Autumn 2024
Emma Steele
Director,
Global Cross Border Investment
WELCOME
Welcome to the second edition of Optimising Offices. A lot has changed in the last 12 months, most notably we have witnessed the election of a new UK government that is heralding property as a catalyst for economic growth. Whether a coincidence or consequence of this ambition (you decide), the UK office market is showing signs of recovery.
Occupational demand for best-in-class offices remains strong and rental performance has surprised on the upside, with further growth anticipated in many markets. This has served to boost investor sentiment and, when coupled with pricing adjustments, has made the sector more compelling. Private Equity, notably absent in recent years, is returning which is helping to give confidence to other investors and may well be an indicator of ‘the bottom’.
The Investment Perspective
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Copyright © 2024 — Savills
One area that hasn’t fully ‘unlocked’ yet is the development market which continues to face viability challenges. This is largely down to owners’ land basis. However, strong rental growth is helping to support more projects. Those that act swiftly in this space will benefit from first mover advantage. The ESG agenda is still high priority and our GreenFiT initiative is busier than ever helping both owners and occupiers.
This edition explores shifts in investor sentiment, analyses occupational demand and examines the potential of obsolete stock through permitted development rights for alternative uses. ‘The office is dead’? Far from it. It is very much alive and kicking and to celebrate this we consider the crucial role it plays in enhancing productivity, employee engagement and wellbeing. Read on to find out more.
James Evans
Director, Head of National Office Agency
explore this issue
05
Design that inspires
Enhancing collective intelligence through workplace design
01
The investment perspective
In but not up... yet
02
Occupational market update
Supply, demand & market polarisation
03
Permitted development
From obsolete to opportunity
04
The flex market
Exploring the evolution of offices
Explore more from the first edition of optimising offices
Value protection
& enhancement
GreenFiT: a Savills solution
What’s the alternative
If offices
aren't viable
What occupiers want
Five key trends
Autumn 2024
Occupational market update
The Investment Perspective
In but not up... yet
Welcome
Back to the top
Copyright © 2024 — Savills
In the last edition of Optimising Offices, we referenced offices as being ‘down but not out’. This issue we are going with ‘in but not up... yet’
Author
Emma Steele
Director,
Global Cross Border Investment
‘In’ because, despite the best efforts of many to convince us of the ‘death of the office’, we continue to see investors, both ‘old’ and ‘new’, choosing offices as a priority sector for capital deployment.
‘Not up’ because, although sentiment has materially improved, overall transaction volumes are not yet reflecting this.
At the beginning of September 2024, office investment volumes in the UK stood at c.£5.2Bn YTD (according to MSCI Real Capital Analytics (RCA)). And, with just one quarter to go, it is fair to say it will be a big ask for the 2023 full year volume of c.£10.3 billion (which was already significantly down on the long-term average) to be matched, or indeed beaten.
Whilst this paints a somewhat negative picture, there are reasons to be positive. For example, when setting the UK in a wider European context it is the dominant market by far, with c.£1.5 billion more trade as of the beginning of September 2024 than its nearest competitor, Germany. This not only talks to the prevailing perceived stability of the UK, but also points to the UK being more progressed in its recovery.
Reasons to be positive
Extended periods of stabilisation
01
02
03
04
05
06
07
08
The Mint, Edinburgh
Best in class heritable interest let to high quality tenants with over 10 years term certain.
Market: Provincial Offices
Risk: Core
Pricing: £42.5M / 5.78% (6.30% RY) / £600psf
Vendor: Hines
Purchaser Name / Type: Confidential / Private Spanish UHNWI
Savills Role: Purchaser’s Advisor
Savills Role: Vendor’s Advisor
Purchaser Name / Type: Corum / French Fund
Vendor: M&G
Pricing: £46M / 8.60% / £345psf
Risk: Core+
Market: Provincial Offices
High quality heritable interest developed in 2015 and multi-let to 9 tenants with a term certain of c.4.5 years.
1 West Regent Street, Glasgow
Savills Role: Vendor’s Advisor
Purchaser Name / Type: Confidential / APAC-backed Investment Manager
Vendor: Private HK
Pricing: Under Offer
Risk: Value Add
Market: London City
Three building freehold estate multi-let to 20 offices, retail, residential and leisure tenants, offering various asset management opportunities including full VP of the offices by 2028.
110 Cannon Street, London
Savills Role: Vendor’s Advisor
Purchaser Name / Type: Oval obo Elliott / US Private Equity
Vendor: Langham Estate
Pricing: £301.5M / 5.64% / £756psf
Risk: Value Add
Market: London West End
Mixed use portfolio of 27 freehold assets with a c.60% office weighting. Term certain of c.4.5 years.
Lotus Portfolio, London
Savills Role: Vendor’s Advisor
Purchaser Name / Type: Titan Investors / UK Investment Manager
Vendor: Derwent London
Pricing: £77.35M / 4.90% / £1,100psf
Risk: Core
Market: London City
High quality freehold asset developed in 2015 and single let to Publicis Group for a further 9 years term certain.
Turnmill, London
Savills Role: Vendor’s Advisor
Purchaser Name / Type: L&G / UK Fund
Vendor: Aviva / PSP
Pricing: £72.25M / 4.50% / £2,224psf
Risk: Core
Market: London West End
Newly refurbished and extended, all electric, freehold garden square building multi-let to 4 tenants with a WAULT to expiry of c.9.4 years on the let accommodation.
30 Golden Square, London
Savills Role: Vendor’s Advisor
Purchaser Name / Type: Delta / Israeli-backed Investment Manager
Vendor: London Metric
Pricing: £23.65M / 7.75%
Risk: Core+
Market: South East Offices
5 building freehold estate comprising training and conference facilities. Single let to Compass Services for a further c.17 years. Subject to annul RPI reviews with a cap and collar of 5% and 1%.
Kents Hill Business Park, Milton Keynes
Savills Role: Vendor’s Advisor
Purchaser Name / Type: Ashtrom / Israeli Real Estate Company
Vendor: M&G
Pricing: £78M / 8.00%
Risk: Core
Market: Provincial Offices
Award winning freehold office developed in 2016 and let to 11 high quality tenants with a term certain of c.5.5 years.
Central Square, Leeds
01
02
03
04
05
06
07
08
The activity of these groups has helped with the price discovery ‘issue’, which was one of the major factors affecting investor engagement last year.
jan 2023
jan 2024
Mar 2024
jun 2024
Sep 2024
London West End
London City
Provincial offices
South East offices
4.00%
6.25%
7.00%
4.00%
5.25%
7.00%
7.50%
4.00%
5.25%
7.00%
7.50%
4.00%
5.25%
7.00%
7.75%+
4.00%
5.25%
7.00%
7.75%+
Source: Savills UK Capital Markets
deep demand for value-add projects
The deepest level of engagement has been at the value-add end of the spectrum, in particular where ‘projects’ in prime locations can be delivered in short timeframes (and even more so when there is an ‘air of distress’ associated with the opportunity). Assets of this nature allow for participation in the strong occupational performance story that has been underpinning parts of the UK office market.
The extent of this demand is best represented by a transaction that Savills led; the sale of 125 Shaftesbury Avenue, a vacant West End office building of c.180,000 sq ft. Our sales campaign attracted more than 150 individual investor engagements, leading to over 100 inspections with 77 parties, resulting in close to 20 bids.
We have seen processes of a similar ilk in core European gateway cities also garner comparable results. In some ways this is an extension of the demand we have seen for core / prime product, but just at the ‘creation’ end and with higher potential returns.
