East London and Kent (Bexley).
The statistics in this report relate to Glenny’s analysis of the property market as at the 31st March 2017, based on property data obtained through our respective of� ces servicing the area delineated on the above map.
MARKET COMMENTARY
Welcome to the latest Databook, which in itself represents somewhat of a Glenny landmark as it’s the 10th Anniversary edition of our publication. And what a turbulent 10 years it has been, with the most severe � nancial crisis since the 1930s and the UK electorate voting to leave the European Union.
Despite these unprecedented events, our market has remained comparatively robust. There have been � uctuations over the period but in general, the market has fared well. Our latest research shows that rents are continuing to rise strongly, with prime rental growth across the region averaging 7.4% in the industrial sector and 11.5% in of� ces over the past 12 months.
Supply remains our major concern, with of� ce availability down to 5.0% of total stock and industrial availability at a staggeringly low 2.4%.
This has prompted a number of occupiers to commit to pre-lets and last year saw Amazon signing up to 2.2m sq ft of warehousing at London Distribution Park in Tilbury, whilst Cancer Research and the British Council are both considering of� ce moves to Stratford’s International Quarter.
The next 12-24 months are likely to be a period of considerable change and we look forward to reporting on the great opportunities that this will bring within our region.
John BellHead of Business Space Agency and Investment
GLOSSARY
Market Availability – Relates to the amount of built stock on the market at the period end. The availability � gure does not include pre-let opportunities or new developments where construction is still ongoing.
Prime Investment Yield – The yield paid for an investment property let to an institutionally acceptable covenant for a lease term of 10-15 years at the current market rent.
Prime Rent – The rent achievable for the letting of a newly built property; typically for an industrial unit this would apply to a 20,000-25,000 sq ft building and for an of� ce letting, circa 5,000-10,000 sq ft.
Secondary Rent – The rent typically achievable on good quality second hand of� ce or industrial space in a given location.
Prime Capital Values – The best freehold ‘owner occupier’ capital value achievable on the sale of a circa 10,000 sq ft industrial unit, or a circa 5,000 sq ft of� ce building.
8-9
6-7
4-5
10-11
EAST LONDON
ESSEX
NORTH LONDON & HERTS
SOUTH EAST LONDON & KENT
2WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017
HERTFORDSHIRE ESSEX
KENT
NORTH LONDON
SOUTH EAST LONDON
EAST LONDON
INTRODUCTION
Glenny LLP is the leading property consultancy and chartered surveying practice specialising in the region accessed by the North East and South East sections of the M25 motorway, which we service through a network of strategically located of� ces in Essex (Basildon), East London (Stratford), North London and Hertfordshire (En� eld & Harlow) and South East London and Kent (Bexley).
The statistics in this report relate to Glenny’s analysis of the property market as at the 31st March 2017, based on property data obtained through our respective of� ces servicing the area delineated on the above map.
MARKET COMMENTARY
Welcome to the latest Databook, which in itself represents somewhat of a Glenny landmark as it’s the 10th Anniversary edition of our publication. And what a turbulent 10 years it has been, with the most severe � nancial crisis since the 1930s and the UK electorate voting to leave the European Union.
Despite these unprecedented events, our market has remained comparatively robust. There have been � uctuations over the period but in general, the market has fared well. Our latest research shows that rents are continuing to rise strongly, with prime rental growth across the region averaging 7.4% in the industrial sector and 11.5% in of� ces over the past 12 months.
Supply remains our major concern, with of� ce availability down to 5.0% of total stock and industrial availability at a staggeringly low 2.4%.
This has prompted a number of occupiers to commit to pre-lets and last year saw Amazon signing up to 2.2m sq ft of warehousing at London Distribution Park in Tilbury, whilst Cancer Research and the British Council are both considering of� ce moves to Stratford’s International Quarter.
The next 12-24 months are likely to be a period of considerable change and we look forward to reporting on the great opportunities that this will bring within our region.
John BellHead of Business Space Agency and Investment
GLOSSARY
Market Availability – Relates to the amount of built stock on the market at the period end. The availability � gure does not include pre-let opportunities or new developments where construction is still ongoing.
Prime Investment Yield – The yield paid for an investment property let to an institutionally acceptable covenant for a lease term of 10-15 years at the current market rent.
Prime Rent – The rent achievable for the letting of a newly built property; typically for an industrial unit this would apply to a 20,000-25,000 sq ft building and for an of� ce letting, circa 5,000-10,000 sq ft.
Secondary Rent – The rent typically achievable on good quality second hand of� ce or industrial space in a given location.
Prime Capital Values – The best freehold ‘owner occupier’ capital value achievable on the sale of a circa 10,000 sq ft industrial unit, or a circa 5,000 sq ft of� ce building.
8-9
6-7
4-5
10-11
EAST LONDON
ESSEX
NORTH LONDON & HERTS
SOUTH EAST LONDON & KENT
2WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017
Jul-Dec12
Jan-Jun 13
Jul-Dec 13
Jan-Jun14
Jul-Dec 14
Jan-Jun15
Jul-Dec 15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
0
50
100
150
200
250
300
350
400
450
500
INDUSTRIAL PRIME INVESTMENT YIELDS
Investors have continued to target well-let industrial property in the light of the acute shortages of stock, as these assets are bene� tting from strong rental growth. Average prime yields across the Glenny region dipped below 5.00% for the � rst time on record, falling to 4.88% at the end of Q1 2017. Prime units in East London and North London & Herts let on a 10 year term to strong covenants are now expected to attract yields of 4.50%, whilst comparable properties in Essex and South East London & Kent would trade at 5.25%.
