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www.rib.co.uk Robert Irving Burns Commercial Leasing Review 2019
www.rib.co.uk
Robert Irving BurnsCommercial Leasing Review 2019
RIB Market Overview – 2019
Whilst uncertainty surrounding Brexit and the General Election continued to affect all areas of theproperty industry in 2019, we saw a willingness to do deals from a wide range of occupiers. Despitetransactions taking longer to complete, sensibly priced and well presented stock continues to attractmuch interest.
2019 saw our commercial agency department expand with a new team specialising in the sub 1,500square foot market, specifically tasked with targeting those occupiers who would normally considerserviced offices. Their success to date leads us to believe there is still strong demand for traditionalleases within the market.
We have encouraged our clients to prepare short form leases, providing ease of entry for their tenantsand have seen deals being completed in under 10 days. This is without doubt a positive shift inmentality. Additionally, we are seeing companies vacating serviced offices as their business maturesand they have a desire for their own branding as well as private space.
Our team also had a number of successes in specific submarkets, achieving record rental values inMarylebone for Grade A office space on Welbeck Street. In addition, we saw an increase of 12.5% onrental values within the same building on Berners Street within the last year – a fantastic result for ourclient! We were also involved in some landmark deals with our disposals team successfully letting twofloors and having three additional floors under offer in Hanway House on Hanway Street, W1. Theproperty was purchased by our Acquisitions Team. Our client on this property created fantastic GradeA office space in addition to a new floor with panoramic views over Central London. We were alsoinvolved in the letting of 6 Great Titchfield Street to Rowbots – a new fitness concept backed byfootballer Gareth Bale. Additionally, we were instructed to let Berwick Works – a new development inSoho which is now under offer to an international footwear company.
Market Overview Continued on Next Page
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RIB Market Overview – 2019
Our lettings team have seen a 47% increase in new instructions compared to 2018, demonstrating thebenefit of having two dedicated teams who can deal with different property sizes. Additionally, wehave seen a 56% increase in the number of properties under offer when compared to 2018. Thisincrease in new instructions and properties under offer has also been coupled with a 53% increase incompletions when compared to 2018.
Our team transacted on a wide range of property types including medical, industrial, retail, Leisure,and office space. Our market reach continues to expand and 2019 saw us complete in locationsincluding Fitzrovia, Soho, Primrose Hill, Finchley, Marylebone, Camden, Bloomsbury, Fulham, andNotting Hill to name but a few (see chart on next page).
We remain confident that 2020 will be even more successful with more certainty and clarity regardingBritain’s future trading relationship with Europe.
To discuss how we can help you let your property, do not hesitate to contact a member of ourdedicated Commercial Lettings Team.
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RIB Market Overview – 2019
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Fitzrovia37%
Notting Hill/Paddington
5%
Bloomsbury8%
Primrose Hill10%
Euston/Kings Cross2%
Soho8% Mayfair/St James
3%
Marylebone9%
Camden/Kentish Town12%
Finchley1%Midtown/City
Fringe4%
Fulham1%
Submarkets
30%
61%
4%5%
Property Type
Retail/Showroom Office Warehouse Leisure/Medical
Healthcare4%
Professional and Financial Services
24%
Media and Communications
36%
Retail/Restaurant17%
Property Company7%
Hospitality9%
Other3%
Submarkets
7-8 Market Place, W1Second Floor
Let to an insight and strategy company
15/16 Nassau Street, W1First Floor
Let to a talent management company
19-20 Berners Street, W1Fifth Floor
Let to a media company
7a Regis Road, NW5Whole Warehouse Building
Let to a promotional merchandise specialist
Lawford’s Wharf, NW1Whole Building
Let to a motion and event production company
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30 Gresse Street, W1First Floor Right
Let to a asset management company
6 Coptic Street, WC1Ground & Lower Ground Floors
Let to a photographic studio
Rochester Mews, NW1Ground Floor
Let to a challenger bank
107 Regents Park Road, NW1Ground Floor
Let to a hairdressers
A selection of properties let in 2019
A selection of properties let in 2019
8-10 Camden High Street, NW1Fourth Floor
Let to a creative media company
49 Fulham Broadway, SW6Ground Floor
Let to a Greek restaurant
138 Portobello Road, W11Second Floor
Let to a TV production company
77 Fortess Road, NW5Second Floor
Let to a creative media company
172 North Gower Street, NW1Ground Floor and Basement
Let to a travel medicine provider
302 Regents Park Road, N3Whole building
Let to a car park management company
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59 Cleveland Street, W1Ground and Lower Ground FloorsLet to a men’s grooming company
31-32 Eastcastle Street, W1Ground Floor
Let to a private medical practise
100 Great Portland Street, W1Ground Floor
Let to a homeware company
A selection of properties let in 2019
33 Welbeck Street, W1Fifth Floor
Let to a finance company
Unit D, The Courtyard NW1Ground and Lower Ground FloorsLet to a public relations company
15 Frith Street, W1Whole Building
Let to a Singaporean restaurant
6 Bloomsbury Square, WC1Second Floor
Let to a creative media company
46 Newman Street, W1Ground Floor and Lower Ground Floors
Let to an e-cigarette company
29-35 Lexington Street, W1First and Second Floors
Let to an advertising agency
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18 Newman Street, W1Ground Floor
Let to a creative agency
431-433 Edgware Road, W2Ground and Lower Ground Floors
Let to a property company
61 Endell Street, WC1Ground & Lower Ground Floors
Let to a nail bar
Our Commercial Leasing Team
George CookCommercial Lettings NegotiatorTel: 020 7927 0624Email: [email protected]
Elliot SimmonsHead of Commercial LeasingTel: 020 7927 6339Email: [email protected]
Henry BaconCommercial Lettings NegotiatorTel: 020 7927 0646Email: [email protected]
About Us
RIB were founded in 1962 and the ethos of the business is the same today as it was when itstarted. The fundamental emphasis is of giving our clients a service they can rely on. A servicethat is as personal as their individual property needs and a service that is structured,professional and responsive.
Each member of the team in both the commercial, residential and management departmentshas specific responsibilities and experience, meaning that when our clients come to us, we canguarantee them expert-level knowledge of the markets they work in as well as the backing of apartner or senior staff member.
Our commitment is to our clients. To developing long-term, trusted relationships that both standthe test of time and, most importantly, give them the resources they need, both from a businessstandpoint and strategically, to make informed decisions across all aspects of commercial andresidential property
.For more information, please contact us today.
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Archie Ayrton-GrimeJunior Commercial Lettings NegotiatorTel: 020 7927 0636Email: [email protected]
Laura NaikuteCommercial Lettings AdministratorTel: 020 7927 6560Email: [email protected]
Sam ArghebantHead of Commercial AcquisitionsTel: 020 7927 0621Email: [email protected]