Engagement like this cannot be ignored and should be more frequently discussed and quantified to help give confidence to the market. It wasn’t so long ago that investor attitudes were vastly different – the work from home conundrum, concerns on downsizing etc. were feeding a fear over potential growing vacancy rates and falling rents. It is now actually the fundamentals of the occupational market that is driving investor demand for the positive and translating into competition between buyers.
This strong upswing in appetite for well-located value add opportunities started in 2023 and has continued this year. There has been an extension to this though which has gathered pace in 2024. Instead of just creating the best, investors have turned their attention to a broader set of existing buildings but in the ‘best’ locations where there is a clear business plan to add value in the near term and where they have a confidence in a deep buyer pool to sell to in the future. The plan could be as simple as a near-term rent review or go as far as rolling refurbishment of floors and reletting.
The common theme is a desire to drive and capture rental performance. These business plans are born from the same place as the value-add buyers referenced above, however there is a greater belief today that a wider range of building qualities will benefit from strong rental growth, not just the newly created ones. The overriding thesis being location, location, location. Understandably, investors are also willing to accept slightly lower (still double-digit levered IRR’s) for these opportunities.
Location, location, location
In summary, the positive overall trajectory in sentiment is undeniable. We have highlighted the growing competition from lenders and investors, predicated on a dramatically different assessment of the risk in occupational markets for offices. Competition is leading to pricing stability and improvement, and this will surely lead to more trading. Here’s hoping that by the time we publish issue three of Optimising Offices we will be saying offices are ‘in and up’…
A lack of distressed opportunities
Autumn 2024
AND
'IN'
Click Here to access the template
Finally, picking up on our earlier reference to distress, it would be remiss of us not to briefly comment on the general disappointment felt by opportunistic investors in terms of the lack of distressed opportunities coming to market, and how different this ‘downturn’ has been so far in comparison to the period post GFC.
The lack of stress or distress is largely because of the sheer amount of equity in the system today, as a result of lower LTVs post-GFC. This has been of benefit to owners because covenant breaches are slower to materialise, and where they have, lenders have been more willing to work with the sponsor to find resolutions because, to put it simply, there is less exposure and so more comfort overall.
In cases where lenders have chosen to ‘opt out’, depending on the nature of the asset, there is a strong chance of refinancing at sensible terms, despite the overall change in cost of funds. This is because the lending environment itself has changed so dramatically in terms of the sheer number and variety of lenders looking to deploy into real estate since the GFC.
More recently, as confidence in the occupational and investment markets has improved, we have also witnessed an uptick in competition from lenders, which is resulting in margins coming down. At the core end, we would estimate a fall of around 50 to 75 bps since Q4 2023.
This is because lower real estate transaction volumes mean fewer opportunities to lend, which is set against the weight of ‘debt capital’ available in the market. When the reduced margins are added to the reduction in 5-year SONIA (4.82% a year ago vs 3.58% as of September 2024), we are looking at a reduction in all in rates for core assets of up to 200 bps. This is another factor that is helping investors both on the refinancing of existing assets (which eases stress) and new acquisitions (which improves pricing).
'NOT UP'
5.00%
The Investment Perspective</p>
<p class="text-plus-component">Understandably, last year there was uncertainty amongst investors as to how to read the market and there was significant reluctance to deploy in case of further outward movements in pricing. A year later, we have now seen extended periods of stabilisation in prime office yields in three out of the four principal markets that Savills commentate on. London West End, London City and the Provincial office markets (the UK’s key regional cities) have all seen a sustained period of prime yield consistency and the latter two are now on the brink of compression. The only real outlier is the South East office market, which continues to struggle to find its ‘floor’, as demonstrated in the table below.</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/36c58c33bac653ae11ce5f9f58522248/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/db663ed0b1c24367e98133fc84c37f52/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/4197ccc0d80b506f02818f550c167a70/share.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/03/7270db3a2d89b0bcd6115ce7d64158ea/processed-svg-image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Whilst widely accepted that pricing for truly prime, core, best in class buildings has stabilised, there have been very few instances of these assets being market tested in the last couple of years. Interestingly, from our experience, whilst core is undoubtedly still in demand it hasn’t been the part of the market showing the deepest levels of investor demand. </p>
<p class="text-plus-component">To illustrate our interpretation of how investors are weighting the importance of key investment attributes today, we have created a template allowing you to compare asset profiles. </p>
<p class="text-plus-component">Investor behaviours have significantly evolved since our last publication. Most notably, this year we have seen a dominance of the French SCPI funds, significant growth in the number of active Israeli investors, the re-emergence of US private equity and finally, more recently, the return of the UK funds. This is in addition to the continued dominance of private / UHNWI investors who are deploying both on their own account and through family offices, investment managers and private banks. A missing segment continues to be many of the large global institutional investors whose dormancy can be attributed to a combination of allocations / sectoral over-exposure and a general risk-off attitude.
Below is a series of transactions exemplifying these recent key active buyer trends: </p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/25/7dcb3cd7dffd72bd1a75d4d924e5c5f6/gettyimages-1351571961-3.jpg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/12/05/bab513cc6cdc6a58f9a80a10a61ce0e4/hero-image-125-shaftesbury.jpg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/3032e1e0b6a03c7fca18aa7b50841a8b/7123-015-mcateer.jpg" alt="" class="image-component"/>
<p class="text-plus-component">We have also produced the following graphic to show, in our opinion, where the greatest demand lies for these key attributes. </p>
<img src="https://media.ceros.com/savillsuk/images/2024/11/18/f8b94935553b674633d795f9e21d5a3a/charts-02.png" alt="" class="image-component"/>
<p class="text-plus-component">
125 Shaftsbury Avenue</p>
<p class="text-plus-component">Autumn 2024</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/36c58c33bac653ae11ce5f9f58522248/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/db663ed0b1c24367e98133fc84c37f52/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/4197ccc0d80b506f02818f550c167a70/share.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/29/84cffcd4ed5a133ca448dafb47f1d9d1/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">NEXT</p>
<img src="https://media.ceros.com/savillsuk/images/2022/09/05/efd9120278266eb09c749f05c8db9b49/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Back to the top</p>
<p class="text-plus-component">Copyright © 2024 — Savills</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/29/84cffcd4ed5a133ca448dafb47f1d9d1/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">NEXT</p></div>
<div class="page"><img src="https://media.ceros.com/savillsuk/images/2024/10/27/83f64a439ccc9bc61335b2f41b52acf8/adobestock-528541649.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/29/84cffcd4ed5a133ca448dafb47f1d9d1/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Permitted development</p>
<p class="text-plus-component">Occupational market update</p>
<p class="text-plus-component">Supply, demand and market polarisation</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">The Investment Perspective</p>
<p class="text-plus-component">With the uncertainty of a General Election now behind us and further reductions in Base rates in the near term, what does this mean for the dynamics of office demand and supply in the UK?</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Clare Bailey</p>
<p class="text-plus-component">Commercial Research Director,
Savills</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/06/72118174ae5ea9dfd13aadec3e53d1c7/clare-bailey-764x492-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Innovating Glasgow's real estate involves creating urban spaces that align with the city's vibrant cultural identity.</p>
<p class="text-plus-component">Events like Mela Festival and LGBTQ+ Pride underline Glasgow's commitment to inclusivity. This inclusive atmosphere entices diverse talent, enriching the city's workforce. With iconic museums, street art and music, Glasgow provides a well-rounded lifestyle for professionals who seek cultural immersion alongside their careers. Institutions like Glasgow School of Art and the Royal Conservatoire foster collaboration and innovation. The intertwining of cultural institutions with academia, exemplified by participation in UNESCO City of Music, creates a hub of knowledge exchange. This cultural richness and emphasis on quality of life distinguishes Glasgow, attracting talent and establishing it as a city where harnessing culture drives economic and social growth.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">David Cobban</p>
<p class="text-plus-component">Business Space Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/06/ecadb6566fd4e0bebfadd7f4b3cf9b50/dcobban-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Two factors have driven innovation in offices: the Covid-19 pandemic and environmental, social and corporate governance (ESG).</p>
<p class="text-plus-component">What occupiers need and want has changed, they want spaces that support employee productivity and wellbeing. Spaces they want to work in. In sustainable offices, landlords curate spaces for enhanced social interactions among occupants and the wider community. Unique amenities now include cafes, free meeting spaces, podcast studios, gyms, and more.