INDUSTRIAL SECTOR AT A GLANCE… OFFICE SECTOR AT A GLANCE…
OFFICE INVESTMENTMARKET TRANSACTIONS
Investment activity in the of� ce sector slowed in the second half of 2016, with just over 20% of the annual total (£1.1bn) completing in the latter six months. Chinese investors have continued to play a major role in the East London of� ce investment market, with the largest transaction in the � nal quarter of the year being the £37m purchase of 3 Harbour Exchange by Hong Kong food group Lee Kum Kee. The Chinese group are one of the occupiers of the 91,600 sq ft building.
OFFICE PRIME INVESTMENT YIELDS
Average prime of� ce yields across the Glenny region have remained stable at 6.11% at the end of Q1 2017 following the slight upward drift in the pre-Brexit vote slowdown. Investors remain cautious about the rental growth prospects for the of� ce market despite the strong picture that is developing in the Eastern M25 region, where there remains an acute shortage of prime of� ce stock. As with the rest of the locations across the region, the Docklands market has seen yields remain stable at 4.75% as the outlook for rental growth has stalled.
OFFICE MARKET TAKE UP
Of� ce take up remained below the long run average for the Eastern M25 market in 2016, the third successive six month period that the target has been missed. The annual take up � gure was boosted by the letting of 542,000 sq ft at Barclay’s building at 10 South Colonnade, E14 as part of the government’s drive to reduce costs across their estate. This single letting accounted for almost 20% of the year’s activity.
OFFICE MARKET RENTS
Prime rents have continued to advance in most markets, growing by 11.5% on average across the region. The most signi� cant increase has been seen in North London & Herts (35.1% ^), where rents have adjusted over the past 12 months to be more in line with the other Glenny regions. South London & Kent has also seen a marked upturn in values, with rents in Greenwich, now re� ecting the locations close proximity to Docklands and the burgeoning of� ce markets at Stratford and The Royal Docks.
INDUSTRIAL INVESTMENTMARKET TRANSACTIONS
Industrial investment activity has remained buoyant throughout 2016 and the � nal quarter of the year saw £182m of activity which pushed the annual total to a record level of £604m, exceeding the previous record set in 2015. Several larger transactions completed in the � nal quarter of the year, including Tritax Big Box REIT’s acquisition of the 323,000 sq ft Co-op food distribution facility at West Thurrock for £56.5m (net initial yield of 5.53%) and Ares Management’s purchase of DC380, Harlow for £36.0m (net initial yield of 7.17%).
INDUSTRIAL MARKET TAKE UP
Take up across the Eastern M25 industrial market bounced back strongly in 2016 following two years of below trend levels of activity. The strong second half to the year was boosted by the 2.2m sq ft pre-let to Amazon at London Distribution Park Tilbury, which resulted in annual activity surpassing 8m sq ft for the second time in three years. Aside from the Essex region, all other Glenny regions saw take up in 2016 fall below trend levels, with supply shortages restricting activity.
INDUSTRIAL MARKET RENTS
Prime rents have continued to rise across all Glenny markets, with the average growth across the whole of the Eastern M25 region standing at 7.4% over the past 12 months. The most signi� cant increase has been seen in North London & Herts, where values have increased by 18.2%. Secondary rents have, once again, grown at a faster pace than the prime market, with values rising by 15.7% over the comparable period.
000
SQ
FT
£PSF £PSF
£M’S
£M’S
000
SQ
FT
Jul-Dec12
Jan-Jun13
Jul-Dec13
Jan-Jun14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
0
1,000
2,000
3,000
4,000
5,000
6,000
10 yr average
0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5
S E LONDON & KENT
ESSEX£9.50
£12.00
£16.50E LONDON DOCKLANDS
N LONDON & HERTS£13.00
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2012 Q1 20172013 2014 2015 2016
Jul-Dec12
Jan-Jun 13
Jul-Dec 13
Jan-Jun14
Jul-Dec 14
Jan-Jun15
Jul-Dec 15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
0
500
1,000
2,000
2,500
3,000
3,500
10 yr average1,500
0 10 20 30 40 50
S E LONDON & KENT
ESSEX£26.00
£32.00
£47.50
£40.00
E LONDON DOCKLANDS
E LONDON (OTHER)
N LONDON & HERTS£25.00
Jul-Dec12
Jan-Jun 13
Jul-Dec 13
Jan-Jun14
Jul-Dec 14
Jan-Jun15
Jul-Dec 15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2012 Q1 20172013 2014 2015 2016
DOCKLANDS PRIME OFFICE YIELD
AVERAGE PRIME OFFICE YIELD
10YR GILT YIELD AVERAGE PRIME OFFICE YIELD 10YR GILT YIELD
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 3
DEMANDSUPPLYMARKET COMMENT RENTS & CAPITAL VALUES
Industrial take up in the Essex market in 2016 dwarfed previous years activity with the total for the year reaching 3.7m sq ft, with the Amazon pre-let at London Distribution Park Tilbury accounting for almost 60% of the region’s activity.
Take up in Q1 2017 saw activity return to trend levels, with transactions totalling 374,500 sq ft. Two large deals completed in the quarter; the Co-op leasing the 101,000 sq ft Unit 3 at Tower Thurrock, rendering the scheme fully let, and Millenium Cash & Carry’s purchase of the 119,000 sq ft Carcraft unit on Western Avenue, West Thurrock.
Supply has remained broadly stable at 2.2m sq ft, although there has been an increase in the level of grade A space on the market. Grade A accommodation now accounts for 47% of total availability, with 88% of grade A stock in units above 50,000 sq ft.
Demand has eased back from the strong levels recorded throughout 2016, due primarily to a reduced level of requirements for units of above 25,000 sq ft, where demand is down by almost two thirds on the previous period.
