For instance we have encountered many leases where the landlord did not seek professional advice from the onset and now finds that the operator is able to retain all the income from site sharing." Mr Thornton-Kemsley points out: "The income gap between those telecommunication deals where landlords have taken professional advice and those who have not will continue to widen.

Conveyancing settlement agent fees Owners of listed buildings are being reminded that they have until the end of September to actively prevent photographs of their properties appearing on a new English Heritage website. f they don’t then there will be nothing to stop the photographs being published, and this could potentially create a security risk for some properties, says rural business advisers Strutt & Parker.

The site will be allowed to publish these photographs so long as they can be taken from publicly accessible land, and provided the owner doesn’t object. September 30 is the deadline for property owners to do so.says George Chichester, partner at the Firm’s Newbury office.

"There’s a danger that the website allows them to do a lot of homework in advance," he says. "It may help them to deduce which properties are likely to contain valuable contents, will properties will be easy prey and which ones will be more difficult. A good photograph can give a lot away – such as possible access points and areas where security is likely to be poor."

The Industrial team, headed by Giles Thomas, was singled out by the judges for successfully making its mark on a territory traditionally held by the bigger players with more established departments associated with the industrial/distribution market. “The combination of an increased scale of transactions and the strength of endorsements from our clients were critical in achieving the award and underpinned our entry.

This involved nine regional warehouses in strategic locations across the British Isles. The Office Agency team, was complimented for its “fantastic leap forward in performance.” Following a restructuring of the Firm’s office agency team in 1995, creating specialist departments for each sector, income has grown by a staggering 330% to £6.4 million.

As well as the high profile Thames Valley deals, we transacted nearly 3.7 million sq ft in London and the South-east, and won a number of significant instructions.” The Firm’s Chairman, James Donald, welcoming the first ever top award from the Property Week panel of judges, said: “This award ceremony highlights the importance that Strutt & Parker place on the agency disciplines. He added that Strutt & Parker’s Corporate Real Estate team was also shortlisted for the NACORE/IDRC Corporate Advisor of the Year Award earlier this year.

A recent decision by the House Of Lords may be bad news for regulated tenants, according to rural business advisers, Strutt & Parker. Ralph Crathorne, from the Firm’s Canterbury office, says that the danger is that landlords will be discouraged from carrying out worthwhile improvements to their properties, following a ruling by the Lords on the capping of rents. These rents are already kept at artificially low levels.



This means, says Mr Crathorne: “Landlords will have no incentive to carry out anything other than routine maintenance.” This ruling is a small triumph for the Government, whose aim was to further control Housing Benefits payments for private tenants. Mr Crathorne added: “Some landlords who find themselves in difficulty funding a sensible modernisation programme, can still obtain house renovation grants, although these are becoming increasingly difficult to secure.”

The permitted rise can only be 7.5% in the first instance and 5% after that (in both cases plus indexation). Re-registration is permitted after a period of one year and nine months. An increase above these figures will be allowed if the Rent Officer considers that any improvements have raised the value of the house or flat by 15% or more. A finishing date is altered, and your store is put into your conveyancers account.

Celcon House comprises approximately 2,224 sq m (23,940 sq ft) of retail and office accommodation and is arranged on basement, ground and eight upper floors. The entire property is let to two tenants, the Secretary of State for Employment and Kingsway Group plc, on leases expiring in December 2002.

The current rent totals £617,150 per annum, equating to £30 per sq ft (overall on the office accommodation). In addition, Hanover House, which is adjacent to MidCity Place, comprises approximately 1,944 sq m (20,926 sq ft) of retail and office accommodation and is arranged on basement, ground and six upper floors. The offices are all let to one tenant under five leases expiring in 2006. The total current passing rent is only £380,510 per annum of which the office element equates to £18.11 per sq ft overall.

Strutt & Parker represented City & St. James in both acquisitions whilst John Miles & Company acted for Hemingway Properties and John Miles & Company and Farebrother acted jointly for Scottish Widows Investments Partnership. From a property and development perspective, the Government has made clear that it wishes to prioritise development onto brownfield sites, including those sites which are contaminated, and also bringing back vacant and under-utilised commercial properties into residential use.