These innovations stem from smart technology, subdivided into human centric, operational focus, management enterprise, and owner investor applications. Smart tech can ensure employee well-being, efficient operations, data-driven carbon reporting, and increased investment value by diversifying income streams and precise ESG reporting.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Emma McDaid</p>
<p class="text-plus-component">Business Space Associate,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/3e19fe3e86789c39331a74001fa35954/emcdaid-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Innovation is driving innovation. As Glasgow continues to attract world-class talent and businesses, we need to deliver the spaces they need.</p>
<p class="text-plus-component">Whether they need lab spaces, manufacturing space, or office-style ‘write-up’ space to perform desk-based analysis, there is currently next to no supply. We need to embrace the fact that innovative sectors such as technology and life sciences will drive the city forwards, and real estate needs to work hard to deliver the facilities they need to support new and growing businesses. But we also need to understand that employees in these fields want many of the same amenities that office workers are now getting. Therefore, we need to consider innovation sectors and businesses when creating Glasgow’s future mixed-use developments.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Alastair Wood</p>
<p class="text-plus-component">Planning Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/83b91bbceae51f72fc3ed7a265894e42/alastair-wood-2022-low-res-1-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Glasgow has a lot of strategies in place
that seek to create an innovative city. </p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Faisal Choudhry</p>
<p class="text-plus-component">Research Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/601c07e5a064ebdb062d91c2837e37fb/faisal-choudhry-2-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Placemaking and infrastructure lie at the heart of what I consider as innovating Glasgow’s real estate from a housing market perspective.</p>
<p class="text-plus-component">Most people aspire to live in a place they are proud to call home and that they can afford to maintain. They want to live in a safe and secure community, close to their friends and families, with easy access to places of work, education, shopping, leisure and green spaces. A robust and widespread transport and telecommunications network is a fundamental requirement for innovation and a consideration for Glasgow’s position within Greater Glasgow and eight competing local authorities. Both are key to making not just this city, but the wider conurbation an attractive place to live and work.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Carole Mackie</p>
<p class="text-plus-component">New Homes Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/39910a9efa9a349fd0a2c726b15ad982/cmackie-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">New homes are already more energy efficient: on average buyers enjoy a 27% saving on core energy costs in Scotland compared to second hand properties.</p>
<p class="text-plus-component">We’re now also seeing a greater expectation of EV charging points, solar panels and air source heat pumps, with buyers often choosing car-free developments with cycle storage. Some of the best developments encompass biophilic design, connecting living space with the natural environment through beautifully landscaped spaces. In line with Scottish Government’s ‘brownfield first’ approach, we’re seeing repurposing of the city’s redundant buildings like New Steiner at Yorkhill, which has breathed new life into a former school, and Cottonyards, a refurbished former redundant factory building at New Gorbals. Meanwhile, the Scottish Government’s twenty-minute neighbourhood policy is becoming a reality, with new homes being built no more than a short walk or cycle from local amenities, reducing car dependency. The demands being placed on the sector are not insubstantial, but the result is a swathe of new beautifully designed, cutting-edge developments, making Scotland’s largest city a greener place where people want to live and work.</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/25/12372e0086c23e4f59f21bff9092bb21/adobestock-496028336.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/52c7d0759a036aed5e9a1e6c8549ae1d/gettyimages-826019126.jpg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/38852da762a7bf049e79a11cb83353ad/gettyimages-1459102956.jpg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/66599ebe694cc9624317bf013782b9e9/adobestock-502590469.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/5f7880345bad96a6561539da4c8c5a9b/adobestock-500691209.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/0be6253c9a116f568ca39356161011d3/gettyimages-1341438908.jpg" alt="" class="image-component"/>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Bruce Patrick</p>
<p class="text-plus-component">director mixed use development</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/11/242f57de2e7016c994507109201e60b7/bruce-patrick-6-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/11/d979c8ba3e8e553dd8abb58597684ddb/gettyimages-1394282299.jpg" alt="" class="image-component"/>
<p class="text-plus-component">Glasgow now has over 92,000 students in Higher Education,
the third highest population in the UK. </p>
<p class="text-plus-component">This fundamental, basic platform from which innovation can then flourish provides a significant stimulus to Glasgow as it continues the journey from post-industrial to knowledge city. The desire by young people for experience over ownership, coinciding with rapidly changing market dynamics, requires developers to learn a “new language of development”. This is particularly true for the residential component of large-scale mixed-use schemes where development funding is currently available to help deliver purpose-built student accommodation and new residential typologies such as Private Rented Sector Built to Rent (PRS btR), and co-living.
The student accommodation market is significantly undersupplied, and thousands of new bedrooms are required to address current demand and future student population growth. The success of Solasta, which created a new residential population of over 400 people in only five months and is one of the best performing PRS BtR schemes in the UK, demonstrates that the large-scale rental model works here. A further c. 2,000 beds are due to be completed in the next 12 months and there is demand from operators and investors for more. Co-living schemes will be next, helping to retain young graduates and attract new talent to the city from across the globe.</p>
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<p class="text-plus-component">The challenge is how to get new development built that delivers on the level of ambition we all share for this great city. Innovation here will require the development industry to work in partnership with the council to overcome technical deficiencies that they are facing in dealing with significant additional tasks imposed by National Planning Framework 4 (NPF4), the Government’s latest national spatial strategy, and present information in easily accessible and interpretable ways. Innovation from the public sector will require better understanding of development viability and implementing public and private funding models to get new development, which would otherwise not be deliverable, built —especially across the housing sector. In doubling the size of the city centre residential population to 400,000 by 2035, Glasgow City Council should be trying to replicate demographics that currently exist across the whole council area. Perhaps not innovation, but more realisation—an innovative city will only be created if regular face-to-face collaboration takes place between all those involved in Glasgow’s development sector.</p>
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<p class="text-plus-component">UK office markets continue to experience differing levels of demand contingent on both location and quality of stock. While business confidence is on the rise, there is still a notable hesitancy among occupiers to commit to new space swiftly.
The most sought-after office spaces remain those that are considered "best in class." Characterised by their prime locations, high specifications, comprehensive amenities, and strong environmental credentials, these factors not only ensure rapid leasing but rental growth.
In contrast, office spaces that have not benefitted from capital expenditure are facing significant challenges. These properties are often "stranded" in the market, struggling to attract any significant interest from occupiers. This dichotomy emphasises a growing polarisation in the market.
To understand the current occupational market and the potential for future development, it is essential to delve deeper into the latest data. This analysis will help in identifying trends and opportunities, particularly for developers and investors looking to meet the evolving demands of office occupiers. </p>
<p class="text-plus-component">Central London take-up remains active albeit H1 2024 take-up was 14% below the long-term average. The trend of flight to quality remains prevalent and stock deemed to be best in class remains highly sought after, in relation to both location and specification, with the core West End and City markets seeing the highest demand levels. This is demonstrated by core West End vacancy rate being 4.3% against a vacancy rate for the whole of the West End at 7.9% and the core City vacancy rate at 7.9% against a total City vacancy rate of 9%. Elsewhere in the Big 6 regional cities take-up rose by 13% YoY and similarly is now back at the long-term average figure. It is, however, not a consistent trend with Birmingham, Leeds and Manchester over performing in contrast to Glasgow and Edinburgh which posted take-up below the long-term average. Arguably, part of this below-par take-up is due to a lack of supply preventing deals from taking place. </p>
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<p class="text-plus-component">The Market in Statistics</p>
<p class="text-plus-component">Explore further data and insights from Savills Research here.</p>
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<p class="text-plus-component">Development and refurbishment viability remains challenging throughout the sector. Vacancy rates have risen in almost all markets but is being driven by an oversupply of poor stock. As an example, Central London Vacancy rate has risen to 8.5%, above the long-term average of 5.6%. Yet 36% of space available (48.1m sq ft) is BREEAM Excellent or Outstanding compared to over 54% of take-up over the past five years.
