Pending home sales in the United States increased slightly in March for the second consecutive month and reached their highest level in almost a year, according to the latest index. The Pending Home Sales Index from the National Association of Realtors, a forward looking indicator based on contract signings, increased
Conveyancing Association partners with InfoTrack The Conveyancing Association has today announced a new partnership with InfoTrack, a new conveyancing services provider. The partnership will run throughout 2016 and will involve a series of sponsorships, initiatives and opportunities for InfoTrack to engage with the CA and its member firms. As part
Shares in Keller suffered their biggest one-day fall on record after the British ground engineering specialist lowered profit expectations for the second time in three months. The FTSE 250 group, which built the foundations for London’s Olympic stadium, said on Thursday that its underlying results in 2016 would be about
Real estate commentators appear confident that the house-building sector can withstand the shock of the UK’s exit from the European Union. Martin Walshe, head of residential at surveyor Cheffins, said: “Whilst we will probably experience a short period of adjustment, the UK property market is incredibly resilient and investment in
TowerEight, the leading UK independent project and cost management consultancy, is set to hit £12m turnover and grow by almost a quarter in the coming year. The firm is also contemplating, for the first time, opening an overseas office. The consultancy, based on London’s Great Portland Street, will grow revenue
The Construction Products Regulation (CPR) is a mandatory regulatory system that makes it possible to compare the properties of different products. All manufacturers and distributors that supply building products to European Economic Area fall under CPR and its requirements. CPR regulations for ‘reaction to fire requirements’ now also extend to
Keltbray has added LED lights to road rail vehicles (RRV) to mark out exclusion zones during night working. Keltbray Rail Plant has borrowed the idea from the highways industry, where lights have been used for some time to create exclusion zone areas around equipment. But it is believed to be
A company that is developing a world-first technology to recycle MDF waste has received a £250,000 investment from one of the UK’s leading waste management firms. Suez Recycling & Recovery UK is backing the development of MDF Recovery’s medium density fibreboard recycling technology. MDF Recovery recently concluded proof of concept
Cleankill Pest Control has been announced as sponsor for the category of ‘Customer Service’ at the inaugural ARMA ACE Awards. Organised by the Association of Residential Managing Agents (ARMA), these awards recognise excellence and exceptional achievement by the UK’s leading residential managing agents, their suppliers and the work of their
International real estate advisor Savills has highlighted four key opportunities for investors seeking higher yielding assets as capital growth in the commercial property market slows down. With average returns expected to fall from 14% in 2015 to 8% this year, the firm points to small lot sizes, Scotland, high street
Pending home sales in the United States increased slightly in March for the second consecutive month and reached their highest level in almost a year, according to the latest index. The Pending Home Sales Index from the National Association of Realtors, a forward looking indicator based on contract signings, increased by 1.4% in March and is now 1.4% above March 2015. It means that after the slight gain, the index has increased year on year for 19 consecutive months and is at its highest reading since May 2015 and Lawrence Yun, NAR chief economist, said it signals a solid beginning to the spring buying season. ‘Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March. This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth,’ he explained. He also pointed out that in the short term, the healthy labour market and favourable borrowing costs should lead to sustained buyer demand and a durable pace of sales. However, Yun he believes that the consequences from a failure to construct more single family homes in recent years are starting to impact some top job producing markets, where endless supply shortages continue to limit choices for buyers and are driving up prices beyond what a growing share of households can comfortably afford. ‘Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38% in the past three years. As a result, pending sales in the region have now declined in four of the last five months and are lower than one year ago for the third month in a row. Closed sales in the region in March were also below last year’s pace,’ Yun said. A breakdown of the figures show that the index in the Northeast increased 3.2% and is now 18.4% above a year ago while in the Midwest the index inched up 0.2% but is now 4% above March 2015. Pending home sales in the South rose 3% but are still 0.6% lower than last March and the index in the West declined 1.8% in March and is now 7.9% below a year ago. BOOKMARK THIS PAGE (What is this?) Source link