INDUSTRIAL MARKET AVAILABILITY(as at March 2017)
INDUSTRIAL MARKET REQUIREMENTS(as at March 2017)
INDUSTRIAL MARKET DEMAND RENTS & CAPITAL VALUES INDUSTRIAL
NO OF REQS (RHS)000 SQ FT RENTAL VALUES CAPITAL VALUES (RHS)
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
BASILDON £8.75 £7.50 £140
BRAINTREE £8.00 £6.50 £130
CHELMSFORD £9.25 £8.00 £150
THURROCK £9.50 £8.25 £160
INDUSTRIAL MARKET TAKE UP INDUSTRIAL MARKET AVAILABILITY
INDUSTRIAL
TOTAL AVAILABILITY 2.2M SQ FT PERCENTAGE OF SQ FT DEMANDED
6%0–5,000 4%
5,001–10,000
16%10,001–25,000
17%25,001–50,000
57%> 50,000
2%SUPPLY
5%0–5,000
11%5,001–10,000
20%10,001–25,000
17%25,001–50,000
47%> 50,000
54%DEMAND
0
250
500
750
1,000
1,250
1,500
Jul-Dec 12
Jan-Jun 13
Jul-Dec13
Jan-Jun14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec 16
Jan-Mar 17
10 yr average
4%TREND
000 SQ FT 000 SQ FT
Mar17
Dec 12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
1,000
2,000
3,000
4,000
5,000
6,000
000 SQ FT No.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
50
100
150
200
250
300
350
x%RENT
x%CAPVAL
0
2
4
6
8
10
£ SQ FT £ SQ FT
2.7%RENT
6.7%CAPVAL
Mar17
Dec 12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
20
40
60
80
100
120
140
160
180
ESSEX
2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 4
DEMANDSUPPLY RENTS & CAPITAL VALUES
OFFICESESSEX
MARKET COMMENT
Take up fell back below trend in 2016, following two years of at or above trend levels of activity. Overall take up in 2016 was 285,000 sq ft, with the second half of the year accounting for almost 60% of the year’s activity. The most signi� cant transaction in Q4 2016 was the 19,000 sq ft letting to Aon at Eastwood House Chelmsford.
Supply has continued to tighten, with total stock on the market standing below 700,000 sq ft for the � rst time since 2004/05. Grade A supply accounts for 18% of the total stock on the market, with 90% of grade A stock located in Chelmsford.
The amount of � oor space demanded has fallen back to its lowest level in two years, with a number of larger requirements having either been satis� ed or withdrawn from the market. Despite this easing in demand, there has been a strong upturn in smaller requirements, which have increased by 56% over the past six months.
Prime rents remained stable at £26.00 per sq ft but secondary rental levels continued to increase, rising by 6.7% across the rent survey locations. The most signi� cant increase in secondary rents were seen in Braintree, where values are up by 9.1% over the past six months and 41% since Q1 2015.
OFFICE MARKET REQUIREMENTS(as at March 2017)
OFFICE MARKET AVAILABILITY(as at March 2017)
OFFICE MARKET AVAILABILITYOFFICE MARKET TAKE UP
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
BASILDON £17.50 £15.00 £210
BRAINTREE £16.50 £13.00 £205
BRENTWOOD £25.00 £19.00 £310
CHELMSFORD £26.00 £21.00 £325
OFFICE MARKET DEMANDS RENTS & CAPITAL VALUES OFFICE
TOTAL AVAILABILITY 0.7M SQ FT PERCENTAGE OF SQ FT DEMANDED
000 SQ FT
0
50
100
150
200
250
300
33%TREND
10 yr average
Jul-Dec 12
Jan-Jun 13
Jul-Dec13
Jan-Jun14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec 16
Jan-Mar17
000 SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
250
500
750
1,000
1,250
1,500
1,750
2,000
000 SQ FT No.
0
100
200
300
400
500
600
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
10
20
30
40
50
60
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
£ SQ FT £ SQ FT
0
5
10
15
20
25
30
0.0%RENT
0.0%CAPVAL
0
50
100
150
200
250
300
350
17%0–5,000
8%5,001–10,000
42%10,001–25,000
6%> 50,000
27%25,001–50,000
9%SUPPLY
47%0–5,000
17%5,001–10,000
36%10,001–25,000
65%DEMAND
NO OF REQS (RHS)000 SQ FT RENTAL VALUES CAPITAL VALUES (RHS)2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 5
DEMANDSUPPLY RENTS & CAPITAL VALUESMARKET COMMENT
Shortages of supply remained the major issue for the East London industrial market throughout 2016 and into the � rst quarter 2017. Availability has now fallen below 700,000 sq ft, whilst the trend level of take up for the market is 1.4m sq ft per annum.
Take up in 2016 was 932,000 sq ft, with 62% of the year’s activity being completed in the � rst half of the year. The � rst quarter 2017 has seen take up improve, with a number of larger transactions completing. The most signi� cant of these was the 45,200 sq ft pre-let to DPD at SEGRO Park Newham and the 44,540 sq ft purchase of Unit 7 Beam Reach Rainham by The Hill Company.
Demand has fallen back from the peak levels seen in the latter half of 2016, with overall requirements down to 4.9m sq ft. The main easing in demand has been for units of above 25,000 sq ft, where requirements have halved over the past six months. It is too early to determine if this is a temporary slowing in demand or a cyclical downturn.
Prime rents increased to £16.50 per sq ft in the period to the end of March 2017, representing an increase of 3.1% over the past six months. However, the most signi� cant increase in prime rental values across Glenny’s rent survey locations in East London was in Beckton, where prime values were up by 7.4% to £14.50 per sq ft.