All markets will experience a significant undersupply of Prime office space in the near term as the pipeline of new development remains minimal. Consequently, rental growth prospects for landlords remain positive with record rents being achieved throughout the UK. The case for development is now underpinned by an imbalance of demand over supply. As a result, first-mover advantage will be critical to success. </p>
<p class="text-plus-component">What are the active sectors of demand?</p>
<p class="text-plus-component">In London, the Financial and Insurance sectors have been the primary drivers of demand, accounting for 29% of office space take-up. This reflects the continued strength of these industries in the capital. The Technology and Media sectors also remain significant, representing 20% of the take-up, indicating their sustained role in the city's office market.
In the South East, the demand landscape is more diverse. Manufacturing and Industrial businesses have led office space take-up, yet there has also been substantial demand from Technology, Defence, Education, and Health sectors. Repurposing of office space by educational institutions remains a prevalent trend in this region.
In the regional markets, professional services firms have dominated office space take-up, particularly at the prime end of the market. With greater clarity around new working models and a focus on occupational efficiencies, many of these businesses, which had previously delayed decisions, are now committing to long-term leases. This commitment reflects a more settled approach to office space requirements as companies adapt to evolving workplace strategies. </p>
<p class="text-plus-component">In 2024, the market has seen a resurgence of more traditional occupiers driving demand for office space.</p>
<p class="text-plus-component">Robust demand under threat for Science and Knowledge markets</p>
<p class="text-plus-component">The UK science market remained resilient during the first half of 2024; however, it has not been without its challenges. Occupiers have become increasingly aware of cash runways and have taken a firmer look at operational expenditure. This to ensure company longevity, focusing capital and resources on people and science to maximise chances of scientific success. The knock-on impact of this is on growth aspirations and ultimately new requirements for additional laboratory space across the golden triangle of Oxford, Cambridge and London.
With more purpose-built accommodation being developed in all core science markets, occupiers will have, for the first time, choice around location and quality of space. Parallels can be drawn from the office sector where the workplace has been used as a tool for talent attraction and retention and we have no doubt that this will also be the case in the UK science market.</p>
<p class="text-plus-component">Supply</p>
<p class="text-plus-component">Demand</p>
<p class="text-plus-component">The South East markets away from Central London have enjoyed a strong 2024 with take-up rising by 61% year-on-year and has now returned to the five-year average figure.</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/5c3b22f7889bd69deeeb34cb862d84e3/adobestock-748956286.jpeg" alt="" class="image-component"/>
<p class="text-plus-component">With the uncertainty of a General Election now behind us and further reductions in Base rates in the near term, what does this mean for the dynamics of office demand and supply in the UK?</p>
<p class="text-plus-component">Autumn 2024</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/22/595b1c0a28d5b2a02a9b4363d07add75/gettyimages-475268692-converted-01.png" alt="" class="image-component"/>
<p class="text-plus-component">Oxford</p>
<p class="text-plus-component">Cambridge</p>
<p class="text-plus-component">London</p>
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<p class="text-plus-component">London has been impacted more noticeably due to funding constraints as the market has been dominated by early-stage bio-techs over the last 24 months, with take-up plateauing around 100,000 sq. ft. YoY for laboratory space.</p>
<p class="text-plus-component">Despite the challenging economic and funding environment for R&D occupiers, 2023 saw record take-up in both Oxford and Cambridge. </p>
<p class="text-plus-component">insurance & financial services </p>
<p class="text-plus-component">H1 2024 GL&SE Business Sector Take-Up</p>
<p class="text-plus-component">H1 2024 Big 6 Take-Up</p>
<p class="text-plus-component">H1 2024 Central London take-up</p>
<p class="text-plus-component">29%</p>
<p class="text-plus-component">Public Services, Education & Health</p>
<p class="text-plus-component">20%</p>
<p class="text-plus-component">Manufacturing & Industry</p>
<p class="text-plus-component">19%</p>
<p class="text-plus-component">Public Services, Education & Health</p>
<p class="text-plus-component">16%</p>
<p class="text-plus-component">Professional</p>
<p class="text-plus-component">20%</p>
<p class="text-plus-component">Public Services, Education & Health</p>
<p class="text-plus-component">17%</p>
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<p class="text-plus-component">Autumn 2024</p>
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<p class="text-plus-component">In but not up... yet</p>
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<p class="text-plus-component">NEXT</p>
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<p class="text-plus-component">The flex market</p>
<p class="text-plus-component">Permitted development</p>
<p class="text-plus-component">From obsolete to opportunity</p>
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<p class="text-plus-component">Occupational market update</p>
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<p class="text-plus-component">We've previously explored the repurposing planning landscape but over the latter half of 2024 this has changed dramatically. The question for offices is whether further planning initiatives could support the repurposing of office stock that is no longer fit for purpose?</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Matthew Sobic</p>
<p class="text-plus-component">Director, Planning</p>
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<p class="text-plus-component">Since Q4 2023, bold steps were taken to support the repurposing of office space for alternative uses by reinstating earlier permitted development rights to enable larger scale conversions of office space into new homes. This was achieved by removing the requirement of vacant possession and the 1,500 sqm the floorspace limit.</p>
<p class="text-plus-component">Using obsolete office stock to meet housing needs</p>
<p class="text-plus-component">Whilst the permitted development right has previously come under criticism, the right in its current guise still requires an application to consider matters such as noise and daylight. This is to ensure that appropriate amenity for residents can be delivered, and national space standards are met, allowing a high-quality living arrangement for residents.
A previous version of the permitted development right delivered approximately 75,000 new homes from office buildings over the period from 2015 to 2022. This might not seem considerable in the context of the new Labour government’s stated aims to deliver 300,000 new homes per year. However, given the acute nature of the house crisis, any gains in delivery should be treated positively. </p>
<p class="text-plus-component">Could planning initiatives achieve more? </p>
<p class="text-plus-component">Despite the gains made, the housing crisis has become more pronounced in the last few years. Given structural challenges in the office market, we consider that office stock potentially has a greater role in housing delivery under permitted development rights this time around. We are certainly seeing an uptick in owners and developers exploring this sector.
So, we would question whether changes to the permitted development right could go further.
For instance, could the conversion time to residential be extended? The current right requires the conversion to residential to be completed within three years. This is to speed up delivery, but sometimes completion within that period may not be feasible. We believe the trigger point of “completion” remains the right approach, but that this could be extended to five years to support challenges with delivery.
