New office space for town? It’s not needed, says expert

Friday 23rd December 2011, 2:59PM GMT.

The Jersey Development Company have plans to create the Esplanade Quarter
The Jersey Development Company have plans to create the Esplanade Quarter

THERE is more than twice as much office space in the pipeline as the Island actually needs, according to a commercial property expert.

The race is on to build top-quality offices in St Helier, with the finance industry needing around 300,000 square feet over the next five years.

But with three major plans at various stages of development – the Esplanade Square, the J1 scheme in Broad Street and Lord Coutanche House on The Esplanade – there is about 721,000 square feet worth of offices in the pipeline.

Chris Daniels, the chairman of BNP Paribas Real Estate Jersey, says that major institutions like banks, trust companies, fund administrators and law firms want top-quality offices.


  1. 1
    COM-mentator

    Question: How many of these ‘Offices’ will be taken up by NEW companies to the island?

    Answer: very few.

    The existing companies are looking at moving from disparate and multiple sites to one location. Therefore although 721000 square feet of office space is in the pipeline, how much is released, and more importantly what will happen with these offices – more apartments? like Don Road/Queens House – formerly Volaw?

    All three of these should not be given permission, 1 preferably 2 at most.

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  2. 2
    Overpopulated

    Twice as much property as needed says expert – err the non experts having been saying the same every since this madness was announced.

    Are the banks prepared to lend against all this un-needed property?

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  3. 3
    Confused

    Not sure that BQ has reflected what Daniels is quoted as saying. Top companies do want more top graded offices don’t they? And those in several locations do want to consolidate, don’t they? Thus, there is a need for new, top graded offices, but BQ’s headline and summation distorts what Daniels has said somewhat.

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  4. 4
    C Le Verdic

    ‘Are the banks prepared to lend against all this un-needed property?’

    Un-needed? You wait and see, Overpopulated. The empty offices will be used as an excuse to bring in more people.

    After all, there is easily room in Jersey (perhaps I should say ” ON Jersey “) for double the population. Just ask the Hong Kong enthusiasts who frequent this forum.

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  5. 5
    Willy Fayling

    Happy Christmas to all you witless blog trolls, who continue to delight us with your hapless lack of insight and wisdom. Let’s face it COM-mentator – you would struggle to explain an egg and spoon race, let alone the machinations of the Council of Ministers, to which you appear to aspire to. Are you an unemployed juvenile, or do you not recall that when the finance industry arrived in the 1970′s there was such a gross lack of office space that much of St Helier’s residential accommodation was swiftly turned over in use to cater for the higher rental office sector. Over time, the occupiers of these converted “office premises” have become increasingly desperate to move into purpose built office buildings. These are the constructions that allow extra space below the floor and above the ceiling to plumb in all the fibre optic and electronic data cabling, plus air con etc. that modern offices require. Indeed it’s even more demanding now that leading companies want to lease or buy environmentally compliant premises.
    Of course the old offices are going to be reinstated to their original residential status, as there is a desperate need for accommodation of all types. What’s the problem with living in Don Road? Perhaps you would rather a few more green fields disappear under concrete. And before you and the other non-expert “Overpopulated” start dishing out the immigrant moan, just reflect on the vast number of local young people who would like homes of their own, not to mention the 60 percent of locally born graduates who do not return to work here but, nevertheless, retain their local housing qualifications and could turn up any time they felt like returning.
    You glib “commentators” don’t understand the half of it, so why start the one finger typing until you have accomplished a modicum of accurate research and have established a good idea of what you are talking about?
    “Confused” actually understood the report. Top companies want top grade offices, in other words, new state-of-the-art premises and not the old rubbish they have been offered for the last several decades.
    I suggest you consider a New Year’s resolution to ensure that you engage brain BEFORE attempting to enlighten us with your brilliant insights into local life.
    Happy New Year.
    Willy Fayling

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    • Overpopulated

      The top firms may want the offices, but are they still going to be around next year and the year after. I have many friends who have lost office jobs recently and more who are worried for theirs.

      Jersey graduates can come back to the island if they wish – if they can find a job.

      Desperate need for accommodation – there are thousands of flats and houses for sale currently for them to buy, I suggest they have a word with the Minister for Propping up House Prices with cunning unsustainable wheezes.

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  6. 6
    Davey West

    Willy Fayling

    You have thoughly failed to get your argument accross, both factually and socially.

    Even Ex planning Minister Freddie Cohen admitted that his own personal preference for the sunken road and esplanade quarter in its entire wonderful fullness may not attract anything like full occupancy. That was ok though because plan ” B ” was to move in States departments to take up up the slack still giving the developer his profit and taxpayers a hefty annual rental bill.

    The economic world is a far more dangerous and less wealthy place two years down the road, and financial institutions are all gearing up to move into rolls royce state of the art buildings at eye watering top rents per sq meter so you say.

    Leave the vino and internet writers alone Willy Fayling and join the rest of us in the real world.

    Merry Xmas to all

    Davey.

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  7. 7
    Anon

    Offices and flats, were are the houses so desperately needed going to go. Come on Mr Green fight your corner.

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  8. 8
    Homo Economicus

    Hello,

    Increased office space will necessarily free up additional living space, reducing prices and relieving pressure on green spaces.

    More supply reduces prices, thereby making housing more affordable and reduce the cost of running a business. This contributes to increased employment in the Island.

    Corporate rents and housing costs are a significant barrier to entry for all kinds of local and foreign business. Those who think housing, employment, environmental and economic diversification issues cannot be resolved without more space within which to do these things are suffering from cognitive dissonance.

    Cheers,
    H.E.

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