CULS Annual Market Trends Update Panel. ‘K-Shaped Performance in Office Values – Where is the Office Market Heading?’

This year, in a break with tradition, we will focus on the offices sector only.

It seems the divergence in the investment performance of prime and secondary office space is becoming more entrenched, amid hybrid working and ESG requirements.  As empty office space in the US nears 1 billion square feet, according to JLL, our panel considers the outlook for the office sector:

• Is it becoming a decision between creating or upgrading to best-in-class space or seeking alternative uses?
• What impact will labour market trends and technological advances have on the future of office space?
• What do these new trends mean for values in a higher interest rate environment?

Chair: Grainne Gilmore – Director of Research and Insight, Cluttons

Gráinne is a housing market researcher and commentator.
She started her career as a financial journalist at The Times in 2000, where she covered residential property as well as all aspects of personal finance. She won a prestigious award for her reporting on the mortgage market in 2007.
Later that year she moved to the economics desk at The Times, where she covered the global financial crisis and its aftermath as economics correspondent.
In 2011 she moved from journalism into real estate research – taking up a role as head of UK residential research at Knight Frank. One key strand of her work there was collaborating to design and produce research to provide insights for the burgeoning BTR sector. In 2019 she joined Zoopla as head of research, using a wide range of data to create up-to-the minute intelligence on the market. Gráinne is regularly invited to talk at industry and client conferences on the latest economic, political and real estate market trends, as well as to the media, and is often quoted in the press.

Confirmed speakers include:

Nick Knight – Executive Director, CBRE Valuation and Advisory Services

Nick is an experienced leader in the valuation of commercial and residential real estate in the UK market with 30 years experience of proving valuation advice across all sectors to a broad range of clients and is trusted by many market participants.  Nick sits on the CBRE UK Executive Board and is responsible for the day to day running of a team of 350 valuation professionals in the UK and Ireland.  Nick is committed to maintaining the highest ethical and technical standards in the valuation industry.

Valuation is the cornerstone of the real estate industry and has a key role to play in attracting capital, driving economic growth and the efficient working of the market.  Valuation is thus integral to the reputation and trust of the UK economy on the global stage.

Madeleine Mcdougall – Managing Director – Global Head of Real Estate & Housing, Lloyds Bank Commercial Banking

Maddie joined the bank in November 2014 as Head of Institutional, having previously been Head of International clients at pbb, where she covered Europe wide real estate financing from 2011-2014. She took up her current position in May 2017.

Her role involves developing and leading the business activity for relationships across the Real Estate & Housing market with a specialist team based across the UK. She sits on the British Property Federation board and the Commercial Property Forum.  Under her leadership, the business has continued to innovate starting with a £1bn Green financing fund, the launch of Next Generation for Housebuilders and SRS for Social Housing providers. She is a keen supporter of initiatives to influence and improve the sector’s sustainability.

Dan Nicholson – Executive Director, GPE Plc

Dan is Executive Director of GPE plc, a central-London focussed investor and developer, with responsibility for Portfolio Management and Development Management matters. Before this, Dan spent over 10 years with Tishman Speyer, for the majority of which he ran their UK business. Dan started his career as a surveyor at Lambert Smith Hampton before gaining broad property investment, development and asset management experience in a number of organisations, including at City & West End Property Group, Quintain Estates & Development and real estate private equity firm, Three Delta LLP. He has an MA in Classics from the University of Cambridge and an MA in Property Valuation and Law from Bayes Business School.

Sally Monson – Investment Manager | Unlisted Real Estate Investments, Norges Bank Investment Management

Sally is currently an Investment Manager in the Real Estate team at Norges Bank Investment Management where her role involves leading new acquisitions and investment decisions across the Fund’s joint ventures and wholly owned real estate portfolio. She previously worked in the Strategy & Asset Management team at VIA Outlets, managing a collection of high-end retail outlet centres across Europe. Sally started her career in the Real Assets team at BlackRock in 2016 after studying Land Economy at the University of Cambridge.

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