Search
 

King Sturge Spots the Changes During 50-Year Reign

LONDON-With most of the world gearing up for a month long feast of football, the UK has another distraction in the form of the 50th anniversary of Queen Elizabeth II's coronation. A new report from King Sturge looks back at the way the property sector has changed since 1952.

By Graham Parker | Updated on May 31, 2002

LONDON-The two-day Golden Jubilee holiday in the UK on 3 and 4 June celebrates Queen Elizabeth’s 50 years on the throne. A new report from King Sturge looks at the ways the property sector has changed during her reign.

London was still recovering from the devastation of the second world war in 1952, with many bombed buildings still lying derelict and many office occupiers were forced to work out of converted houses. The result was a shortage of office space that drove rents up. For example a 500-sf office suit in Victoria Street, SW1 was let at £1 4/- per sf ($1.70 at today’s exchange rates although something closer to $5 at the time.) Today, King Sturge calculates that the same space would fetch £50 ($72.50) per sf, showing 7.7% annual growth over half a century.

The Government at the time restricted new office construction, so that precious building materials and labour could be diverted to more important projects like homes, schools and hospitals. But a few substantial office schemes were under construction in London. In the West End, Time & Life magazines were building a 43,000-sf headquarters on New Bond Street. It is now the global headquarters of Marconi.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.