</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/4b3236c24b0c2e4f441a8722c39e89c7/processed-svg-image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Office buildings tend to be in sustainable city and town centre locations meaning their re-purposing can support in meeting sustainability objectives. This is particularly important within the context of the emerging National Planning Policy Framework put forwards by the new Labour Government. This is out to consultation until 24th September 2024 and seeks to provide that proposals for using suitable brownfield land for meeting the need for new homes should be regarded as acceptable in principle. Existing office buildings therefore have a strong role to play in the delivery of sustainably located new homes. Moreover, could the permitted development right be expanded further to support other alternative uses? The previous Conservative government consulted last year on whether to expand the right to include conversion to hotel uses. This and purpose-built student accommodation – for which there is a reported under-supply – could provide good alternative uses to which office buildings can lend themselves well to and contribute positively to the local economy, in addition to supporting the delivery of new homes. </p>
<p class="text-plus-component">Autumn 2024</p>
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<p class="text-plus-component">Autumn 2024</p>
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<p class="text-plus-component">Occupational market update</p>
<p class="text-plus-component">Supply, demand and market polarisation</p>
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<p class="text-plus-component">NEXT</p>
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<p class="text-plus-component">Design that inspires</p>
<p class="text-plus-component">The flex market</p>
<p class="text-plus-component">Exploring the evolution of offices</p>
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<p class="text-plus-component">Permitted development</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/08/78b225429f04a9899dd7135aa1be5da5/image.svg" alt="" class="image-component"/>
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<p class="text-plus-component">Autumn 2024</p>
<p class="text-plus-component">Office Agency, Manchester </p>
<p class="text-plus-component">Daniel Barnes</p>
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<p class="text-plus-component">Co-Head of Workthere UK</p>
<p class="text-plus-component">Dan Brown</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/15/8102b54e702a1157f300b2231b132c88/dan-brown.png" alt="" class="image-component"/>
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<p class="text-plus-component">Head of Occupier Advisory, Workthere UK</p>
<p class="text-plus-component">Faith Robins </p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/22/db46c6c8073bed13090185ac849411d5/faith-robins-headshot-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/22/bc4785e8bbf1895c2aa78b178a83a84f/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/14/dac6591bd6031b1df67dea16b11cb414/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Drivers for change in the flex office market </p>
<p class="text-plus-component">The flexible office market has evolved considerably from the long corridors and blue carpets of the 1990’s, now introducing some of the best design led and sustainable workspaces the office market has seen with ground-breaking amenities in convenient locations. This is largely due to a flight to quality and tenants ensuring they have a say in shaping collaborative and engaging workspaces.</p>
<p class="text-plus-component">Diversity of space creates options for tenants </p>
<p class="text-plus-component">We have seen the options of space available in the flex office market expand to include space for all requirements with operators providing everything from single desks to enterprise space of over 5,000 sq ft, for a transparent and consistent all-inclusive cost. </p>
<p class="text-plus-component">Fitted space</p>
<p class="text-plus-component">Fitting out your own space to the market and managing tenant occupation.</p>
<p class="text-plus-component">In addition, to better navigate the flex market, landlords are increasing their offering with:</p>
<p class="text-plus-component">Partnering with an outsourced management provider, such as Workthere, to look after tenant occupation day-to-day.</p>
<p class="text-plus-component">Managed space</p>
<p class="text-plus-component">Greater amenities and flexibility in return for longer lease lengths resulting in higher tenant retention and longer term income.</p>
<p class="text-plus-component">Hybrid models</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/14/aff1bfe3ee4c17f3535124da93c141b9/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/14/80b540ae72f1bd078332c232fac15118/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/14/5fa01d5c39064bae78f3c94d262b1ff4/processed-svg-image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Flex in the regions </p>
<p class="text-plus-component">Flex office space in the regions has continued to gain traction and we have seen the quality and diversity of space being offered increase. In larger regional markets such as Manchester, Birmingham and Bristol, flex requirements generally started at sub 2,000 sq ft in order to attract the smaller occupiers growing in serviced space. However, as the size of space being taken in these serviced buildings has increased, so too have fitted space requirements, with many now rising up to 5,000 sq ft in these cities. </p>
<p class="text-plus-component">Whilst the cost of managed space can be more expensive in comparison to a traditional office lease the difference in cost reflects the added value on the CAT B fit-out, which the landlord covers upfront by fitting the space, relieving the tenant of that expense. For landlords, the higher rent allows them to recover their investment in the fit-out and provide space more in tune with tenants of today. </p>
<p class="text-plus-component">Click the video below to listen to insights from our office agency and Workthere experts along with Great Portland Estates (GPE) as they discuss the continued evolution of the flex office market.</p>
<p class="text-plus-component">Insights from Workthere and GPE </p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/25/6a34f3d10d2737d8035ba811d6696444/gettyimages-1395144844-1.jpg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/36c58c33bac653ae11ce5f9f58522248/image.svg" alt="" class="image-component"/>
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<p class="text-plus-component">Autumn 2024</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/36c58c33bac653ae11ce5f9f58522248/image.svg" alt="" class="image-component"/>
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<p class="text-plus-component">Permitted development</p>
<p class="text-plus-component">From obsolete to opportunity</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">previous</p>
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<p class="text-plus-component">NEXT</p>
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<p class="text-plus-component">Back to the top</p>
<p class="text-plus-component">Copyright © 2024 — Savills</p>
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<div class="page"><img src="https://media.ceros.com/savillsuk/images/2024/10/30/7851b2e67c1ee93b7f8be1a623f94d0c/adobestock-497032987.jpeg" alt="" class="image-component"/>
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<p class="text-plus-component">Contact Us</p>
<p class="text-plus-component">Design that inspires</p>
<p class="text-plus-component">Raising collective intelligence through workplace design</p>
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<p class="text-plus-component">The flex market</p>
<p class="text-plus-component">The fact that in-person working environments, when designed effectively, can significantly boost innovation and productivity is not a new concept. Going back almost 20 years there was research that showed employees would be 19% more productive in a better working environment. </p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Clare Bailey</p>
<p class="text-plus-component">Commercial Research Director,
Savills</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/06/72118174ae5ea9dfd13aadec3e53d1c7/clare-bailey-764x492-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Innovating Glasgow's real estate involves creating urban spaces that align with the city's vibrant cultural identity.</p>
<p class="text-plus-component">Events like Mela Festival and LGBTQ+ Pride underline Glasgow's commitment to inclusivity. This inclusive atmosphere entices diverse talent, enriching the city's workforce. With iconic museums, street art and music, Glasgow provides a well-rounded lifestyle for professionals who seek cultural immersion alongside their careers. Institutions like Glasgow School of Art and the Royal Conservatoire foster collaboration and innovation. The intertwining of cultural institutions with academia, exemplified by participation in UNESCO City of Music, creates a hub of knowledge exchange. This cultural richness and emphasis on quality of life distinguishes Glasgow, attracting talent and establishing it as a city where harnessing culture drives economic and social growth.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">David Cobban</p>
<p class="text-plus-component">Business Space Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/06/ecadb6566fd4e0bebfadd7f4b3cf9b50/dcobban-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Two factors have driven innovation in offices: the Covid-19 pandemic and environmental, social and corporate governance (ESG).</p>
<p class="text-plus-component">What occupiers need and want has changed, they want spaces that support employee productivity and wellbeing. Spaces they want to work in. In sustainable offices, landlords curate spaces for enhanced social interactions among occupants and the wider community. Unique amenities now include cafes, free meeting spaces, podcast studios, gyms, and more.
