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January 10, 2023

The Biggest Office Schemes Completing In 2023 Are Better Set Than A Year Ago

Submissions Open For The Rise Initiative UK: Spotlighting Successful DEI Programmes

The biggest office schemes completing in London this year are a lot better positioned when it comes to tenants than their equivalents 12 months ago — although half of them are still empty as they approach completion.

Analysis by Bisnow, using data provide by Deloitte, found the 10 largest schemes scheduled to complete in 2023 are 47% leased. That compares to the 10 largest schemes being 82% empty at the beginning of 2022.

There are a couple of caveats worth pointing out. Some of the schemes on this year’s list were scheduled to complete in 2022, but construction timelines ran over, and they remain unleased or virtually so. And one scheme being built by Google is an anomaly, having been in the offing for almost nine years now. 

Here’s how the largest offices opening this year are set. 

40 Leadenhall

The Biggest Office Schemes Completing In 2023 Are Better Set Than A Year Ago

40 Leadenhall is an 880K SF, £1.4B City of London scheme being developed by Nuveen and M&G Real Estate on a site that Nuveen bought out of a distressed debt situation during the last recession. It still has 257K SF left to lease according to…

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Grosvenor Shows How Big Real Estate Firms Can Help Small Suppliers Hit Climate Targets

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One of the UK’s largest real estate owners has significantly increased the number of small UK companies with a blue-chip carbon reduction target through a mentoring and education programme.A total of 28 small and medium-sized companies are set to gain a science-based target from the Science-Based Target Initiative, a globally…

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UK Hotel Deals Slump But Savills Points To Strong Start To Year

UK Hotel Deals Slump But Savills Points To Strong Start To Year

UK hotel transactions slumped to a total of £3B in 2022, 27.5% lower than 2021, according to international real estate adviser Savills.The downturn was the result of slowing activity driven by macroeconomic conditions in the second half of the year, the company said.Investment volumes…

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There’s been enough talk. It is time to see evidence of what’s really making a difference. Bisnow is launching Rise, a new initiative looking to champion organisations that are advancing racial diversity in the UK’s real estate sector. Following the success of the Rise Initiative in the U.S., Bisnow is…

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Hivelocity Acquires UK's Heficed, 9 Data Centers

Hivelocity Acquires UK's Heficed, 9 Data Centers  

Data center and cloud provider Hivelocity has acquired UK-based competitor Heficed, the company announced Monday.

Heficed and its portfolio of nine data centers will be folded into the significantly larger Hivelocity, which offers colocation, cloud and other digital infrastructure hosting services at more than…

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2023 Will Be The Year Of Distressed Debt No One Wants To Buy

Despite apparent consensus across commercial real estate that 2023 will be a year of hard times, conditions still may not be right for the distressed asset market to kick into gear.

Since the pandemic’s outbreak, opportunistic investors have salivated over the prospect of building owners stuck between a rock and a hard place on their loans.

But the private equity funds set up to buy distressed assets need debt of their own to deliver the returns promised by their sponsors — and they aren’t getting it.

"The first question is, ’Is there going to be distress?’” said Jason Hernandez, who leads Nuveen’s debt practice in the Americas. “And if there is but there’s no liquidity, it’s very difficult to have a functioning distressed asset market. There are very few unlevered buyers.”

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