Roger Pryor, from Strutt & Parker, says: “This is extremely encouraging as incentives are needed to deliver the necessary urban regeneration, however, it still only scratches the surface. “This budget was doubtless designed to be a pre-election statement and therefore has focused principally on the family. Measures Gordon Brown has introduced include: E Conveyancing Brisbane is and how it helps them in obtaining property.

We await a schedule identifying which parts of the country will qualify.” 150% tax relief for cleaning up contaminated land - Mr Pryor says: “This measure is estimated to cost £30 million in 2001/2002 and it is designed to encourage developers to re-develop brownfield and contaminated sites, and to set off against tax the cost of the clean-up.”

Tax relief on living over a shop - Mr Pryor says: “An immediate 100% capital allowance has been introduced to encourage renovation and conversion of redundant space over shops and other commercial premises into flats for letting.” But he adds: “The Government needs to go further if it is to deliver the Government’s target for 60% of new housing to be built on previously developed land.”

However, due to the amount of space that will become available over the next few years, the CBD will see a volume of movement not previously matched. The next few years will bear witness to a significant amount of expiring leases in the CBD. During 2002, 86 tenants will see their leases expire, totaling 793,471 square feet of office space. Additionally, a significant amount of the lease expirations during the next 5 years occurs within the legal and financial industries, both of which have assume a major role in the CBD office market.

As leases are subject for renewal over the next few years, the majority of them will be renewed, many of which will come with an expansion. For the CBD office market to remain strong, it will be important for certain tenants to remain in the market when their option for renewal occurs. These firms each occupy over 100,000 square feet at their current address, and will need to remain in the CBD to keep vacancy rates from slipping.



Conveyancing Experts or Conveyancing Legitimate While firms such as these may assume lateral moves within the CBD, other firms such as Shell and Continental Airlines may place small portions of their existing space on the sublease market. Currently, sublease space in Downtown alone totals 579,284 square feet of sublet space. While current vacancy rates among CBD space are at a mere 9.8 percent, workforce cuts will create additional inventory in the CBD office market during the next 12 months.

With a metropolitan area extending in excess of 600 square miles, Houston contains a residential population of four million and ranks fifth in terms of Fortune 500 headquarters. Known as the energy capital of the world, Houston benefits from an energy employment base that created a bright spot in the national office market during most of 2001 and although there has been a downturn in the national economy, Houston is expected to sustain its economic expansion during the next 5 years; however, at a slower rate of growth.

According to the latest population and employment statistics from the University of Houston’s Institute for Regional Forecasting (IRF), the metro area is expected to outperform the nation in job growth during the next 5 years. In retrospect, Houston has prospered in steady employment gains over the past several years. Despite the events of September 11 and the ensuing U.S. economic recession, the IRF anticipates in 2002 for Houston to post positive but meager employment growth.


In fact, while Houston will see employment grow 1.35 percent annually, this will be the lowest figure in over 10 years. From 2001–2006, the IRF expects local population growth to average 2.63 percent annually throughout the Greater Houston area. Eight of the 33 experienced net job losses over the previous 12 months, while Houston was identified as one of eight with growth above 2 percent. The softening upstream sector is caused mainly by the slump in the national economy as demand for energy has weakened while energy prices are dropping. All the same, according to Dr. Barton Smith of the IRF, the implosion of Enron Corp. will not have a “major economic impact” on the city. As you start your quest for a skilled property E Conveyancing Adelaide, make encounter your number one need.

Although steady growth is expected to continue in the Greater Houston area, falling energy prices in the wake of a weak global demand is expected to slow growth through 2002. however, the softening is related to demand rather than excess supply, unlike the recession of the mid-1980s, when the city lost 250,000 jobs. Modest demand for office space in 2002 coupled with heavily pre-leased new supply will keep area-wide vacancy stable, yet slightly elevated.

At the same time, Houston companies have been growing at a rate of 3 to 4 percent each year. Prior to the Enron collapse, a limited number of downtown office buildings could accommodate tenants seeking 100,000 to 300,000 square feet; however. The current market appears able to satisfy the long-term demand in the CBD.

With these market changes, it appears as if occupancy will still soften, yet offer more opportunity for companies to expand or locate downtown. Further, as demonstrated in this study, based upon the final outcome of the Enron bankruptcy, Class A occupancy rates may drop into the 14 – 17 percent range with further economic slowdown and additional corporate layoffs in the shortterm of the next 12 months while the long-term forecast represents healthy economic and employment growth.