INDUSTRIAL MARKET REQUIREMENTS (as at March 2017)
INDUSTRIAL MARKET AVAILABILITY(as at March 2017)
INDUSTRIAL MARKET AVAILABILITYINDUSTRIAL MARKET TAKE UP INDUSTRIAL MARKET DEMAND RENTS & CAPITAL VALUES INDUSTRIAL
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
BARKING / DAGENHAM £13.00 £10.00 £200
BECKTON £14.50 £12.00 £225
ROMFORD £10.50 £9.00 £155
CANNING TOWN £16.50 £14.50 £275
TOTAL AVAILABILITY 0.7M SQ FT PERCENTAGE OF SQ FT DEMANDED
9%0–5,000
8%> 50,000
20%5,001–10,000
27%10,001–25,000
36%25,001–50,000
4%SUPPLY
4%0–5,000 8%
5,001–10,000
16%10,001–25,000
18%25,001–50,000
54%> 50,000 46%
DEMAND
000 SQ FT
0
200
400
600
800
1,000
1,200
1,400
10 yr average
43%TREND
Jul-Dec12
Jan-Jun13
Jul-Dec13
Jan-Jun14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
000 SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
1,000
2,000
3,000
4,000
5,000
6,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
000 SQ FT No.
0
50
100
150
200
250
300
0
50
100
150
200
250
300
£ SQ FT £ SQ FT
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
3.1%RENT
0.0%CAPVAL
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
INDUSTRIAL
NO OF REQS (RHS)000 SQ FT RENTAL VALUES CAPITAL VALUES (RHS)
EAST LONDON
2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 6
DEMANDSUPPLY RENTS & CAPITAL VALUES
EAST LONDON
MARKET COMMENT
The emergence of Stratford as a major of� ce location has proved to be a boost to the East London of� ce market, and the announcement of the potential of two further large scale relocations to The International Quarter Stratford have served to heighten interest in the region. Cancer Research is currently considering relocating their 100,000 sq ft head of� ce function to Stratford, whilst the British Council is also considering a similar relocation (50,000 sq ft).
Take up in Docklands was boosted by the 542,000 sq ft letting to HM Government at the Barclay’s building at 10 South Colonnade, E14. The relocation of the government of� ces is part of a drive to reduce costs across their estate.
Activity outside of Docklands also remained above trend levels, with 390,000 sq ft of lettings in 2016, although the � nal quarter of the year saw a slowing, with only 60,000 sq ft of lettings. Activity in Q1 2017 has remained slow across the East London market.
Supply has edged up in both the Docklands and Rest of East London market, with the combined availability � gure standing at 2.3m sq ft. Docklands accounts for 65% of total supply across the two markets. The combined availability rate in the East London of� ce market stands at 6.1%, with Docklands availability at 6.7%.
DOCKLANDS OTHER
OFFICE MARKET AVAILABILITY(as at March 2017)
OFFICE MARKET REQUIREMENTS(as at March 2017)
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
BARKING / DAGENHAM £16.00 £13.50 £175
ROYALS £35.00 £21.00 £650
ROMFORD £18.00 £12.50 £200
STRATFORD £40.00 £25.00 £750
OFFICE MARKET TAKE UP OFFICE MARKET AVAILABILITY OFFICE MARKET DEMAND RENTS & CAPITAL VALUES OFFICE
TOTAL AVAILABILITY 2.3M SQ FT PERCENTAGE OF SQ FT DEMANDED
6%0–5,000 5%
5,001–10,000
9%10,001–25,000
10%25,001–50,000
70%> 50,000
19%SUPPLY
18%0–5,000
5%5,001–10,000
26%10,001–25,000
23%25,001–50,000
28%> 50,000
39%DEMAND
000 SQ FT
0
100
200
300
400
500
600
700
800
900
Other 10 yr average
Docklands 10 yr average
87%TREND
Jul-Dec12
Jan-Jun13
Jul-Dec13
Jan-Jun14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
OFFICE MARKET TAKE-UP000 SQ FT000 SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
500
1,000
1,500
2,000
2,500
3,000
3,500
OFFICE MARKET AVAILABILITY000 SQ FT No.
0
250
500
750
1,000
1,250
1,500
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun 15
Dec15
Jun16
Dec16
0
10
20
30
40
50
60
0
10
20
30
40
50
Mar 17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
£ SQ FT £ SQ FT
0
100
200
300
400
500
600
700
800
5.3%RENT
0.0%CAPVAL
RENTS & CAPITAL VALUES OFFICE
OFFICES
NO OF REQS (RHS)000 SQ FT DOCKLANDSOTHERS CAPITAL VALUES (RHS)2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 7
DEMANDSUPPLY RENTS & CAPITAL VALUESMARKET COMMENT
Take up fell below the long run trend level for the North London & Herts market despite a strong second half of the year. Total activity in 2016 was 1.4m sq ft, with 62% of the year’s activity completed in the last six months. The � rst quarter 2017 has seen activity fall back slightly, with 312,600 sq ft of lettings completed. The largest transaction being the 230,500 sq ft letting of DC 230 Harlow to Wincanton.
Supply remained broadly stable, ending Q1 2017 at 2.2m sq ft, with grade A supply representing only 15% of overall availability. Larger buildings (>50,000 sq ft) account for 62% of availability, although only two of the 11 buildings on the market are grade A, namely the 166,850 sq ft North London Distribution Centre En� eld and the 68,100 sq ft Unit 2 at Navigation Park.
Demand has reduced over the past six months from the peak levels recorded in the latter half of 2016, with total requirements standing at 8.0m sq ft. The main cause behind the drop off in demand has been the reduction in the number of requirements for units of more than 25,000 sq ft, where demand is down by 31%.
