The property market is booming throughout London, the sheer volume of inbound investment we can see coming through and the size of plans that are being proposed and more importantly approved are showing an extremely buoyant and lucrative future – so it is not surprising we are seeing a sudden surge in demand for Building Managers!
According to Collier’s latest market overview, UK investment volumes reached £50bn in 2016 – a drop from 2015, which was predicted after the uncertainty of BREXIT, but still higher than the 10-year average. 2017 has also been off to a strong start, demonstrating that the concern of BREXIT is definitely reducing and confidence is rising!
Many assets changed hands in 2016, which opens the opportunity for more development, changes and restructures. Colliers highlighted in their report the steep volume of assets changing hands, including Crown Estate/Norges JV that bought 10 Piccadilly for £129m. Savills have also underlined 10 key deals from December 2016 in their ‘West End Investment Watch’ report, showing a mere few of the acquisitions from 2016 (see table below).
The amount of new developments across the capital is extremely impressive, you can’t seem to walk around a corner without seeing a crane or building site under construction. To name a few;
Movement at senior level, promotions and new roles being created has been prevalent. Property Week has released some of the latest moves, appointment and promotions from across the property sector so far in 2017. These new positions are showing the pace of the market and the need for more property professionals in the industry!
As well as changes within organisational structures, there has been an increase in demand for client facing individuals. With the cost of renting in London rising, landlords need to make sure they have well trained, knowledgeable customer facing employees to enhance tenant engagement, loyalty, renewal of lease agreements and heightened rents. If tenants have a Building Manager on-site, it gives them the confidence that any problems or queries will be dealt with quickly and they are receiving an all round better service.
The market is extremely active and fast paced, with the growth in teams and opportunities at an all time high! Clients are looking for dynamic, tenant focused, technically sound building managers – if you’re looking to join this sector, or know someone who is, please get in touch as we have an array of exclusive strong opportunities!