These innovations stem from smart technology, subdivided into human centric, operational focus, management enterprise, and owner investor applications. Smart tech can ensure employee well-being, efficient operations, data-driven carbon reporting, and increased investment value by diversifying income streams and precise ESG reporting.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Emma McDaid</p>
<p class="text-plus-component">Business Space Associate,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/3e19fe3e86789c39331a74001fa35954/emcdaid-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Innovation is driving innovation. As Glasgow continues to attract world-class talent and businesses, we need to deliver the spaces they need.</p>
<p class="text-plus-component">Whether they need lab spaces, manufacturing space, or office-style ‘write-up’ space to perform desk-based analysis, there is currently next to no supply. We need to embrace the fact that innovative sectors such as technology and life sciences will drive the city forwards, and real estate needs to work hard to deliver the facilities they need to support new and growing businesses. But we also need to understand that employees in these fields want many of the same amenities that office workers are now getting. Therefore, we need to consider innovation sectors and businesses when creating Glasgow’s future mixed-use developments.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Alastair Wood</p>
<p class="text-plus-component">Planning Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/83b91bbceae51f72fc3ed7a265894e42/alastair-wood-2022-low-res-1-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Glasgow has a lot of strategies in place
that seek to create an innovative city. </p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Faisal Choudhry</p>
<p class="text-plus-component">Research Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/601c07e5a064ebdb062d91c2837e37fb/faisal-choudhry-2-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Placemaking and infrastructure lie at the heart of what I consider as innovating Glasgow’s real estate from a housing market perspective.</p>
<p class="text-plus-component">Most people aspire to live in a place they are proud to call home and that they can afford to maintain. They want to live in a safe and secure community, close to their friends and families, with easy access to places of work, education, shopping, leisure and green spaces. A robust and widespread transport and telecommunications network is a fundamental requirement for innovation and a consideration for Glasgow’s position within Greater Glasgow and eight competing local authorities. Both are key to making not just this city, but the wider conurbation an attractive place to live and work.</p>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Carole Mackie</p>
<p class="text-plus-component">New Homes Director,
Savills Glasgow</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/39910a9efa9a349fd0a2c726b15ad982/cmackie-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">New homes are already more energy efficient: on average buyers enjoy a 27% saving on core energy costs in Scotland compared to second hand properties.</p>
<p class="text-plus-component">We’re now also seeing a greater expectation of EV charging points, solar panels and air source heat pumps, with buyers often choosing car-free developments with cycle storage. Some of the best developments encompass biophilic design, connecting living space with the natural environment through beautifully landscaped spaces. In line with Scottish Government’s ‘brownfield first’ approach, we’re seeing repurposing of the city’s redundant buildings like New Steiner at Yorkhill, which has breathed new life into a former school, and Cottonyards, a refurbished former redundant factory building at New Gorbals. Meanwhile, the Scottish Government’s twenty-minute neighbourhood policy is becoming a reality, with new homes being built no more than a short walk or cycle from local amenities, reducing car dependency. The demands being placed on the sector are not insubstantial, but the result is a swathe of new beautifully designed, cutting-edge developments, making Scotland’s largest city a greener place where people want to live and work.</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/25/12372e0086c23e4f59f21bff9092bb21/adobestock-496028336.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/52c7d0759a036aed5e9a1e6c8549ae1d/gettyimages-826019126.jpg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/38852da762a7bf049e79a11cb83353ad/gettyimages-1459102956.jpg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/66599ebe694cc9624317bf013782b9e9/adobestock-502590469.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/5f7880345bad96a6561539da4c8c5a9b/adobestock-500691209.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/07/0be6253c9a116f568ca39356161011d3/gettyimages-1341438908.jpg" alt="" class="image-component"/>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Bruce Patrick</p>
<p class="text-plus-component">director mixed use development</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/11/242f57de2e7016c994507109201e60b7/bruce-patrick-6-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/30/5a9db02d918e0a9bf4f1895f360410c9/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/11/d979c8ba3e8e553dd8abb58597684ddb/gettyimages-1394282299.jpg" alt="" class="image-component"/>
<p class="text-plus-component">Glasgow now has over 92,000 students in Higher Education,
the third highest population in the UK. </p>
<p class="text-plus-component">This fundamental, basic platform from which innovation can then flourish provides a significant stimulus to Glasgow as it continues the journey from post-industrial to knowledge city. The desire by young people for experience over ownership, coinciding with rapidly changing market dynamics, requires developers to learn a “new language of development”. This is particularly true for the residential component of large-scale mixed-use schemes where development funding is currently available to help deliver purpose-built student accommodation and new residential typologies such as Private Rented Sector Built to Rent (PRS btR), and co-living.
The student accommodation market is significantly undersupplied, and thousands of new bedrooms are required to address current demand and future student population growth. The success of Solasta, which created a new residential population of over 400 people in only five months and is one of the best performing PRS BtR schemes in the UK, demonstrates that the large-scale rental model works here. A further c. 2,000 beds are due to be completed in the next 12 months and there is demand from operators and investors for more. Co-living schemes will be next, helping to retain young graduates and attract new talent to the city from across the globe.</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/13/3774dc0330857bc04f83678db1fa9f1e/contact-us.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/13/3774dc0330857bc04f83678db1fa9f1e/contact-us.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/13/3774dc0330857bc04f83678db1fa9f1e/contact-us.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/13/3774dc0330857bc04f83678db1fa9f1e/contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">The challenge is how to get new development built that delivers on the level of ambition we all share for this great city. Innovation here will require the development industry to work in partnership with the council to overcome technical deficiencies that they are facing in dealing with significant additional tasks imposed by National Planning Framework 4 (NPF4), the Government’s latest national spatial strategy, and present information in easily accessible and interpretable ways. Innovation from the public sector will require better understanding of development viability and implementing public and private funding models to get new development, which would otherwise not be deliverable, built —especially across the housing sector. In doubling the size of the city centre residential population to 400,000 by 2035, Glasgow City Council should be trying to replicate demographics that currently exist across the whole council area. Perhaps not innovation, but more realisation—an innovative city will only be created if regular face-to-face collaboration takes place between all those involved in Glasgow’s development sector.</p>
<img src="https://media.ceros.com/savillsuk/images/2023/09/13/3774dc0330857bc04f83678db1fa9f1e/contact-us.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/09/13/3774dc0330857bc04f83678db1fa9f1e/contact-us.svg" alt="" class="image-component"/>
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<img src="https://media.ceros.com/savillsuk/images/2023/11/08/78b225429f04a9899dd7135aa1be5da5/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Yet what defines 'a better working environment' and what can impact employees' problem solving capabilities and encourage positive risk taking, collaboration and the exchange of diverse ideas has been altered by a new norm of hybrid working over recent years. </p>
<p class="text-plus-component">Thoughtful design solutions contribute to the personal connection people have with their work environments and can improve the joy and collective intelligence of an organisation. Workplace design to enhance collective intelligence includes:</p>
<img src="https://media.ceros.com/savillsuk/images/2024/09/30/895cbb6810a37fed20e042a73d5894ca/processed-svg-right-arrow-1.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/09/30/9f79d051dcbcf9f397085ab79675cad7/processed-svg-right-arrow-1.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2022/09/05/efd9120278266eb09c749f05c8db9b49/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Back to the top</p>
<p class="text-plus-component">Copyright © 2024 — Savills</p>
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<p class="text-plus-component">In workplace design, connecting people and fostering collective intelligence with people is the key to enjoyable workplace experience which build the foundation for successful business outcomes. </p>
<p class="text-plus-component">Collective intelligence</p>
<p class="text-plus-component">The shared or group intelligence that emerges from the collaboration and collective efforts of individuals, through which knowledge, data and skills are shared for effective problem solving and efficiency.
</p>
<p class="text-plus-component">[col·lec·tive in·tel·li·gence] noun</p>
<p class="text-plus-component">Transparency:</p>
<p class="text-plus-component">open and flexible layouts</p>
<p class="text-plus-component">An open layout encourages spontaneous collaboration and communication among team members and leads to increased innovation and problem solving. However, the open-plan office regularly comes under fire for being noisy and distracting. In fact it can take over 20 minutes to refocus after being disturbed, depending on the task and the interruption.
Careful space planning is useful to define zones and foster collaborative and productive environments. For example, an inner circle for dynamic and energetic functions, such as breakouts and collaboration, and an outer circle for more focused and quiet areas. Acoustic treatment is also key to minimise sound transmission from zone to zone.