Prime rents have continued to rise, increasing by 18.2% over the past 12 months to the end of Q1 2017. Secondary rents have followed a similar trend, with the average increase in secondary rents over the past 12 months being 11.2%.
INDUSTRIAL MARKET AVAILABILITYINDUSTRIAL MARKET TAKE UP
INDUSTRIAL MARKET AVAILABILITY(as at March 2017)
INDUSTRIAL MARKET DEMAND
INDUSTRIAL MARKET REQUIREMENTS(as at March 2017)
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
ENFIELD £11.50 £9.75 £200
HARLOW £8.00 £7.00 £150
HODDESDON £9.00 £7.00 £150
TOTTENHAM /EDMONTON £13.00 £11.00 £200
RENTS & CAPITAL VALUES INDUSTRIAL
TOTAL AVAILABILITY 2.2M SQ FT PERCENTAGE OF SQ FT DEMANDED
6%0–5,000
7%5,001–10,000
8%10,001–25,000
17%25,001–50,00062%
> 50,000
4%SUPPLY
2%0–5,000 5%
5,001–10,000
19%10,001–25,000
15%25,001–50,000
59%> 50,000 21%
DEMAND
0
250
500
750
1,000
1,250
26%TREND
000 SQ FT
10 yr average
Jul-Dec12
Jan-Jun13
Jul-Dec13
Jan-Jun14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec16
Jan-Mar17
000 SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
1,000
2,000
3,000
4,000
5,000
6,000
0
2,000
4,000
6,000
8,000
10,000
12,000
000 SQ FT
Mar17
Dec 12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
No.
0
50
100
150
200
250
300
350
0
2
4
6
8
10
12
14
£ SQ FT £ SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
50
100
150
200
250
8.3% 0.0%RENT CAPVAL
INDUSTRIAL
NO OF REQS (RHS)000 SQ FT RENTAL VALUES CAPITAL VALUES (RHS)
NORTH LONDON & HERTS
2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 8
OFFICE MARKET AVAILABILITY(as at March 2017)
DEMANDSUPPLY RENTS & CAPITAL VALUES
OFFICE MARKET REQUIREMENTS (as at March 2017)
NORTH LONDON & HERTS
MARKET COMMENT
Take up for the North London & Herts of� ce market was 502,200 sq ft in 2016, although activity slowed in the second half of the year, with only 35% of the year’s activity completing in the latter six months.
This trend has continued in Q1 2017 with under 60,000 sq ft of take up recorded, the majority of activity (70%) being focused in Welwyn Garden City. The largest letting in the quarter was the Environment Agency taking 22,000 sq ft at XLB Property’s Alchemy building 15 Bessemer Road.
Supply has continued to tighten, standing at 858,600 sq ft at the end of March 2017, with grade A space representing less than 20% of the total. Almost 50% of grade A supply is at The Comer Group’s North London Business Park N11. The availability rate is the lowest amongst the Glenny regions, standing at 3.7%.
The growth in prime of� ce rents has accelerated over the past 12 months, having increased by 35.1% since the same time last year. Prime rents are now £25.00 per sq ft and whilst secondary rents have also increased, they have not achieved the same level of growth as values on grade A property, rising by 16.0% on average.
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
ENFIELD £25.00 £19.00 £300
HARLOW £17.50 £12.50 £225
HODDESDON £17.50 £13.50 £215
WELWYN GARDEN CITY £20.00 £16.50 £260
OFFICE MARKET AVAILABILITYOFFICE MARKET TAKE UP OFFICE MARKET DEMAND RENTS & CAPITAL VALUES OFFICE
TOTAL AVAILABILITY 0.9M SQ FT PERCENTAGE OF SQ FT DEMANDED
15%0–5,000
9%5,001–10,000
31%10,001–25,000
29%25,001–50,000
16%> 50,000
4%SUPPLY
36%0–5,000
10%5,001–10,000
54%10,001–25,000
69%DEMAND
000 SQ FT
0
50
100
150
200
250
300
350
53%TREND
10 yr average
Jul-Dec 12
Jan-Jun13
Jul-Dec 13
Jan-Jun 14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
000 SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
500
1,000
1,500
2,000
2,500
3,000
000 SQ FT No.
0
100
200
300
400
500
600
700
800
900
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
10
20
30
40
50
60
0
5
10
15
20
25
30
13.6%RENT CAPVAL
9.1%
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
50
100
150
200
250
300
350
£ SQ FT £ SQ FT
OFFICES
NO OF REQS (RHS)000 SQ FT RENTAL VALUES CAPITAL VALUES (RHS)2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 9
DEMANDSUPPLY RENTS & CAPITAL VALUES
SOUTH EAST LONDON & KENT
MARKET COMMENT
A strong second half of 2016 helped to push take up in the South East London & Kent industrial market close to trend levels of activity for the year, with total activity of 2.1m sq ft recorded. This was the � rst time in four years that the activity has fallen below the trend level. The year’s largest letting completed in the � nal quarter, the 266,600 sq ft letting to Wincanton at Angle 265, Rochester.
There has been a strong start to 2017, with more than 500,000 sq ft of take up. The most signi� cant transactions being the letting of 60,000 sq ft to Selco at 20 Kennet Road, Erith and 59,350 sq ft to DFS at Invicta Riverside Aylesford.
Supply has now fallen to 2.5m sq ft, with grade A supply representing 20% of the overall total. Larger units dominate grade A supply, with the largest being Erith 180 and Access Park Aylesford (86,000 sq ft) being the other unit above 50,000 sq ft. The availability rate is now down to 2.3%, the lowest level on record.