Conveyancing Association partners with InfoTrack The Conveyancing Association has today announced a new partnership with InfoTrack, a new conveyancing services provider. The partnership will run throughout 2016 and will involve a series of sponsorships, initiatives and opportunities for InfoTrack to engage with the CA and its member firms. As part of this close working relationship, InfoTrack have been announced as the Headline Sponsor of the CA’s Annual Conference and Dinner, which is taking place in London at Chelsea Football Club’s Stamford Bridge ground on the 1st December. The theme of the Conference will be ‘Modernising Conveyancing’ and will specifically focus on the soon-to-be published ‘Call for evidence’ on the homebuying process from the Department of Business Innovation and Skills (BIS). A number of panel debates will take place on various areas likely to feature prominently in the ‘Call for evidence’ including: • The leasehold process – reviewing how the leasehold process can be sped up and providing a fit-for-purpose redress scheme for Lease Administrators to reduce delay and cost. • Access to Local Authority data –improving access to local search information via Local Authorities. • Using technology – how can we help unbundle the legal process and use technology such as client platforms to complete online forms, use e-signatures, etc. • Introducing greater certainty into the transaction – looking at how consumers might have the option to use a reservation agreement which provides for costs on a transaction fall-through and a deadline for exchange. • Lender relationships – providing clearer instructions between conveyancers and lenders. • Anti-Money laundering process – reviewing whether AML checks should be carried out by every party in the transaction or would it be better to appoint one party to carry this out? • Transparency – would a chain matrix and secure portal make a difference? • Up-front information – understanding how we might be able to secure client information early and verify it to anticipate additional enquiries. • Providing client options earlier – offering the consumer options available to them, for example, a reservation agreement, sale by tender, auctions, etc, earlier in the process so as to help them make an informed choice about their marketing options and preparing their title for sale. InfoTrack have also been invited to present their views at the conference to over 250 delegates and will be looking at how implementing simple and enjoyable technology can make a huge difference to conveyancing firms. InfoTrack provide an online platform that connects conveyancers directly to all the key websites used to perform the tasks involved in the conveyancing process including Land Registry Searches, Conveyancing Searches, SDLT Submissions, AP1 Transfers and more. By utilising simple, smart technology, with InfoTrack, conveyancers enjoy the convenience of managing all associated documents with one log-in, one window and one consolidated monthly bill. Lloyd Davies, Operations Director at the Conveyancing Association, commented: “Broadening and strengthening the relationships we have with stakeholder firms in the conveyancing market has been a priority for the Association in recent months and we are therefore very pleased to announce this new partnership. Our aim is to work with like-minded businesses that are focused on delivering quality services to our member firms and we feel we have certainly partnered with such a business in InfoTrack. Not only will they be Headline Sponsors of our Annual Conference and Dinner in December this year, but we will work closely throughout the year to explore mutually-beneficially work streams to support our members. It promises to be a very healthy relationship for all concerned and we believe CA member firms will support this and seek to engage with InfoTrack and the services it delivers.” Adam Bullion, General Manager of Marketing at InfoTrack, said: “We are particularly pleased to be supporting The Conveyancing Association. We share a common theme in challenging what is generally accepted as the norm and evolving working practices for the benefit of the conveyancer. We are looking forward to supporting the Conveyancing Association’s Annual Conference and Dinner where we will be delivering information that will make conveyancers think differently about technology in the workplace.” Source link
Shares in Keller suffered their biggest one-day fall on record after the British ground engineering specialist lowered profit expectations for the second time in three months. The FTSE 250 group, which built the foundations for London’s Olympic stadium, said on Thursday that its underlying results in 2016 would be about 15 per cent lower than market estimates, mainly as a result of losses in its Asia-Pacific division. Shares fell 26.8 per cent to 647p, valuing the company at £467m. Keller provides services such as piling, ground improvement works and cable reinforcement of concrete foundations for large construction projects. Underlying pre-tax profit was £95.7m last year, after removing one-off costs, on revenue of £1.56bn. In an unscheduled trading update on Thursday, Keller said its two largest divisions — one in North America and another covering Europe, the Middle East and Africa — had delivered “steady results” in the third quarter of 2016. Together they account for about 70 per cent of group revenue. “[The profit warning] rather spoils what has been a good story in the US and Emea,” said Alex Paterson, an analyst at Investec. The company’s activities in Asia — which include businesses in Australia, Singapore and Malaysia — are likely to come under increasing scrutiny from investors, after management spoke of a continuation of “very difficult market conditions” during the period. “The recovery in this division is likely to be more gradual and protracted than previously thought,” the company said. Problems at the unit, in part down to project delays, prompted the company to say in August that profits would be at the lower end of its range, which led the stock to shed more than 10 per cent. The Australian business has been hit by the commodities downturn as resources groups slash investment. In addition to the earnings downgrade, management said it would book a £10m restructuring charge in the second half of the year. Despite the gloom, Keller said its order book for work over the next 12 months was at an all-time high and 15 per cent above this time last year, on a like-for-like basis. However, Christen Hjorth, analyst at Numis, said “investors may be sceptical of management guidance” given the company’s second downgrade in short succession. Sample the FT’s top stories for a week You select the topic, we deliver the news. Source link