Flexibility in the settings allows teams to configure space, working collaboratively to create the right environment. Be mindful though of the extent to which flexibility is provided - too much could result in a disorganised workspace and a stressed facilities management team.</p>
<p class="text-plus-component">Where could employee satisfaction levels be improved in future office design?</p>
<p class="text-plus-component">In research conducted in collaboration with Personnel Today, we found several critical areas where current employee satisfaction ratings lag behind perceived importance of these factors – according to the HR professionals representing over 150,000 employees surveyed. Particularly when it comes to amenity and collaboration spaces, as well as ESG and health and wellbeing. It’s in these areas where organisations can look to improve through future workplace design when moving or upgrading their office spaces. </p>
<p class="text-plus-component">Harnessing the full power of collective intelligence takes creative and effective workplace design. By creating spaces that accommodate for differing working styles and individual needs, and promote communication and collaboration, offices can encourage interaction and the exchange of ideas. From quiet zones to collaborative hubs to relaxed areas, businesses should consider how their workplace design could be enhanced to maximise the positive impact on employee happiness, innovation and success. </p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/14/7f4b24c8a63b981050d849e38226df19/adobestock-626560986.jpeg" alt="" class="image-component"/>
<p class="text-plus-component">Author</p>
<p class="text-plus-component">Yetta Reardon Smith</p>
<p class="text-plus-component">Director,
Workplace & Design</p>
<img src="https://media.ceros.com/savillsuk/images/2024/09/30/21850d8fac96509bdd849d6ca1eb6488/143600-yettareardonsmith-847796-copy.png" alt="" class="image-component"/>
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<img src="https://media.ceros.com/savillsuk/images/2024/10/04/d06a7d053c21bea1a9a27a1de38e0609/9d929472-84b4-4a88-820c-280b46b4dc5c.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/04/b672e49d3d045a48f69da360375ad881/3d094425-0440-4ee7-9cd4-d5d777822718.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/04/0feaf64af5b4df18e31f5d9e42b1fd90/1d0b5ca4-f944-46da-8beb-ba2da346ce01.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/04/78e50beb5cc01a88ef9012abd09bf90b/6ee1862f-a6a6-4c3b-86b7-b58f637384f9.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/04/ef9966357721b2628ae78d70afa9035d/bbabccd5-811b-4b0e-b39c-13e0c7b5499c.jpeg" alt="" class="image-component"/>
<p class="text-plus-component">
Open plan workspace for AEW - Designed by Savills Workplace & Design (Photography by Morgan Lovell)</p>
<p class="text-plus-component">01</p>
<p class="text-plus-component">Community:</p>
<p class="text-plus-component">space to gather, socialise and relax</p>
<p class="text-plus-component">Humans are social creatures by nature, creating opportunities for people to come together, formally or informally, enhances relationships within the team, reduces stress and boosts wellbeing in the office.
Employees who have friends at work are not only more likely to work well together and support one another, but also 59% of employees say that having friends at work influences whether they will stay with the company.</p>
<p class="text-plus-component">02</p>
<p class="text-plus-component">
A social space at SIM - Designed by Savills Workplace & Design (Photography by Tim Soar)</p>
<p class="text-plus-component">Diversity:</p>
<p class="text-plus-component">tailoring the experience to meet team needs</p>
<p class="text-plus-component">Teamwork is a key component of collective intelligence. Dr Hannah Critchlow in her book Joined-Up Thinking: The Science of Collective Intelligence and its Power to Change Our Lives has undertaken extensive research that demonstrates how two heads can be better than one. Our minds are designed to function best collectively, and the more diverse collaborative groups are, the better the outcomes. Mixed viewpoints help in questioning and refining ideas, leading to more robust and well-thought-out solutions.
A diverse workforce naturally leads to an increase in demand to cater to individual needs in the workplace, for example where adjustments are required to enable neurodiverse or disabled individuals to thrive. Tailored workplace experience offers employees personalisation, whether this be use of technologies, adaptable furniture or flexibility of their schedule and development opportunities. In essence, the workplace should adapt to people’s needs, not the other way round.</p>
<p class="text-plus-component">03</p>
<p class="text-plus-component">
Open plan workspace for Lloyd's Register - Designed by Savills Workplace & Design</p>
<p class="text-plus-component">Connectivity:</p>
<p class="text-plus-component">technologies to support hybrid working and collaboration</p>
<p class="text-plus-component">Hybrid working is today a fact of office life. For those organisations who are seeking to maintain a strong group dynamic while supporting hybrid working, virtual meeting management is key in maximising engagement and minimising fatigue.
Both camera enablement and no-participation rates show strong correlations with engagement and retention. In fact, employees who leave their organisation within one year enable their cameras in just 18.4% of small group meetings, compared to 32.5% for those who stay.
In addition to encouraging a cameras-on culture to create a sense of presence as well as supporting social cues, technologies can help maintain group momentum, whether in person or remote. Consider meeting room configuration and equipment to create an effective environment for all parties, ensure audio and video quality are top-notch and use interactive tools like digital whiteboards to foster collaboration. This, in addition to topology factors covered next, can be crucial in maintaining high levels of productivity and participation. </p>
<p class="text-plus-component">04</p>
<p class="text-plus-component">
A quiet room at A&O - Design by Savills Workplace & Design</p>
<p class="text-plus-component">Topology:</p>
<p class="text-plus-component">physical elements to support an effective workplace </p>
<p class="text-plus-component">The theory of collective intelligence highlights many aspects of team structure and organisation as well as hiring strategies and management approach. All these need to be supported by physical design to ensure a quality workplace experience. Here are some key elements to consider: </p>
<p class="text-plus-component">05</p>
<p class="text-plus-component">
Breakout spaces for Kingsley Napley - Designed by Savills Workplace & Design</p>
<p class="text-plus-component">25-30% </p>
<p class="text-plus-component">25-30% </p>
<p class="text-plus-component">Amenity and collaboration spaces: </p>
<p class="text-plus-component">ESG and health and wellbeing: </p>
<p class="text-plus-component">differential</p>
<p class="text-plus-component">differential</p>
<p class="text-plus-component">Dedicated areas for team brainstorming sessions equipped with whiteboards, sticky notes, and other brainstorming tools.</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/04/63b94a6136eebfbf466ec2917b8939f1/processed-svg-checked-5.svg" alt="" class="image-component"/>
<p class="text-plus-component">Small, private spaces for quick, impromptu meetings to discuss ideas without disturbing others and to make quick decisions.</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/febf2931e18e65031f228ee19639f016/processed-svg-checked-5.svg" alt="" class="image-component"/>
<p class="text-plus-component">Designated space specifically for innovation projects, where teams can experiment with new ideas and technologies to foster a creativity. </p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/8c4ac6460e58f5293c6e73a28ec2981e/processed-svg-checked-5.svg" alt="" class="image-component"/>
<p class="text-plus-component">Soundproof pods or booths for individual work that requires deep concentration.</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/5be6ed86b73f4eada967854659648342/processed-svg-checked-5.svg" alt="" class="image-component"/>
<p class="text-plus-component">Communal space such as lounges or cafes where employees can relax and socialise, and spaces dedicated to employee well-being, such as meditation rooms or nap pods.</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/9f0e6a232a13b1f06d6506fd6790e98b/processed-svg-checked-5.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/04/f2928c2a6af25e01b045f684c3d0aea8/processed-svg-interview.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/04/c3bf1e1065b40c55aa47384867d38a37/processed-svg-dialog.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/07/4397aaa06dd7824316e94ba73a603b39/adobestock-531882580-preview.jpeg" alt="" class="image-component"/>
<p class="text-plus-component">Autumn 2024</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/fb41f4b715f134a1854d3947d45d8f72/adobestock-235677925.jpeg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/36c58c33bac653ae11ce5f9f58522248/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/db663ed0b1c24367e98133fc84c37f52/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/4197ccc0d80b506f02818f550c167a70/share.svg" alt="" class="image-component"/>
