Tag Archives: Innes England
Although the Title looks like an obituary, it’s not! Today my firm launch our annual review of the property market across the East Midlands. Today we hit Nottingham, tomorrow is Derby’s turn then we turn our attention to Leicester. We expect to meet around 750 of the regions property folk over the next few days.
We are uniquely placed, having an office in each of the regions major Cities (are you still allowed to say ‘regions’ I wonder). We trade in and report on commercial property across the golden triangle that is centred on Nottingham, Derby & Leicester. It’s my day job.
For the 5 years we have been monitoring the markets – to see if we can spot trends…
Our general view was that 2011 started well but then slipped back during the summer months. It looked like the market was coming back, but the second half of the year was disappointing. We remain optimistic though for 2012 – interest rates are low and inflation looks like is it beginning to fall. We need confidence to come back. The Euro needs to stabilise.
The 2011 key messages from our three offices were…
Derby – a robust reaction to the Bombardier Thameslink fiasco was balanced by a successful £40m Regional Growth Fund bid. Office take up was at its lowest level for the last 5 years. Fortunately Hero TSC took 68,000 sq ft in the last few weeks of the year.
Leicester – keeps delivering positive take up figures across all sectors. The MIRA Technology Park being a notable addition. The Passiv Haus at Raynsway Properties Watermead development (I blogged about it here) was a high point. Office take up was at its highest for 5 years!In addition 2.2m sq ft of Industrial space was shifted – a 10 year high.
Nottingham – the office market take up was marginally ahead of the 10 year average for the third year running. It was down very slightly on last year, but 566,000 sq ft was let or sold. Industrial take up was slightly up on the 2010 figure – but lower than the 10 year average.
If you would like a copy of the report – let me know via the comments section – and leave me your email address, I’ll email you a copy in PDF format.
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2 comments | tags: 2011, Derby, forecast, Innes England, Insite, Leicester, Nottingham, Property, Review | posted in Business, Nottingham
It’s that fun time of year when we set our budgets for next year. We now have our results for 11 months of 2011 and they were pretty good despite a poor market. It’s my Boards Away Day today…
Budgeting for next year is going to be a whole different ball game. Has anyone any idea what is going on in the World?
I blogged about retailing yesterday – and judging by Christmas shopping experience at the weekend – they are not going to have a great time. There are lots of vacant shops in Nottingham, estimated to be 15%, but I think it is more. We have 2.3m square feet of offices vacant in the east midlands main towns – Nottingham, Leicester and Derby. That figure is likely to worsen as Local Authorities downsize. Industrial properties are probably holding their own due to the relative equilibrium of supply and demand.
These sectors provide us with work. We buy, sell, lease, survey and value this stuff. Lack of transactions hits the business hard. Our professional services are critical in these times – Building Surveying and Management teams are always busy. Our Rating team is too – as they try to get down liabilities. We have seen an upturn in work looking at Service Charges – where people are scrutinising Landlords charges – I have just saved someone £10,000 through technical errors in demands.
The lack of confidence is going to be a big part of 2012. It’s not all about big new deals. We rely on ‘churn’. Even downsizing generates work! People sitting on their hands doesn’t. We have plenty of people doing just that.
So, I need to somehow, come up with some figures to tell my Partners where I think the billing will be at over the next year. I’m not enjoying thinking about it. The only thing that makes me feel better is that they too will be scratching their heads…
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Leave a comment | tags: 2012, Agency, Budget, Business and Economy, Innes England, Management, Rating, Service Charge, Valuation | posted in Business, Nottingham
It is a question I get asked a lot. And the honest answer is that I don’t know. Three years ago when the world imploded we thought were in for a tough couple of years. I’m not sure much has changed in those three years. Worryingly, I can’t see much around me that makes me think it is going to change soon.
The Eurozone crisis is not helping, nor is the prospect of strike action in the UK by the Unison Union later this month. The overall feel good factor is quite the opposite?
The stark reality at the moment is that markets are driven by sentiment, rather than results. What happened before might not be an indication as to what might happen tomorrow. We have a new world order. Sentiment is at a low ebb. The mornings and nights are dark and in some way that’s a reflection of the market. A dark place.
And yet – here’s an odd thing – we aren’t on suicide watch. Actually I think we are as busy as we have ever been. One of my competitors asked a few people last week whether they had noticed a pick up after a ‘quiet summer’ He had. Actually, looking back, I have had a busy year – it never slowed down. We are still in business and we are still making a profit. We still keep 65 people in full time employment and we try to do our little bit in promoting stuff.
It is hard work, but I have clients who are very active in the market – there are good deals to be had in all of this uncertainty. I have sold some stuff too – into different markets from the ‘norm’.
So, when I started to pen this blog post a few days ago, I did think it was a bit gloomy out there. I am not saying that it is booming – but perhaps it is a little less bad than we thought! (That’s a sort of positive!)
Roll on summer….
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2 comments | tags: Euro-zone, Innes England, performance, Profit, Property, the market, Values | posted in Business, Nottingham
Last night we were at the Insider East Midlands Property Dinner at Nottingham University. This has become the event in the property world annual calendar. With over 400 people from the East Midlands present it is an opportunity to meet lots of people – and celebrate the good things about our region.
the winning team (obviously not at sailing!)