On a positive side, the popular perception of the Enron collapse will have more of an impact than in it actually will in terms of conventional measures of economic performance – especially in Houston’s suburban areas. As noted above, Houston will still produce positive employment growth during 2002 – at a time where most of the major 33 U.S. metropolitan areas will experience net job losses. Dr. Mark Zandi, Chief Economist for Economy.com projects a 2.1 percent economic growth rate for Houston during 2002, the highest of all U.S. metropolitan areas.

Indeed, the long-term forecast for Houston is clearly a positive one. Employment growth will speed up in 2003 with 2004 being another year of aggressive economic expansion. In terms of the city’s office market, the construction pipeline is obviously constrained. During the 3Q01, Grubb & Ellis shows that approximately 3.04 million square feet of competitive construction was underway, two-thirds in the performed by expert conveyancer to make profit in your property transaction process.

Indeed, the long-term forecast for Houston is clearly a positive one. Employment growth will speed up in 2003 with 2004 being another year of aggressive economic expansion. In terms of the city’s office market, the construction pipeline is obviously constrained. During the 3Q01, Grubb & Ellis shows that approximately 3.04 million square feet of competitive construction was underway, two-thirds in the CBD, of which nearly half of all space is pre-leased. Hundreds of displaced tenants, large and small, are still scrambling to find replacement space. These businesses face a daunting challenge, considering that Manhattan’s total inventory of vacant space amounted to only 25 million square feet at the time of the attack. New York City’s office market is even tighter today than it was last year, when rents spiked 25% from the start until the end of the year.

Anna Louise Leach Marsh, 75, of Cynthiana, died Thursday at Trilogy Health Center in Landlords, however, have agreed to hold rents constant at pre-disaster levels. While no one has said so, we presume that this magnanimous gesture applies only to the tenants who were displaced by the terrorist attack. Development will grow, but it will likely take over five years for the city’s inventory of office space to return to its pre-disaster level. It’s our understanding that 16 of the buildings damaged in the terrorist attack (containing 16 million square feet) can be repaired and eventually restored to normal use.



Roughly 80% of this space reportedly can be ready for occupancy within 3-to-12 months; the rest is in need of structural reparation and will likely be ready within 12-to-24 months. In addition, at the time of the attack, there were 8 new projects with 7.6 million square feet of space in the city’s development pipeline, although they were 87% pre-leased. www.enactconveyancingmelbourne.com.au Virtually all of the increase in the city’s vacant space during the first eight months of the year came from tenants who had offered redundant space for sublet.

Few American cities rival New York City in the difficulties faced by developers in securing the approvals and permits that are needed to build there. Two other nearby class A buildings with 2.6 million square feet were damaged severely. The largest, 3 World Financial Center, endured structural damage to its southeast corner and can apparently be repaired; but the needed repairs are extensive. Five other class A buildings with 9.7 million square feet of space retained their structural integrity and sustained less severe damage, consisting mostly of façade and window damage.Nine other class B and C buildings with 3.4 million square feet of space were also damaged.

(One of them is a telecommunications facility for Verizon.) Of these 22 buildings, thirteen are class A, and they represent 14% of the city’s total inventory of class A office space. Granted, only half of these buildings were damaged irreparably, but they will all be out of commission at least temporarily. While the cyclical downturn during the first half of the year took the edge off the leasing market, there was not a great deal of surplus vacant space sloshing around the market in early September.

The stockpile of vacant space, of course, is shrinking fast; but as of Thursday, September 20, it amounted to only 23.5 million square feet – versus the 28 million square feet that were occupied in the destroyed or damaged buildings. Of the 28 million square feet of occupied space, 25 million square feet consisted of class A space. Of the 23.5 million square feet of vacant, immediately available space, only roughly 9 million square feet consists of class A space.


Large blocks of class A space (i.e., 100,000 square feet of more of contiguous space) are scarcer still with an available inventory of roughly 5 million square feet. If one were to narrow the focus to large blocks of class A space with floor-plates comparable in size to the 45,000 plus square foot floor-plates lost in the World Trade Center and World Financial Center, the available inventory drops to a mere 1.5 million square feet.