Real estate commentators appear confident that the house-building sector can withstand the shock of the UK’s exit from the European Union. Martin Walshe, head of residential at surveyor Cheffins, said: “Whilst we will probably experience a short period of adjustment, the UK property market is incredibly resilient and investment in housing will remain a cornerstone of our market, whether we are a part of Europe or not. Despite 2016 being the year of the Referendum, we have recently seen the best market ever experienced, and a Brexit will not affect this. Cambridge in particular will continue to be an international center for innovation and education, and our booming market will return to its former strength. Residential markets have always been influenced by uncertainty and we are now entering an economic climate which has never been experienced before, so the only strategy is be back to business as usual and brace ourselves for the busy period which is to come.” Urban Exposure CEO Randeesh Sandhu said: “While markets may react negatively to today’s Leave vote, the fundamentals underpinning the UK housing market still remain attractive. “In the short-term, while there may be an impact on decision-making and activity levels, we also expect to see an increase in interest from foreign investors if sterling devalues to the extent many have predicted. “Indeed, the UK still has unique appeal as a market for international purchasers – from the mixture of characteristics including our quality of life, culture and diversity, ownership security and legal system, time zone advantages for international business, language, schooling and education. “A return to business as usual may take longer than if we had remained as the specifics of a Brexit will take time to determine and therefore there will continue to be a period of uncertainty. It is important that the government pays close attention to the key risks that could affect the sector during these talks – for example, the impact on the supply of labour, which could further exacerbate the acute shortages of skilled workers for UK construction firms if Brexit restricts migration from the EU into the UK. “Change will come out of the UK leaving the EU, but the imbalance between demand and supply in the UK housing market will endure. “So while buyers may pause as the implications of Brexit are figured out, over the medium to long-term we do not expect housing markets to change drastically as a result of the vote.” London estate agent Peter Wetherell predicted that the vote to leave will generate a short term bubble and then a two-speed London property market could emerge. “This decision to leave has opened up a Pandora’s Box as far as the London property market is concerned,” Peter Wetherell said. “This (Friday) morning already Sterling has plummeted to a low not seen since 1985 and this will now create a short-term buying opportunity for US dollar and Euro based property investors. For overseas buyers, this big and dramatic drop in the value of Sterling will effectively offset the Stamp Duty and tax adjustments and it will make Prime London property a lucrative investment for overseas investors bold enough to take a punt despite the market uncertainty. “Now that UK will not be part of the EU in the future then industry construction costs could rise by up to 15% since currently construction materials imported from and exported to the EU are free of duty and taxes. Many site/construction staff working in London are people who originate from countries across the EU the future of all of this will need to be looked at quickly and decisively. “London’s status as the financial capital of Europe could be under threat due to Brexit. Currently London is able to provide financial services to the EU; the future of all of this could now be put into question as the UK leaves the EU. Currently some 39% of London’s population of 8.66 million people were not born in the UK. For Mayfair and the West End, some 55% of the market is based on non-EU overseas buyers who are from the Middle East, India, Russia and Africa. The West End is far less reliant on the EU, so it will continue, maybe at a lower volume or maybe at a higher volume; dependent on volatility in local political markets around the world.” “However in West London and Inner North London where there are high levels of EU buyers there could now be a dramatic slowdown which could last for a number of years. The more commercial property dominated markets of the City of London and Canary Wharf/Docklands could be really damaged by this exit from the EU, with a flight of capital, companies, jobs and workers.” “These issues in West and East London might be a short term problem or a long term issue; dependent on the strength of the financial markets in the City of London to continue and cement the City as the financial centre of the world.” “The end result of this decision to exit the EU could be a two-speed London property market – with just the core West End, and the periphery (homes priced below £400,000) continuing to operate; but with stagnation across the West, North and East London sectors of the market.” The commercial property market could go either way, said Philip Woolner, director of Cheffins Commercial. “It is difficult to forecast the effects that Brexit will have on the commercial property market. Ultimately, the UK, and London and Cambridge in particular, is such an attractive market for overseas investment that any knock-on effect is likely to be short-lived. There is a possibility of a period of stalling across investment sectors, with occupiers choosing to stay put, however, the fundamental prospects of business will still be strong. Before the Referendum there was a divergence of opinion within the industry with questions around the occupiers, take-up levels and restrictions on workers’ migration, however as Cambridge continues to be a powerhouse for
