Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.
Overview
GOOGLE COMMITS TO LONDON OFFICE SPACE
Although the multinational US tech giant has informed its 4,500 staff in the UK they will be working from home until at least summer 2021, Google has reportedly committed to leasing an additional 70,000 sq. ft. in office space in London, located near its new £1bn UK headquarters.
STRONG STAYCATION DEMAND SPARKS INVESTOR INTEREST
Although hotel investment volumes in the UK are dominated by London, recent research from Savills highlights that total deal count outside the capital has risen markedly since lockdown measures eased earlier in the year.
CINEWORLD CLOSURES IMPACT LEISURE PARKS
The UK’s beleaguered leisure industry took another blow with the recent announcement of the nationwide closure of Cineworld’s theatres, the country’s largest cinema operator. The closure results in the loss of 5,500 jobs and threatens many more working in neighbouring restaurants, dependent on the multiplex trade.
COMMERCIAL PROPERTY CURRENTLY FOR SALE IN THE UK
- Regions with the highest number of commercial properties for sale currently are the South West and North West of England
- Northern Ireland currently has the lowest number of commercial properties for sale (32 properties)
- There are currently 1,249 commercial properties for sale in London, the average asking price is £1,186,253