Industrial rents have continued to move up, bolstered by the lack of choice for grade A space. Prime rents in the region are now at £12.00 per sq ft and most locations have seen values edge upwards, rising by 11.1% on average. Secondary rents have followed this trend, although growth has been stronger, with values up by 18.9% across the region.
INDUSTRIAL MARKET REQUIREMENTS(as at March 2017)
INDUSTRIAL MARKET AVAILABILITY(as at March 2017)
INDUSTRIAL MARKET AVAILABILITYINDUSTRIAL MARKET TAKE UP INDUSTRIAL MARKET DEMAND RENTS & CAPITAL VALUES INDUSTRIAL
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
ASHFORD £9.00 £6.50 £110
CHARLTON/WOOLWICH £12.00 £10.00 £200
DARTFORD £11.50 £9.75 £190
MAIDSTONE £7.50 £6.75 £150
TOTAL AVAILABILITY 2.5M SQ FT PERCENTAGE OF SQ FT DEMANDED
12%0–5,000
11%5,001–10,000
26%10,001–25,000
12%25,001–50,000
39%> 50,000
14%SUPPLY
5%0–5,000 6%
5,001–10,000
17%10,001–25,000
24%25,001–50,000
48%> 50,000
38%DEMAND
000 SQ FT
0
250
500
750
1000
1250
1500
1750
2000
10 yr average
10%TREND
Jul-Dec 12
Jan-Jun13
Jul-Dec 13
Jan-Jun 14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
000 SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
000 SQ FT No.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
50
100
150
200
250
300
350
400
0
2
4
6
8
10
12
14
£ SQ FT £ SQ FT
9.1%RENT
14.3%CAPVAL
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun 16
Dec16
0
20
40
60
80
100
120
140
160
180
200
INDUSTRIAL
NO OF REQS (RHS)000 SQ FT RENTAL VALUES CAPITAL VALUES (RHS)2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 10
DEMANDSUPPLY RENTS & CAPITAL VALUESMARKET COMMENT
Take up fell below its long run trend level of activity for the � rst time in three years in 2016, with the total for the year standing at 530,000 sq ft, almost 50% down on the previous year’s � gure. The trend continued into Q1 2017, with 70,500 sq ft, recorded, due primarily to a lack of larger transactions.
Supply has remained stable over the past six months, standing at 1.4m sq ft, its lowest level in more than 10 years. Grade A availability represents only 8.0% of supply, due to a lack of larger buildings on the market. There is only one grade A building above 25,000 sq ft, the 25,600 sq ft Radius at Crossways Business Park Dartford.
Contrary to the experiences in the other Glenny regions, demand has improved over the past six months, rising to its highest level since 2013, 576,000 sq ft. The main impetus behind the increase in requirements has been the upturn in demand for buildings above 10,000 sq ft, which have increased by 38%.
Prime of� ce rents have continued to increase, rising by 16.6% on average over the past 12 months. However, the most signi� cant shift in values has been seen in the secondary market, where rents are up by 27.5%, with Greenwich (42.9%) and Bromley (28.6%) seeing growth in excess of that � gure.
OFFICE MARKET REQUIREMENTS(as at March 2017)
OFFICE MARKET AVAILABILITY(as at March 2017)
OFFICE MARKET AVAILABILITYOFFICE MARKET TAKE UP OFFICE MARKET DEMAND RENTS & CAPITAL VALUES OFFICE
£PSFRENTS
CAPITALVALUES
PRIME SECONDARY PRIME
BROMLEY £28.50 £18.00 £300
DARTFORD £25.00 £15.00 £280
GREENWICH £32.00 £20.00 £325
MAIDSTONE £20.00 £12.00 £230
TOTAL AVAILABILITY 1.4M SQ FT PERCENTAGE OF SQ FT DEMANDED
27%0–5,000
21%5,001–10,00028%
10,001–25,000
17%25,001–50,000
7%> 50,000
2%SUPPLY
5%0–5,000
6%5,001–10,000
21%10,001–25,000
23%25,001–50,000
45%> 50,000
27%DEMAND
000 SQ FT
0
100
200
300
400
500
600
700
800
10 yr average
60%TREND
Jul-Dec12
Jan-Jun13
Jul-Dec13
Jan-Jun14
Jul-Dec14
Jan-Jun15
Jul-Dec15
Jan-Jun16
Jul-Dec16
Jan-Mar 17
000 SQ FT
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
100
200
300
400
500
600
700
800
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
000 SQ FT No.
0
5
10
15
20
25
30
35
40
45
50
£ SQ FT £ SQ FT
0
5
10
15
20
25
30
35
RENT CAPVAL6.7% 8.3%
0
50
100
150
200
250
300
350
Mar17
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
OFFICES
NO OF REQS (RHS)000 SQ FT RENTAL VALUES CAPITAL VALUES (RHS)
SOUTH EAST LONDON & KENT
2ND HAND GRADE A
WELL PLACED PROPERTY ADVISORS GLENNY DATABOOK Q1 2017 11
This document is for general informative purposes only. The information in it is believed to be correct, but no express or implied representation or warranty is made by Glenny LLP as to its accuracy or completeness, and the opinions in it constitute our judgement as of this date but are subject to change. Reliance should not be placed upon the information or forecasting opinions set out herein for the purpose of any particular transaction, and no responsibility or reliability, whether in negligence or otherwise, is accepted by Glenny LLP or by any of its members, of� ces, employees, agents or representatives for any direct, indirect consequential loss or damage which may result from any such reliance or other use thereof.
All rights reserved. No part of this publication may be transmitted or reproduced in any material form by any means, electronic, recording, mechanical, further copying or otherwise, or stored in any information storage or retrieving system of any nature, without prior written permission of the copyright holder except in accordance with the provisions of the Copyright Design and Patent Act 1988.
