To celebrate Colin’s 29th year at Metrus & his extensive contribution to the London office market spanning nearly three decades, we sat down with one of Metrus family duos, a father and son who are combining a wealth of experience and expertise with a fresh and disruptive approach to the London office scene.
Colin, an Equity Partner, has transacted with some of the industry’s most well-known names such as British Land, Great Portland Estates, Lazari Investments, The Portman Estate, The Howard de Walden Estate, Grosvenor & The Crown Estates excelling in lease advisory, capital markets, and asset appraisal. Then there’s Olly, a dynamic, entrepreneurial addition to our Agency team since January 2023. He thrives on assisting clients taking particular care to ensure service levels are of the highest quality and focuses on delivering and exceeding client objectives.
Together, Colin and Olly embody Metrus commitment to provide exemplary service levels and unparalleled market knowledge and expertise, solidifying our reputation as one of London’s leading independent advisors. We asked them about their experience of the market and how it has transformed dramatically over the decades. The simple choice between conventional leases and serviced, flex, and managed space has evolved into an array of options. As flexible work and a focus on quality rise, modern spaces must now prioritise productivity, well-being, and sustainability. We explore how these shifts have helped re-shape the market and why investing in assets is more crucial than ever.
The Evolution of Office Space
Within the realm of conventional leasing, we now see a variety of options like Cat A (landlord refurbished), Cat A+ (landlord refurbished + fitted out), Cat B (second-hand space), and Cat B+ (fitted second-hand space). The more flexible office sector has also evolved, offering managed flexible space, co-working spaces, and various hybrids. This diversification means that businesses can find spaces that more precisely meet their needs, from fully serviced environments to more bespoke offerings.
The Drive for Quality and Flexibility
One of the most significant changes in recent years is the shift towards higher-quality office environments. Especially post-COVID, companies are increasingly focused on creating space that not only meet functional needs but also offer a more “homely” and welcoming atmosphere. Modern offices now feature amenities like breakout areas, wellness zones, and collaborative spaces that encourage interaction and creativity. This shift reflects a broader trend in workplace culture, where employees are seeking environments that support both productivity and well-being.
Changing Client Expectations and the Importance of ESG
As workplace culture has evolved, so have occupier expectations. Today, there is a strong demand for space that is not only aesthetically pleasing but also environmentally responsible. ESG (Environmental, Social, and Governance) credentials have become a critical factor in office design and investment. Intelligent landlords are investing heavily in their buildings to ensure they meet the highest standards, recognising that future-proofing their assets is essential for long-term success. Buildings with high-quality design, attention to design detail, and strong ESG credentials are increasingly seen as the winners in the market and “best in class”.
The Shift Towards Fitted Space
Another notable trend is the growing preference for plug and play office space. Businesses are now looking for turn-key solutions where they can move in without the hassle of fitting out the space themselves. This is similar to the concept of a show home in residential real estate – everything is in place, and you’re ready to go. Occupiers are willing to pay a premium for this convenience, as it eliminates the need for upfront capital expenditure and the strain of the internal management of this process.
The Role of Office Space in a Hybrid Work Environment
The rise of remote work has also influenced office design and demand. Companies have had to re-think their office space to encourage employees to return to the workplace. Modern space now needs to offer more than just desks and computers; they must be inviting environments that people want to be in. The right office space can boost productivity, enhance employee retention, and foster a sense of community – all of which are critical in a hybrid work environment.
The Bottom Line: Investing in Quality Pays Off
In today’s competitive market, investing in high-quality office space is not just a luxury – it’s a necessity. Landlords who proactively enhance their buildings to meet modern standards are seeing faster take up and higher returns. The market has shifted away from simple rent- and rent-free deals to more comprehensive offerings where the focus is on creating a complete package that meets all an occupier’s needs. This approach not only attracts tenants but also maximises the long-term value of the asset.
In Conclusion
The market has evolved dramatically, with a far wider array of options and higher expectations than ever before. Quality, flexibility, and ESG credentials are now paramount, and those who invest wisely in these areas are set to reap the rewards. As the workplace continues to change, one thing is clear: the demand for well-designed, fully equipped, and environmentally responsible office spaces is here to stay. The London office market is resilient, it has an eclectic mix of tenants and districts that offer differing amenities to varying occupier needs. It is positioned geographically well between East and West time zones, it has a trusted legal system and governance, qualified and experienced advisors, and as such will always be a global leader in design, innovation and transformation attracting international recognition from the world’s leading companies.