TowerEight, the leading UK independent project and cost management consultancy, is set to hit £12m turnover and grow by almost a quarter in the coming year. The firm is also contemplating, for the first time, opening an overseas office. The consultancy, based on London’s Great Portland Street, will grow revenue by 22% in the financial year to May, an increase on the £8.9m achieved in the previous financial year. The company – founded six years ago by former JLL directors Simon Craven, James Morris, Adam Mursal and Toby Wait – is predicting further like for like growth in the coming year. TowerEight has grown its presence across the UK, England and Wales, and is now looking at opening new offices in locations outside of London following client requirements for European and US projects. James Morris explained: “Clients are looking for good advice and we’re finding that, slightly controversially, one of our big opportunities at the moment is projects that are coming through where existing consultants haven’t performed quite as well as they should of. “We’re being put in to sort out problems and take projects forward and on the back of work like that we’ve been able to recruit some fairly important and talented people.” TowerEight has expanded from the hospitality and leisure sectors then growing into the residential, commercial and education sectors, now moving into healthcare over the past year. The company’s healthcare provision had grown through its hospitality work, as senior living centres and private hospitals try to operate more like hotels. Among recent projects, TowerEight has been appointed to several projects as a cost and project manager for Quintain on the 85-acre Wembley scheme and its ongoing work for Whitbread. The company’s staff numbers have increased over the last financial year to 89 and James Morris anticipates the firm increasing to 100 employees by the end of the 2017. There have been seven new recruits at TowerEight since the start of the year, as the business expands across sectors but also takes on more work across the UK. “Hiring new staff that have the right blend of experience is critical to ensuring that our clients receive the best service, all of the time, and Thomas and Syed bring a highly complementary range of knowledge. The ability to attract the right recruits in a very competitive market place shows the strength of our market proposition and the quality of our client list. The new hires have been made in response to a series of new project wins and growth, adding further expertise to TowerEight’s project and cost management teams.
The Construction Products Regulation (CPR) is a mandatory regulatory system that makes it possible to compare the properties of different products. All manufacturers and distributors that supply building products to European Economic Area fall under CPR and its requirements. CPR regulations for ‘reaction to fire requirements’ now also extend to cabling products. Each EU member state has to define the minimum fire class required for the different applications, which means requirements can differ significantly throughout Europe. Several organizations have published recommendations of their own. In some cases, these are significantly higher than the legal minimum requirement. A one-year transition period ends on July 1, 2017 and from then on cables installed permanently in construction works must meet European Standard EN 50575:2014. All cabling products must be tested and labeled to indicate their fire behavior. Manufacturers must have their cables tested and certified by a Notified Body accredited by the EC. This includes pre-assembled cabling links intended to remain in the building permanently. Mandatory compliance The aim is to unify products’ fire protection levels to better protect people in buildings from the effects of a fire in an emergency. Only products which have been awarded European Classification under the new standard can be sold in the EU. Contractors and installers, consultants, architects, building owners, specifiers and other parties need to include the new regulations in their tender books and specifications. Fire behavior of cables: classification Main criterion: Flame propagation and heat release (EN 60332-1, EN 50399) Additional criteria: Smoke production (EN 50399, EN 61034-2), corrosivity (EN 50267-2-3) and flaming droplets (EN 50399) EN 13501-6 defines the combinations in which the above test criteria may occur. The harmonized standard EN 50575 ultimately defines how the CPR is to be implemented for cabling and specifies the new fire protection classes. Declaration of Performance Once cables have been assessed and approved according to these systems, manufacturers may draw up a Declaration of Performance (DoP) indicating CPR compliance. This mandatory document is made publicly available. The DoP has to contain a unique reference number and cable type description, its Euroclass and s/a/d classifications according to EN 50575 and the ID number of the Notified Body responsible for testing. This information and the CE mark need to be visible on the drum or box containing the cable. It is also permitted, although not mandatory, to include CPR information on the cable sheath. Cables currently in stock that were produced before these regulations came into force may still be sold. There is no change to products with existing part numbers. It is advisable to ask suppliers whether their entire range meets European and international regulations for safety, fire and health. When it doubt, do not hesitate to consult an expert.
