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focus on southampton Occupier demand remains


steady in first half 2018 In CBRE’s first-half review of the Southampton office market leasing activity remained steady. The largest city-centre deal saw Norwegian Cruise Line lease 17,263 sq ft at Mountbatten House and out of town, Shoosmiths acquired 12,894 sq ft at Forum 5, Solent Business Park


There are a number of larger enquiries in the market, however, the choice is restricted and evidence shows that businesses are taking a longer time to commit to a decision. Uncertainty about Brexit, particularly in the manner it may impact a port city such as Southampton, may also be a contributory factor to this delay.


CBRE south central regional managing director James Brounger commented: “Occupiers are increasingly cautious with their decision making. With availability continuing to decrease we may see occupiers remaining in their existing space, rather than relocating to a building that doesn’t fulfil all their criteria.


“More positively, we believe this limited supply has resulted in there being an appetite for letting risk and an anticipation that rents will continue to improve. Yields could well move in for specific


office opportunities although they have probably reached a peak from an industrial perspective.”


SUPPLY


The volume of available space has continued to decline for the past eight years, accelerated by the sale of buildings for conversion to other uses.


At the end of H1 2018, available space was 287,596 sq ft, split 50/50 between secondary and Grade A stock, a decline of 8% since January. The largest space is at 2 Grosvenor Square, with 29,460 sq ft available.


Prime rents are currently around £21 per sq ft and unlikely to move substantially in the near future for existing stock. However, with limited supply of good quality space there is now an increasing opportunity for pre-lettings which could demonstrate a reasonably substantial uplift.


Blandy & Blandy LLP experiences growing demand for international work


Blandy & Blandy has experienced a rise in demand from clients with legal requirements overseas, according to partner Nick Burrows


“Throughout the past 12 months we have continued to see increased demand for work to be undertaken internationally. As members of the Law Firm Network we are well placed to refer our clients, whether businesses or private individuals, to trusted and like-minded firms internationally and to offer a more cost-effective and responsive service than many City or national firms.”


Approaching its 30th anniversary, the Law Firm Network is recognised as a leading international network in Chambers Global guide. Blandy & Blandy is one of over 50 member firms worldwide.


Burrows continued: “We also advise a growing number of overseas-based clients investing in or establishing a presence here in the UK.”


What is a business Lasting Power of Attorney (LPA)?


An LPA is a legal document that allows those nominated as attorneys to make decisions on a person’s (donor’s) behalf.


A business LPA can be used if a business owner: • is abroad on holiday or for business


• has had an accident that means they are no longer capable of acting


• has an incapacitating medical condition that means they are no longer capable of acting.


jemma.pyne@blandy.co.uk • 0118 9516943 THE BUSINESS MAGAZINE – SEPTEMBER/OCTOBER 2018 A business LPA is suitable for:


• a sole trader as they are not a separate legal entity to their business


• a person who is self-employed as they are not a separate legal entity to their business


• a director of a company if a director’s incapacitation is not covered by the articles of association or memorandum of association


• a partner within a partnership if a partner’s incapacitation is not covered by the articles of association or memorandum of association.


blandy.co.uk businessmag.co.uk 41 James Brounger INVESTMENT


Demand has remained relatively stable across the region with a broad range of investment interest. Buyers looking for value continue to find it in the region, particularly when compared with the M25 area. However, the lack of stock continues to prevent investors gaining a firm foothold locally.


James Brounger 02380 206336 james.brounger@cbre.com cbre.co.uk


law


Blandy acquires Clarkslegal LLP’s private client business


Blandy & Blandy’s recent acquisition of Clarkslegal’s private client business further reinforces Blandy & Blandy’s position as one of the leading firms advising individuals and families in the south of England.


Joint managing partner and team head Jonathan Gater said: “Following our expansion into Henley-on-Thames and as we mark our 285th anniversary this year, we are delighted at this opportunity to continue our growth and to further demonstrate our strong position in both Reading and Henley- on-Thames, as well as the wider Thames Valley region.”


Blandy & Blandy has been named as a top tier firm for ‘private wealth law’ in the 2018 edition of Chambers High Net Worth guide.


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