The office market is forecast to see a fall in sales values over the next quarter whilst rents are expected to see some growth in comparison to the first quarter.  This can be seen as purely a product of the cyclical nature of property and it reacting to other markets; although other headlines may seem more alarming The Guardian has asked could offices be the next big casualty of the banking crisis which on the surface of it may cause worry. At the same time as the Evening Standard tells us of the property market “London copes better than rivals with less vacant office space recorded “ The banking crisis comprises the failing of Silicon Valley Bank and the rescue of Credit Suisse, who had been in trouble for years - so not really a crisis as of yet. Accepted neither of these is great news but whether they a creating the perfect storm for the property industry [...]

Capital & Counties and Shaftesbury have completed their £3.5bn all-share merger to form Shaftesbury Capital. This new company will dominate the Soho and Covent Garden areas of central London.  Shaftesbury Capital’s portfolio is focused on Covent Garden, Seven Dials, the Opera Quarter, Carnaby Street, Soho, and Chinatown. The portfolio has been independently valued at £4.9bn Ian Hawksworth, chief executive of the merged group, said: “Today we are delighted to complete the merger, bringing together two highly complementary portfolios to create the leading central London mixed-use REIT, Shaftesbury Capital. We look ahead with confidence, with an experienced and talented team, to deliver long-term economic and social value for stakeholders and contribute to the success of the West End.” Shaftesbury Capital’s assets offer 1.7m sq ft of hospitality, leisure and retail space, around 600,000 sq ft of office space and more than 800 apartments. The annual gross income of the merged group is £178m, while the portfolio’s estimated rental value is £227m [...]

Landsec has gained consent for the redevelopment of Red Lion Court, Bankside, part of a one million square foot development programme focused on building a green office cluster in London's Southwark. Red Lion Court will comprise 230,000 sq ft of offices, retail & open public space on the banks of the River Thames, next to Borough Yards.  The scheme, designed by the Bjarke Ingels Group, offers floorplates from 18,000 to 26,600 square feet all with access to outdoor spaces, a communal roof terrace and views over the river into the City The building has been designed to be net-zero in construction and operation and by reusing part of the existing building and prioritising low carbon and recycled materials should meet or exceed the Greater London Authority and Southwark borough policy in terms of sustainability, biodiversity and energy efficiency. The building will also be fully electric and feature a sustainable urban drainage system which repurposes rainwater for future use. [...]

Transport for London has chosen listed London developer Helical as its preferred investment partner for its commercial office portfolio across central London. The decision is subject to contract negotiations and a 10-day standstill – or cooling off – period. The partnership will develop "high-quality and sustainable" office space above or close to Tube stations at Bank, Paddington and Southwark with all three sites have full planning permission. Bank: above the new station entrance on Cannon Street, this eight-storey development, along with a basement, will include both office and retail space, measuring around 140,000 square feet net internal area external terraces on fifth, sixth and seventh floors and a green roof. A start on site is envisaged next year.       Paddington: located by Grand Union Canal and close to the new Elizabeth line station at Paddington, this 19-storey building currently has permission for new office and retail space at around 235,000 square feet NIA. It will include [...]