What was The Buzz in November?
Our monthly roundup of real estate industry news.
Here are a few of the stories that caught our attention in November. With new partnerships forming to developments being given the green light, it’s all systems go in the commercial real estate industry.
JP Morgan unveils plan for £3bn London mega-tower
JP MorganChase has unveiled plans for a 3m sq ft tower in Canary Wharf that would become the biggest office building in London and a new HQ for up to 12,000 staff.
The banking giant wants to build the £3bn project on a riverside site, and is reported to be hoping the build will exceed the Shard in height although Canary Wharf building heights are capped to allow for safe flight paths to London City Airport.
Designed by Foster + Partners, the tower mirrors the firm’s ambition at its global HQ at 270 Park Avenue in New York.
The new European headquarters will be built on Riverside South, which JP Morgan bought in 2008, but shelved plans following that year’s global financial crisis.
Earl’s Court regeneration reaches ‘major milestone’
A £10bn regeneration project in Earl’s Court, west London, has reached a “major milestone” after the first of two applications was approved.
Across two separate applications, the proposed scheme plans to deliver a new 4,000-home neighbourhood plus workspace and cultural venues.
It is planned to be built on a 40-acre brownfield site that was formerly home to the Earl’s Court Exhibition Centres and has sat largely unused since the buildings were demolished between 2015 and 2017.
The first application was unanimously approved by the London Borough of Hammersmith and Fulham. A decision on the second, currently with the Royal Borough of Kensington and Chelsea, is expected to be made in December.
The applications were filed on behalf of the Earl’s Court Development Company (ECDC), a joint venture between real estate investment company Delancey, Dutch pension fund manager APG and Places for London, Transport for London’s (TfL) property arm.
Rob Heasman, chief executive of the ECDC, said the approval by Hammersmith and Fulham council, marked a “major milestone”.
“Earl’s Court will be a new district in west London,” he said.
“A long-underused, centrally located site with exceptional connectivity to deliver new homes, jobs and public space at scale – a strategic part of London’s growth agenda.”
Flex Space to Account For 20% of London Office Market by 2030
Global real estate advisor, CBRE, anticipates that the London flexible office market will reach 50m sq ft by 2030.
The flex market currently represents 12% of the total London office market. CBRE estimates this will rise to 20% by 2030, largely driven by evolving occupier demand for flexible solutions and increased landlord participation in the sector.
The evolving landscape of the office market and a heightened focus on customer service have prompted CBRE to define a new segment, the “shadow flex market,” which encompasses traditional office space not explicitly marketed with flexible terms, but available through negotiation.
Office vacancy in the City of London decreases for the ninth consecutive quarter
Analysis from global commercial real estate advisor Avison Young reports that office vacancy in the City of London has decreased for the ninth consecutive quarter, falling 7 basis points to 5.4%, with take-up outweighing the release of secondary space and prime rents remaining at £87.50 per sq ft.
Office take-up in the Square Mile reached 886,000 sq ft in Q3 2025, remaining in line with the 10-year average and boosted by significant deals, including one of London’s largest of the year, with legal firm Herbert Smith Freehills Kramer taking 238,000 sq ft at 1 Appold Street to relocate and downsize from nearby Exchange House.
Other significant deals across London include HBSC’s 210,000 sq ft letting at 40 Bank Street and Bristows’ 70,000 sq ft letting at Bow Bells, 1-11 Bread Street, signifying strong demand from the professional services sector, which accounted for the largest proportion of deals, equating to 30% of overall take-up.
Marlow film studio development gets go-ahead from government
The secretary of state for housing, communities and local government, Steve Reed, has granted planning permission for the £750m Marlow Film Studios project in Buckinghamshire.
Last year, Buckinghamshire County Council rejected Marlow Film Studios’ planning application for the scheme after concerns were raised about the impact on the local road network and the use of greenbelt land.
However, Angela Rayner, the former secretary of state for housing, communities and local government, called in the planning application and a public enquiry was held earlier this year.
The development, which was designed by Prior & Partners and WilkinsonEyre, will provide 18 new sound stages, high quality creative support spaces and a new 11,700 sq ft Culture and Skills Academy on a former landfilled gravel pit.