Keltbray has added LED lights to road rail vehicles (RRV) to mark out exclusion zones during night working. Keltbray Rail Plant has borrowed the idea from the highways industry, where lights have been used for some time to create exclusion zone areas around equipment. But it is believed to be a first for the rail sector. Keltbray Rail Plant undertakes much of its work at night; exclusions zones can be difficult to maintain and installing physical barriers is not always possible. The light system solves this. Its fleet of 14 Colmar RRVs is being fitted with high-intensity blue lights. Shining onto the ground, they are directed to mark out illuminated exclusion zones required around the machinery for safe operations. The solution was devised by Keltbray Rail Plant’s piling delivery manager, Grant Fieldhouse, in partnership with Network Rail’s construction manager, Justin Owens, for working on the Great Western line in Wales. Paul Murphy, Keltbray Rail’s operations director rail for Wales and Western, explained: “Where we operate heavy duty machinery, it is important to use clear safety signage to make people aware of dangerous equipment and the risk moving plant can pose to even the most experienced operatives. As we often work at night, signage is not always visible, and so we have adopted lighting to help operatives visualise the exclusion zone and reduce the risk of accidents. “Grant and Justin had to find lights that have high vibration resistance to minimise downtime and the risk of lighting failure, and eventually found these in the USA, where they have been developed to protect factory staff working near moving forklifts. As a UK first, we have now fitted them to a Colmar T10000 heavy lifter RRV, which is working for Network Rail on piling works associated with electrification of the Great Western railway in Wales. ‘RRV are proving very effective’. “These lights create exclusion zones of 10 metres to the side, back and front of the RRV are proving very effective. We are communicating this initiative through the on-site task and POS briefings and will be introducing this into all training plans for operators and staff.” These high-intensity blue LED lights will now be extended to all the other RRV in Keltbray Rail Plant’s Colmar fleet over the next six months.
A company that is developing a world-first technology to recycle MDF waste has received a £250,000 investment from one of the UK’s leading waste management firms. Suez Recycling & Recovery UK is backing the development of MDF Recovery’s medium density fibreboard recycling technology. MDF Recovery recently concluded proof of concept trials to develop a commercially viable process to recover wood fibre from used or off-cuts of MDF to offer the first ever alternative to landfilling or incinerating MDF as part of an energy recovery solution for left-over MDF. S upport the next stage of growth as the business takes its proprietary technology to the commercial market after more than six years of research and development. MDF as a material was first introduced in the 1970s and today more than 50 million tonnes are produced globally every year, servicing the furniture, construction and DIY markets. MDF Recovery co-founder and managing director Craig Bartlett said: “The Suez investment provides a significant boost to MDF Recovery in our quest to commercialise the technology to make single-use MDF a thing of the past. The recovered fibre produced by the process is of the same high quality as fibre obtained from virgin wood and can be used as a direct substitute in the manufacturing process. The timing of the Suez investment is perfect as we are already in discussions with a number of potential customers and partners within industry who recognise the significance of what we are doing. The MDF Recovery technology can be retro-fitted or designed into new plants and offers a robust solution for reworking waste and increasing the yield at the MDF manufacturing facility.” Suez technical development director Stuart Hayward-Higham said: “The technology should literally give a new prolonged shelf-life for MDF, one of the most popular materials across the construction and furniture industry from large scale commercial projects to the army of shelf-fitters and DIY carpenters up and down the country. Zero waste production for the wood component of MDF is now a real possibility.”