<p class="text-plus-component">Autumn 2024</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/36c58c33bac653ae11ce5f9f58522248/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/db663ed0b1c24367e98133fc84c37f52/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/4197ccc0d80b506f02818f550c167a70/share.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/08/78b225429f04a9899dd7135aa1be5da5/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/08/29/84cffcd4ed5a133ca448dafb47f1d9d1/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">The flex market</p>
<p class="text-plus-component">Exploring the evolution of offices</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">previous</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">NEXT</p>
<img src="https://media.ceros.com/savillsuk/images/2022/09/05/efd9120278266eb09c749f05c8db9b49/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Back to the top</p>
<p class="text-plus-component">Copyright © 2024 — Savills</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/29/84cffcd4ed5a133ca448dafb47f1d9d1/image.svg" alt="" class="image-component"/></div>
<div class="page"><p class="text-plus-component">Get in touch</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/29/84cffcd4ed5a133ca448dafb47f1d9d1/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/08/78b225429f04a9899dd7135aa1be5da5/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Design that inspires</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/22/3baa3919b955a9ed424231c8d4d36e11/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2022/09/05/efd9120278266eb09c749f05c8db9b49/image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Back to the top</p>
<p class="text-plus-component">Copyright © 2024 — Savills</p>
<img src="https://media.ceros.com/savillsuk/images/2023/08/29/84cffcd4ed5a133ca448dafb47f1d9d1/image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/15/719cb8b04fd93cde354d2cc67aa7ddca/gettyimages-187355899.jpg" alt="" class="image-component"/>
<p class="text-plus-component">Contact us</p>
<p class="text-plus-component">James Evans</p>
<p class="text-plus-component">Head of National
Office Agency</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/13/887b13ad370665cc898395814e58819a/jevans-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/7a640a313b622cb983c050a0f3d9d268/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/64de241d3615806b433f04a8c1ba0060/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Emma Steele
</p>
<p class="text-plus-component">Global Cross Border Investment
</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/10ff110a0096188ffb3fef4e91e822e5/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Mark Porter
</p>
<p class="text-plus-component">National Investment
</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/3f10824b8405901d34d0ba27fa07465c/mporter-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/2127f9a44c1d77891dcb59c0ddffde9b/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/db096a584a5953c4b6c82ad2674550d3/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Ed Nicholson
</p>
<p class="text-plus-component">Central London Investment
</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/71155e53fd1dbcf6c27c4c677ce0fa4b/ed-nicholson-1-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/be4a7cba57880ad7acc0283c91287110/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/209cd9ef5b0921cf20abe0bb887ab857/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Marylis Ramos</p>
<p class="text-plus-component">Savills Earth
</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/c0a49dce507d1ed3b257c11b6d657677/marylis-ramos-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/c5ca14e5968529797181422bf814cfe7/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/38c62a9f9f391641f6101d993adf1271/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Steve Page</p>
<p class="text-plus-component">GreenFit</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/9a74a4fb4f41200b4ccb54ce49201232/spage-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/f8f7003dfa05810fa63e4302f78064a3/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/f2ff7e8c9a4c0c8839e1fa9ef5544623/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Matt Sobic</p>
<p class="text-plus-component">National planning</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/ceee83d090597fb765fff65bfca2c63c/msobic-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/fee2cf8d85963460283137a75a92ae10/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/99e4bb7b4bc47aa2963a247b3130d6ba/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Jonathan Lambert
</p>
<p class="text-plus-component">National development</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/b5d5727b9b2617223dd10b016707a3e8/jlambert-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/3b3e4e214f3f308688e68ad9d5b3e18d/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/768dfb14673235ba0625695b8be4272a/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Phoenix Chow
</p>
<p class="text-plus-component">hotels</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/22635ac40fceba6ca19881ecdfbf7329/pchow-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/a3f47f14a3905e405ffa19df8ba8144a/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/ab2a6ff59e44af622d8261a95c0e8a9f/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Tom Mellows</p>
<p class="text-plus-component">Science</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/6393802ee1e5227bbf3924fdd77d513c/tmellows2-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/14b956d1b86a54a30f76e86f910e2e0e/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/b87d485dd93802977be759d746190c5b/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Holly Purvis</p>
<p class="text-plus-component">Education</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/e243c9aad0056fff4a5b596dca810222/holly-purvis-16-medium-1-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/2b06f24ffeac5ec7f3e5c859c20635ca/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/9944317a4e13e945f30ff338605affff/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Matt Nagle</p>
<p class="text-plus-component">recoveries</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/28e9dd7a6d734f7e886efff3136f4363/matthew-nagle-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/ed0bdc11cd4239df6135061c5241945b/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/1866e2a38170313ece7bddcf1599696a/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Mat Oakley</p>
<p class="text-plus-component">Research</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/a5903d7979621ab9a7352b4c525cc956/moakley-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/fa70a2c3f792b080387abd58a850b2ce/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/cafeb9adaa5851faeae96a923a1b3217/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Andrew McMurdo</p>
<p class="text-plus-component">Debt advisory</p>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/2729ba39785703a235c7b1e8ca6cb9a5/andrew-mcmurdo-07-web-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/e3ae80fe89f72d427ae04662adfd2baf/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/944fa851ce0bc99c87d3463f6e583a07/processed-svg-contact-us.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/13/5fd4a0b56128e7c4b65538ddaeb22bd5/esteele-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/11/29/76991d5625721fdf8534fca970fa014e/processed-svg-image.svg" alt="" class="image-component"/>
<p class="text-plus-component">Nick Harris</p>
<p class="text-plus-component">Valuation</p>
<img src="https://media.ceros.com/savillsuk/images/2023/12/12/8c3a7a83d5d3335abdbf48f785f96fa9/nharris-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/12/12/ca50b2b638fdd61777b89a31a86d2916/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2023/12/12/6a7b9f6f38ec0683ce082133b79a658a/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Autumn 2024</p>
<p class="text-plus-component">Yetta Reardon Smith</p>
<p class="text-plus-component">Faith Robins</p>
<p class="text-plus-component">Head of Occupier Advisory, Workthere UK</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/25/a446211492d378320938e4b0d431a896/faith-photo-b-w-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/09e2ed58161d8172746fcbd76e220c01/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/bea511ac329f3edc594e9c2676d45e0a/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Director,
Workplace & Design</p>
<img src="https://media.ceros.com/savillsuk/images/2024/09/30/21850d8fac96509bdd849d6ca1eb6488/143600-yettareardonsmith-847796-copy.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/614705af127e0f30135c1fcfc6656a06/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/beee364fbacb47da8fb76573ec76c744/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Daniel Barnes
</p>
<p class="text-plus-component">Office Agency, Manchester </p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/14/3d312d621196228cbde0dbe6eaa65fbb/dbarnes.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/a7be6d00e94f66261c7599c85780ffaa/processed-svg-image.svg" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/eceaf9fc052e7f8f291a8933b0fccd8d/processed-svg-contact-us.svg" alt="" class="image-component"/>
<p class="text-plus-component">Dan Brown</p>
<p class="text-plus-component">Co-Head of Workthere UK</p>
<img src="https://media.ceros.com/savillsuk/images/2024/10/15/8102b54e702a1157f300b2231b132c88/dan-brown.png" alt="" class="image-component"/>
<img src="https://media.ceros.com/savillsuk/images/2024/10/30/b326f3b3e96671412db48eac8f080c5d/processed-svg-image.svg" alt="" class="image-component"/>
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