Warning: the doing of an unauthorised act in relation to a copyright work may result in both a civil claim for damages and criminal prosecution. May 2017.
CONTACTESSEX
Jim O’Connell - 01268 540 771 3 Argent Court, Sylvan Way, Basildon, Essex SS15 6TH
EAST LONDON
Peter Higgins - 020 8591 6671 Fifth Floor, Unex Tower, Station Street, Stratford, London E15 1DA
DEVELOPMENT & INVESTMENT
John Bell and James McFeely - 020 8591 6671Fifth Floor, Unex Tower, Station Street, Stratford, London E15 1DA
RESEARCH
For more information email [email protected]
NORTH LONDON & HERTS
Ivan Scott - 020 8367 23341 Cross� eld Chambers, Gladbeck Way, En� eld, Middlesex EN2 7HR
SOUTH EAST LONDON & KENT
Richard Seton-Clements - 020 8304 4911 21 Bourne Road, Bexley, Kent DA5 1LW
GLENNY DATABOOK Q1 2017
HERTFORDSHIRE
NORTH LONDON
EAST LONDON
SOUTH EAST
LONDON
ESSEX
KENT
2
4
35
1
1
1 2
4
3
5
6
2
4
3
1
2
3
4
5
OFFICE RENT CAPITAL VALUES
1 STRATFORD £40.00 £750
2 ROYALS £35.00 £650
3 BARKING / DAGENHAM / RAINHAM £16.00 £175
4 ROMFORD £18.00 £200
2 ENFIELD £25.00 £300
3 WELWYN GARDEN CITY £20.00 £260
4 HODDESDON / CHESHUNT £17.50 £215
5 HARLOW £17.50 £225
1 BRAINTREE £16.50 £205
2 CHELMSFORD £26.00 £325
3 BRENTWOOD £25.00 £310
4 BASILDON £17.50 £210
1 GREENWICH £32.00 £325
3 BROMLEY £28.50 £300
4 DARTFORD £25.00 £280
5 MAIDSTONE £20.00 £230
INDUSTRIAL RENT CAPITAL VALUES
1 CANNING TOWN £16.50 £275
2 BECKTON £14.50 £225
3 BARKING / DAGENHAM / RAINHAM £13.00 £200
4 ROMFORD £10.50 £155
1 TOTTENHAM / EDMONTON £13.00 £200
2 ENFIELD £11.50 £200
4 HODDESDON / CHESHUNT £9.00 £150
5 HARLOW £8.00 £150
1 BRAINTREE £8.00 £130
2 CHELMSFORD £9.25 £150
4 BASILDON £8.75 £140
5 THURROCK £9.50 £160
2 CHARLTON / WOOLWICH £12.00 £200
4 DARTFORD £11.50 £190
5 MAIDSTONE £7.50 £150
6 ASHFORD £9.00 £110
KEY: CHANGES IN THE PAST 6 MONTHS
INCREASE DECREASENO CHANGE
MARKET COMMENT
Prime of� ce and industrial rents have experienced an uninterrupted period of growth which began in 2010. Over that time, prime of� ce rents have risen by 41.1% (or 5.0% per annum) on average, whilst industrial prime rents have increased by 37.8% (4.7% per annum).
Whilst the upturn in secondary rents begun later in the rental cycle, with industrial rents commencing their upward trajectory in 2012 and the of� ce rents a year later, the rate of growth in both markets has been greater. Over their respective periods industrial rents have grown by 52.3% (or 8.8% per annum) and of� ce rents by 46.7% (or 11.6% per annum).
WELL PLACED PROPERTY ADVISORS WWW.GLENNY.CO.UK
This document is for general informative purposes only. The information in it is believed to be correct, but no express or implied representation or warranty is made by Glenny LLP as to its accuracy or completeness, and the opinions in it constitute our judgement as of this date but are subject to change. Reliance should not be placed upon the information or forecasting opinions set out herein for the purpose of any particular transaction, and no responsibility or reliability, whether in negligence or otherwise, is accepted by Glenny LLP or by any of its members, of� ces, employees, agents or representatives for any direct, indirect consequential loss or damage which may result from any such reliance or other use thereof.
All rights reserved. No part of this publication may be transmitted or reproduced in any material form by any means, electronic, recording, mechanical, further copying or otherwise, or stored in any information storage or retrieving system of any nature, without prior written permission of the copyright holder except in accordance with the provisions of the Copyright Design and Patent Act 1988.
Warning: the doing of an unauthorised act in relation to a copyright work may result in both a civil claim for damages and criminal prosecution. May 2017.
CONTACTESSEX
Jim O’Connell - 01268 540 771 3 Argent Court, Sylvan Way, Basildon, Essex SS15 6TH
EAST LONDON
Peter Higgins - 020 8591 6671 Fifth Floor, Unex Tower, Station Street, Stratford, London E15 1DA
DEVELOPMENT & INVESTMENT
John Bell and James McFeely - 020 8591 6671Fifth Floor, Unex Tower, Station Street, Stratford, London E15 1DA
RESEARCH
For more information email [email protected]
NORTH LONDON & HERTS
Ivan Scott - 020 8367 23341 Cross� eld Chambers, Gladbeck Way, En� eld, Middlesex EN2 7HR
SOUTH EAST LONDON & KENT
Richard Seton-Clements - 020 8304 4911 21 Bourne Road, Bexley, Kent DA5 1LW
GLENNY DATABOOK Q1 2017
HERTFORDSHIRE
ESSEX
KENT
NORTH LONDON
SOUTH EAST LONDON
EASTLONDON
NORTH LONDON & HERTSKEY DEAL
1 Mollison Avenue En� eld – Royal London Asset Management purchased the 144,750 sq ft distribution unit from Standard Life for £24.3m. The unit is let to educational supplies group Findel Plc for a further 21 years, with a rent review due in 2018. The purchase price re� ected a net initial yield of 4.47%.