Cleankill Pest Control has been announced as sponsor for the category of ‘Customer Service’ at the inaugural ARMA ACE Awards. Organised by the Association of Residential Managing Agents (ARMA), these awards recognise excellence and exceptional achievement by the UK’s leading residential managing agents, their suppliers and the work of their people in improving the lives of thousands of leaseholders across the country. For these awards, ARMA has introduced a number of categories not normally covered by traditional industry awards. These include ‘Service Charge Accountants’, ‘Apprentice of the Year’ and ‘Newcomer of the Year.’ As a supplier of pest control services to leasehold management agents throughout the South-east, Cleankill Pest Control understand what it takes to be a successful service provider to this sector of the property market. Commenting on the awards, Managing Director Paul Bates said: “It is an honour to sponsor the category of ‘Customer Service’ at the 2017 ARMA ACE Awards. We work with many ARMA members throughout the South-east and recognise the importance of providing good, efficient service to your customers. At Cleankill, we always like to go a bit further than our competitors and pride ourselves on providing first class service.” The award winners will be announced at a special ceremony on the 7th July 2017, in the stunning surroundings of the Tobacco Dock in London E1. The evening will incorporate a sumptuous meal, the award ceremony and exciting entertainment, including a live band, model racing cars, casino tables, graffiti wall and vodka luge. To learn more about the ARMA ACE Awards, click here. Based in Croydon, Surrey, and Seaford, East Sussex, Cleankill Pest Control has been providing pest control services to London and the South East since 1995. Set up by former Rentokil employees, Cleankill was founded upon the desire to create a company that placed customer service, respect for the environment, care for the community and staff development on an equal footing with profitability. Cleankill Pest Control deals with ‘distress’ pests such as wasps and fleas, as well as preventative maintenance against public health pests such as mice, rats, cockroaches and birds. The company prides itself on fast and efficient service delivery and aims to be recognised as a market leader for innovation, ‘green’ and new pest control techniques. For further information go to www.cleankill.co.uk or call 0800 056 5477.
International real estate advisor Savills has highlighted four key opportunities for investors seeking higher yielding assets as capital growth in the commercial property market slows down. With average returns expected to fall from 14% in 2015 to 8% this year, the firm points to small lot sizes, Scotland, high street retail outside of London and urban logistics as offering the best spread to other asset classes. Savills analysis of deals by lot size found that assets in the £5-15 million bracket delivered the highest yields across retail, offices and industrial, with a spread to other lot sizes of between 50 and 200 bps. The largest yield gap is for offices, which currently offer 7.37% for assets between £5-15 million compared to 5.08% for assets over £100 million. In Scotland, the commercial markets missed out on yield hardening seen in England during the referendum campaign of 2014. As a result, all sectors there offer yields circa 70-150 bps higher than in comparable English cities. For offices in prime cities, investors can expect a 5.32% yield in Scotland compared to 4.75% in England. Mat Oakley, head of commercial research at Savills, comments: “While slowing capital growth in the commercial property market will ultimately lead to lower total returns, there are still plenty of opportunities out there for investors willing to go higher up the risk curve. Over the year ahead, there will be an increasing focus on areas where capital values have not corrected as well as asset management, development and rental growth opportunities. Investors may also create portfolios of smaller assets to capitalise on the high yields available instead of targeting larger, single assets.” In terms of high street retail investment, Savills reports that the recovery is no longer confined to London and the South as investor confidence in the top regional cities continues to improve. For example, a unit let to Lloyds Bank in Manchester city centre recently attracted strong interest from UK institutions and foreign buyers with the final sale price reflecting a net initial yield of 4.14%. However, for now there remains an average yield spread of over 100 bps between prime retail assets in London and the South versus other regions. Finally, Savills highlights the investment prospects of urban industrial estates based on the continued growth of e-commerce or, alternatively, the high capital value which can be extracted by converting the land for residential use. In London, the land value premium for residential over industrial currently ranges from 54% in the North West to 42% in the South West. Across the capital, the supply of industrial land has fallen from 7.3 million sq ft in 2009 to 4.79 million sq ft in 2015. James Gulliford, joint head of UK investment at Savills, adds: “The problem for a lot of value-add and opportunistic investors is that yield compression has largely disappeared and, looking ahead, there will be a rising dependence on income return. For offices, Northshoring and core to fringe migration in London and other big cities will help to deliver this. For retail, rental growth will be sporadic but is most likely to be seen in the experience-led malls, sensibly rented bulky goods schemes and convenience high street markets.” Source link