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Derwent London – a prestigious office development firm based in the capital – has proposed a special dividend for shareholders off the back of increased property sales as well as growth in the value of the buildings in its portfolio – which many have deemed quite unexpected given the post-Brexit forecast.
Indeed, John Burns, chief executive of the company, has noted that despite the predictions made immediately after the EU referendum was called – that the market would stagnate and values would drop – the business continues to experience high-levels of interest in its offices.
In fact, there is certainly no shortage of demand in London at the moment, with American Express, Warner Music, Deloitte Digital, JLL, McCann, Adidas and Sony all currently on the lookout for large spaces, while other global companies have indicated that they are either currently hiring or intending to hire in the near future, thus opening up the need for even more space.
Last year, Derwent more than doubled its development agenda, obtaining approval to go ahead with 853,000 sq ft of expansion. The company has now begun work at the Tottenham Court Crossrail station, and is set to start implementing plans for buildings in Paddington and Shoreditch – three prestigious locations that are certain to ensure demand for its space remains high moving forward.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.