SOUTH EASTLONDON & KENT KEY DEAL
Crossways Boulevard Dartford – London Metric Properties bought the 49,000 sq ft ‘last mile’ distribution unit let to European paper and packaging distributor, Antails for £6.3m. The occupier recently agreed a new 10 year lease, with RPI or open market uplifts, whichever is the higher level. The purchase price re� ects a net initial yield of 6.00%.
ESSEXKEY DEAL
Co-operative Food Unit Oliver Road West Thurrock – Tritax Big Box REIT purchased the 322,700 sq ft Co-op food distribution facility and adjacent lorry parking facility for £56.5m. The facility is one of the Co-op’s six UK distribution hubs and the only one located in the South East. The lease expires in 2025, with guaranteed rental uplifts of 2% per annum. The purchase price re� ects a net initial yield of 5.53%.
PRIME OFFICE YIELDS
PRIME INDUSTRIAL YIELDS
PRIME INDUSTRIAL YIELDS
PRIME INDUSTRIAL YIELDS
PRIME OFFICE YIELDS
YEAR YEAR
YEAR YEAR
PRIME OFFICE YIELDS
YEAR
YEAR
EAST LONDON KEY DEAL
3 Harbour Exchange, E14 – the 91,600 sq ft multi-let of� ce was purchased by Hong Kong food group Lee Kum Kee from Clearbell Property Partners II fund for £37m. Lee Kum Kee occupy one � oor of the 12 story building. The purchase price re� ected a net initial yield of 7.59%.
PRIME OFFICE YIELDS
EAST LONDON – OTHER DOCKLANDS
YEAR
PRIME INDUSTRIAL YIELDS
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
07 Q1 201708 09 10 11 12 13 14 15 16
NORTH LONDON
4.50%Q1 2017
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
07 Q1 201708 09 10 11 12 13 14 15 16
5.0%
6.0%
7.0%
8.0%
9.0%
07 Q1 201708 09 10 11 12 13 14 15 16
6.45%Q1 2017
6.00%Q1 2017
5.0%
6.0%
7.0%
8.0%
9.0%
07 Q1 201708 09 10 11 12 13 14 15 16
ESSEX
5.25%Q1 2017
07 Q1 201708 09 10 11 12 13 14 15 16
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
SE LONDON AND KENT
07 Q1 201708 09 10 11 12 13 14 15 16
5.0%
6.0%
7.0%
8.0%
9.0%
6.50%Q1 2017
5.25%Q1 2017
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
07 Q1 201708 09 10 11 12 13 14 15 16
EAST LONDON
4.50%Q1 2017
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
07 Q1 201708 09 10 11 12 13 14 15 16
4.75%Q1 2017
5.50%Q1 2017
OTHERDOCKLANDS
WELL PLACED PROPERTY ADVISORS WWW.GLENNY.CO.UK
GLENNY DATABOOK Q1 2017
RESEARCH
ARCHITECTURE
ASSET & PROPERTYMANAGEMENT
BUILDING CONSULTANCY
BUSINESS SPACE AGENCY
INVESTMENT
RESIDENTIAL DEVELOPMENT
REGENERATION & INFRASTRUCTURE
DEVELOPMENT
RESIDENTIAL MANAGING AGENTS
VALUATIONSERVICES
LEASE ADVISORY
STRATEGIC PLANNING
This document is for general informative purposes only. The information in it is believed to be correct, but no express or implied representation or warranty is made by Glenny LLP as to its accuracy or completeness, and the opinions in it constitute our judgement as of this date but are subject to change. Reliance should not be placed upon the information or forecasting opinions set out herein for the purpose of any particular transaction, and no responsibility or reliability, whether in negligence or otherwise, is accepted by Glenny LLP or by any of its members, of� ces, employees, agents or representatives for any direct, indirect consequential loss or damage which may result from any such reliance or other use thereof.
All rights reserved. No part of this publication may be transmitted or reproduced in any material form by any means, electronic, recording, mechanical, further copying or otherwise, or stored in any information storage or retrieving system of any nature, without prior written permission of the copyright holder except in accordance with the provisions of the Copyright Design and Patent Act 1988.
Warning: the doing of an unauthorised act in relation to a copyright work may result in both a civil claim for damages and criminal prosecution. May 2017.
MOST ACTIVEAGENT
RUNNER UP 2016
EG
GREATERLONDON
INDUSTRIAL
MOST ACTIVEAGENT
RUNNER UP 2014
EGSOUTH EASTENGLAND
INDUSTRIAL(Excl London)
MOST ACTIVEAGENT
WINNER 2014
EG
GREATERLONDON
INDUSTRIAL
ESSEX
Jim O’Connell
01268 540 771
3 Argent Court, Sylvan Way, Basildon, Essex SS15 6TH
EAST LONDON
Peter Higgins
020 8591 6671
Fifth Floor, Unex Tower, Station Street, Stratford, London E15 1DA
NORTH LONDON & HERTS
Ivan Scott
020 8367 2334
1 Cross� eld Chambers, Gladbeck Way, En� eld, Middlesex EN2 7HR
SOUTH EAST LONDON & KENT
Richard Seton-Clements
020 8304 4911
21 Bourne Road, Bexley, Kent DA5 1LW
DEVELOPMENT & INVESTMENT
John Bell and James McFeely
020 8591 6671
[email protected] / [email protected]
Fifth Floor, Unex Tower, Station Street, Stratford, London E15 1DA
RESEARCH
For more information email