With so little vacant space in Manhattan, many displaced tenants have no choice but to lease temporary space in the surrounding suburbs. However, suitable space for the displaced tenants is also scarce in the suburbs. Vacancy rates in New York City and the surrounding suburbs clearly are headed lower. Leases have been signed already for about 3 million square feet of space throughout the metropolitan area, and many more leases are being negotiated today and should be finalized within the next couple of weeks. Our highly talented and qualified property conveyancers resolve complex matters of property conveyancing efficiently and cost effectively.

When all those hundreds of displaced tenants have found temporary or semi-permanent “homes” for their employees, the overall vacancy rate for the entire New York metropolitan area should have ratcheted down to about 4% from 8% in August 2001. The vacancy rate in New York City is likely to bottom out at 3-to-4%, slightly below where it was last year and an environment in which landlords have enormous negotiating clout.

As vacancy rates in the New York area tumble, the upward pressure on rents will grow. Landlords in the New York area have generally agreed to hold rents constant at pre-disaster levels – i.e., roughly $68 a square foot (gross, full-service) for class A space in midtown Manhattan and $49 a foot in downtown Manhattan.

No one, it appears, wants to turn a profit from this terrorist attack. Nonetheless, with Manhattan rents having spiked in 1999-2000, the displaced tenants will still see their rent expenses jump substantially above what they were previously. (For example, at yearend 1999, class A rents had been roughly $57 a square foot in midtown Manhattan and $40 a foot in downtown Manhattan.) But make no mistake about it; New York’s landlords are definitely in the driver’s seat. It’s doubtful that landlords will choose to hold rents steady at pre-disaster levels for prospective tenants who were not displaced by the terrorist attack. Office rents in New York City, we think, are likely to rise during coming months, even as the U.S. economy slips into recession and office rents in other markets edge down.



Developers will respond to the market signals and build new space to alleviate the extraordinary shortages that exist. But it will likely take a few years, plus a further runup in market rents, before market conditions will have returned to normal. Many of the downtown buildings damaged during the terrorist attack can be repaired and restored to their former condition.

While the team’s findings will yield more definitive conclusions, it now appears that six class A buildings with 13 million square feet (i.e., the World Trade Center complex) were either destroyed or damaged beyond repair, that two other nearby buildings with 2.6 million square feet sustained extensive structural damage, but that the other 14 damaged buildings containing 16 million square feet of space will be repaired eventually. As with any service it is always wise to shop around for different quotes available on the website. However, sydney conveyancing fees amidst the aggressive cut-throat competition can be easily pitched for flexi-pay options.

More than half of the 16 million square feet in those damaged buildings should be ready for occupancy within the next 3-to-12 months. Five class A buildings with 8.3 million square feet sustained only superficial damage to their facades and windows, and it’s generally believed that all five will be ready for occupancy within a year.

With tightening profit margins and retail turnover now beginning to slow, retailers will be vulnerable to any sudden depreciations in the exchange rate particularly those retailers in the household goods and clothing retail sectors, according to Jones Lang LaSalle’s Research Analyst, Leigh Warner. Retailers enjoyed very strong profit growth in 2001 and 2002. However profits have been more subdued in the last three years despite the improving Australian dollar,” he says. Normally, lower import prices provide retailers with an opportunity to improve their profit margins by not passing on all the benefit to consumers.

But strong competition amongst retailers has led to almost permanent discounting, which has been great news for consumers, but has reduced retailers’ profit margins. Mr Armstrong advises that retailers have been taking drastic steps to improve sales. “We have seen a dramatic increase in 2005 against an already heavy level of discounting last year due to retailers failing to make forecasts in the first half of the year. Many retailers appear to have moved to a lower margin/higher turnover business model in recent years. This process has been most prevalent in household goods and to a lesser extent in the clothing sector, with lower prices in both these retail segments driving strong turnover growth,” he says.



As well as the impact of the higher AUD, household goods have benefited from a shortening of the technology diffusion cycle, which means new items (like iPods and Plasma TVs) have been adopted by retailers and become cheaper quicker. Clothing retailers have also benefited from a reduction in tariff rates over recent years lowering the price of imports.

Once this happens you valuation business will move to the next higher level of success without any doubt. This lower margin/higher turnover business model is fine when turnover is high, but in a period of slowing retail trade such as the industry is now facing, it leaves retailers more vulnerable,” he says.It also makes retailers vulnerable to a sudden change in exchange rate trends as it is the high value of the Australian dollar that has helped to sustain relatively high sales volumes for an extended period.