We were also celebrating as we were announced as “Agent of the Year”. As you might expect we were just a little bit chuffed to have pipped FHP and JLL to the post…
And then earlier in the week I picked up my Estates Gazette. At this time of the year they publish their annual results survey – which used to be the Top 100 surveying firms. But, times have changed and it is now the Top 60. This is probably because lots of smaller firms have been swallowed up!
I was delighted to see my firm, Innes England, were at No.44. In a National League – we are pleased to be there.
But our real coup is that we got to the dizzy height of No.29 when we are judged on turnover per fee earner. This shows either that we all work really hard, or that we employ talented people – or both! Most firms have found in the last 12 months that they have had to earn more with less people…
The EG awards are Industry recognised and are important in our marketing strategy. That we beat our local rivals and competitor firms on both counts is great news. It is interesting though that firms are judged on turnover – and I always wonder if this is right. As I have said here before turnover is vanity, profit is sanity and cash is king…
In the meantime we’ll settle for our new title of “Agent of the Year” and EG league table finish.
Onwards and upwards!!
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Leave a comment | tags: Agent of the Year, business, East Midlands, England, Estates Gazette, FHP, Innes England, JLL, Nottingham University | posted in Business, Nottingham
I live in a pretty ‘full on’ commercial world. We aim to make money in business – otherwise there’s little point – we aren’t a social enterprise or a charity. We chase profit (remember turnover = vanity, profit = sanity) everyday.
But sometimes it’s not about the money. I need to earn enough fees to pay the rent and my staff – and hopefully have a bit left over to pay the mortgage and keep my wife and kids in gruel and water for a bit longer. But some of the things I do don’t attract a fee account. Some of the people I come across are more like business friends than fee paying customers.
But some of the people I come across don’t always get it. A few weeks ago I met someone who was so keen (desperate?) to do business that it became a blatant ‘if you show me your clients I will introduce you to some of mine’. It was mildly threatening as if I was going to miss out on ‘his client’ base if I didn’t come round to his way of thinking – and give him some work.
As someone said to me a couple of weeks ago, “he didn’t know how to be”. I love this expression and think it is very perceptive.
I think that there is an art to all of this. All of those people I know in my little network I regard as trustworthy. I figure that if I am nice to them and helpful, one day they may reciprocate. It’s not something I expect or ask for. It’s not a pre-condition. My experience is that people are more likely to business with you once they know you. That’s not to say I can do business with anyone – I can’t.
But sometimes the first bit shouldn’t be about the money – it’s about being yourself – or more fundamentally knowing “how to be”?
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Leave a comment | tags: Business Development, Charity, how to be, Innes England, money, not-for-profit, paying fees, professional work, Profit | posted in Business, Nottingham
Over the last few weeks the property industry has seen some big changes.
When I sold my soul in 1994!
At the weekend Property Week published its 2011 League Table (Innes England were delighted with 25th place ranked by turnover per fee earner) and next year will look different. Four of the big names have merged DTZ with BNP Parabis Real Estate and then last week JLL with King Sturge. The latter merger will create the biggest UK agency – with a turnover of £352m and a staff of 2,800. Previously Savills had been top of the tree with a turnover of £333mm. The DTZ / BNP merger gives the combined firms a turnover of £200m. These firms are big. Very big.
I was asked by Lisa Pilkington at the Estates gazette whether I thought this was a threat to my firm. My comments are on Lisa’s blog here.
We aren’t losing sleep. My firm are very happy and comfortable being based in the East Midlands. We have three offices with a pool of very talented people. The big firms have talented people too. And thats the point – commercial property consultancy is a people business. It’s the only asset we really have. Sure, we have computers and desks and nice offices – but ultimately we rely on the ability of our people to deliver results for clients.
I have worked in a large firm – three years at Savills plc was plenty! The big firms need to have layers of control – simply because they are big. They also have to answer to their shareholders. Shareholder sentiment is a fickle thing; if you aren’t travelling you have stopped – and shareholders then tend to turn their back. Clients tend to be removed from the process – in favour of chasing turnover.
My shareholders are my fellow Directors. We sit around a table each month – we are in it for the long term! We make quick decisions (good or bad).
So, I’m not sure whether bigger is better. It is harder to influence things in big firms. Mavericks give firms a personality, but there isn’t much space for ‘outliers’ in corporate structures.
Small is beautiful?
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Leave a comment | tags: Innes England, Savills, Merger, Estates Gazette, London, Property Week, East Midlands, Real estate, JLL, DTZ, BNP Parabis Real EState, shareholder, King Sturge, Jones Lang LaSalle | posted in Nottingham, Business, Grumpy Old Man!
As a property consultancy business we consume lots of information – we rely on it. The internet has allowed information to be disseminated widely, but is not infallible.
Deal information is a necessity in much of the valuation work we do. Valuers are always looking back at what has happened – as the saying goes, “we don’t make the market”. We simply report on what the market is doing.
Last year we were approached by “Focus” who are a company who set out to collect and report on this sort of information. We were offered an introductory offer of £2,000 per annum to try the system. By all accounts it is good. We have used it as part of a number of information aggregators – but we still talk to other agents and professionals to make sure we have the ‘right’ information. This is especially important in expert witness reports.
So we were happy to renew the subscription. Until we hear heard the price – £24,000pa. I had assumed my Partner had mis-heard. A twelve fold increase?
Apparently this was not a typo, nor a mumble. It was a clear price.
This sort of thing irritates me. I am all for introductory offers – but they need to have some reference to the ‘full price’. This just smacks of ‘rip off’.
As I blog I understand that we may have agreed an increase – but not in the tens of thousands of pounds range. And the story is the same across a number of our competitor firms (we do actually talk to each other!)
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Leave a comment | tags: business, CoStar, Focus, Innes England, Introductory rate, price hike, Property, Valuation | posted in Business, Nottingham
So it’s another Bank Holiday today. Hot on the heels of last weeks ‘Good Friday’. Then we have this coming Friday as another holiday – for some reason. We then have to wait another couple of days before we get another day off – May Day.
So four Bank Holidays in three weeks. One for some wedding or other.
When you consider the cost to business you do have to wonder about these holidays. When I look around my firm and the fee earning staff who have to find work each day which pays, you realise the real cost to business. Looking at our average billings per fee earner I estimate that these holidays cost around £63,000 in lost revenue. We aren’t a large business!
Of course what really happens is that we have to work a little bit harder on the non-Bank Holidays. The work doesn’t slow down – it just backs up. So there’s a rush before and a rush afterwards. Sometimes you wonder why you took holiday!
Perhaps it’s time we looked at these Holidays. Sure we should have Christmas and Easter, but some of the others?
Most people,as far as I can see, get annual holidays now? Do we need these extra statutory days?
And had I not been playing golf on Friday next, I would have questioned why that couple couldn’t have managed to hit either a Saturday, Sunday or one of the other numerous Bank Holidays around this time of year? Not difficult for a bloke who can fly a helicopter?
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2 comments | tags: Bank Holiday, business, Innes England, lost hours, Royal Wedding | posted in Business, Grumpy Old Man!
My son Jak is on an apprenticeship Scheme with the NHS. The Nottingham evening Post have been running a campaign to get 100 Apprenticeships in 100 days for Nottingham. The 100 days finishes today. At the last count there were pledges of 159 jobs.
My firm has added to the total. We have committed to take on an apprentice in our Nottingham office. This is being done in conjunction with South Nottingham College who are doing the initial recruitment drive and will provide on-the-job support in training.
I wasn’t sure whether it was appropriate to call the new person – in days gone by this would have been an ‘office junior’. The first step on the ladder. I have always believed that getting a job is easier if you have a job. Getting that first job is always difficult. I think when we all start in work it is a huge culture shock – but getting an understanding of what happens in an office, how to deal with people and how to behave are not things that can be taught in a classroom.
The economy is such that we haven’t ‘carried’ anyone for the last few years. Those days are gone. But perhaps we are feeling a bit better about the market to the extent that we can help someone along the way.
My late father would say that “you have to learn to take orders before you can give them”. Old fashioned advice which I’m not sure I understood when I was 16, but I do now.
Most of us started at the bottom – making tea and generally ‘gofor-ing’. It gives you and understanding of a commercial workplace. The upside is that there is little pressure…
I will keep you posted on our new Apprentice when selected!
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Leave a comment | tags: Apprentice, Apprenticeship, Employment, Innes England, Nottingham, Nottinghamshire, SNC, South Nottingham College, The National Apprentiship Scheme | posted in Business, Nottingham
You will gather from my blog that I am pretty much a Nottingham boy through and through. I was born here, educated here and have worked in this fair City for all of my professional life.
sometimes an image speaks a thousand words?
But my firm have two other offices too; in Leicester and in Derby. It is fair to say that there is a fair amount of (friendly) rivalry. And that’s not just our Board – that’s in general terms! We should perhaps not mention football… and the two recent defeats at the hand of Forest? Especially the 5-2 victory. Was that a subliminal mess abou the A5-2?
I have blogged about our creation of the Team Nottingham brand for MIPIM before. But we also have a keen interest in the other two Cities as well. Leicester are not taking a presence this year at MIPIM due to the budgetary cuts, but Derby certainly are. In fact they are taking their Chief Executive and Leader of the Council. I think this is a clever move – they were there last year and may be capitalising in 2011 on the lack of presence by Nottingham City Council? They are, we know, expecting to announce some ‘winners’ of their regeneration fund – which is intended to pump-prime stalled schemes in the City.
As a firm we are sponsoring Derby too. It is an important component in our business – which covers the entire East Midlands.
We are sponsoring a VIP dinner at MIPIM – organised by Marketing Derby. Some of the key Derby players will be at the Dinner.
I shall leave the lamb alone (if it is on the menu) – for fear of offending the good folks of Derby…
(only kidding John & Charlotte at Marketing Derby, only kidding!)
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3 comments | tags: Derby City Council, Derby Regeneration Fund, Innes England, Lamb, Marketing Derby, Sheep | posted in Nottingham
