ATLANTA, GA. — May 9, 2024. International Tenant Representative Alliance (“ITRA Global”) and Alliance
of Tenant Representatives (“ATR”) are thrilled to announce their merger to form one of the world’s largest
and most influential organizations providing conflict-free representation to tenants and occupiers of
commercial real estate. The organization will operate under the ITRA Global brand and has over 50
member firm locations worldwide.

“This merger marks a transformative moment for tenant representation on a global level,” said Peter
Webster, Chairman of ITRA Global. “By combining forces, we have expanded the organization’s
geographic coverage worldwide and added a breadth of experience dedicated to championing the
interests of tenants and occupiers in commercial real estate.”

With a network of ethical, trusted advisors spanning key markets worldwide, the merger will enhance
ITRA’s capabilities to provide its clients with unmatched insight and strategic guidance by leveraging its
organization’s expertise and resources.

“This merger represents a strategic initiative that opens up new opportunities for our respective
members and clients across the globe. Regardless of where a client needs help, ITRA will be there to
serve them,” said former ATR President and current ITRA Global board member Bob Gibbons.

The two groups had an opportunity to come together, share best practices, and celebrate at the ITRA
Global Annual Conference held in Santa Monica, California in April.

About ITRA Global
With a globally connected network and local expertise on five continents, ITRA Global members are
independent business owners that are principal-level professionals specializing in representing tenants
and buyers in the leasing, acquisition, and disposition of commercial real estate. Clients benefit by having
an experienced professional as their trusted advisor, providing conflict-free representation with total
objectivity.

The Alliance of Tenant Representatives (ATR) is an independent commercial real estate organisation whose members are acknowledged as experts and trusted advisors in their field.

Click 👉 https://bit.ly/3s7V8jg and see how ATR’s members work together to serve clients better.

The challenges facing businesses globally as they position for recovery post-pandemic are inherently interlinked

As businesses position for recovery and adopt new ways of working, corporate occupiers will need to address a range of issues if they are to retain and compete for top talent while delivering revenue growth and managing operational efficiencies.

FIDES Network’s independent specialists consider how adopting a holistic approach to implementing new ways of working can help your business to achieve operational efficiencies and tackle key challenges in organisational strategy, HR, technology, workplace and wellbeing, and commercial real estate.

Key questions include:

* Is your office a place to work or somewhere to build culture, collaborate and socialise?
* Are there opportunities to reduce your office footprint or become more sustainable?
* Do you have the technology to enable new ways of working?
* Are you taking advantage of talent hotspots in the UK and internationally?
* Do you have a strategy in place to address these issues and optimise productivity?

Please click ? Can You Work On Mars? to learn more.

How can we help?
McCalmont-Woods Real Estate is a member of FIDES Network, a trusted independent network providing bespoke services and solutions for financial and professional services organisations, particularly during times of event-driven change.

Because McCalmont-Woods acts only for corporate occupiers, we guarantee to provide un-conflicted advice and champion your interests as trusted advisors in real estate.

We have advised an impressive list of office occupiers from small start-ups to leading global brands across a broad range of industry sectors and on whose behalf we have produced more than £50 million cost savings to date.

Business Process Outsourcing company Woven has benefitted from £640,000 savings in rent following the successful completion of the rent review on its Bristol office.

Advised by McCalmont-Woods, the revised rent agreed on Wyndham Court, a 30,000 sq ft self-contained office building located in the St.Paul’s area of the city, is equivalent to circa £17.52 per sq ft based on a ten-year term as at the 2nd March 2020 review date.

Across the whole of the Bristol office market in 2020 only three leasing transactions were larger than the hypothetical letting with an average deal size of 6,655 sq ft over 76 transactions. And, with prime office rents for Grade A space of between £35.50 per sq ft to £37.50 per sq ft as at Q1 2020, the new rent agreed provides our tenant client with an excellent outcome.

Lease events are a catalyst for change

With businesses across the UK expecting to make significant changes to their ways of working, a forthcoming lease event provides an opportunity for many organisations to improve operational efficiencies and achieve significant cost savings with decisions to remain in existing premises or relocate elsewhere accelerating high up the corporate agenda.

Recognising that the ability to manage break options or lease expiries in an intelligent and timely manner can be a huge challenge, FIDES Network member Nick McCalmont-Woods has been considering the key drivers of change likely to influence corporate occupiers’ decision making in real estate.

Please click ? Should I Stay or Should I Go Now? to learn more.

How can we help?
McCalmont-Woods Real Estate is a member of FIDES Network, a trusted independent network providing bespoke services and solutions for financial and professional services organisations, particularly during times of event-driven change.

Because McCalmont-Woods acts only for corporate occupiers, we guarantee to provide un-conflicted advice and champion your interests as trusted advisors in real estate.

We have advised an impressive list of office occupiers from small start-ups to leading global brands across a broad range of industry sectors and on whose behalf we have produced more than £50 million cost savings to date.

A mass repatriation of US tech firms unlikely, says SIOR Europe

Fears that recent tax proposals by US President, Joe Biden, could lead to an exodus of US tech firms from Europe have been overplayed, according to the European Chapter of global brokerage body, SIOR (The Society of Industrial & Office Realtors).

These proposals aim to discourage businesses from seeking out more benign tax jurisdictions and have raised the prospect of US tech firms abandoning European capitals.

However, should these reforms come to pass, they are likely to have a minimal impact on Europe’s prime office markets, say office specialists at SIOR Europe. “All major global businesses make their occupational decisions on a vast matrix of factors, of which prevailing corporation tax rates is just one. Factors such as access to local markets and to a wide talent pool are far more influential, along with a consideration of total occupation costs, including rent, rates and ancillary charges”, says Nick McCalmont-Woods of McCalmont-Woods Real Estate in London.

“The big brand tech giants are truly global businesses. Their customers are spread throughout every corner of the world and they likely need an operational foothold in each of these regional markets”, he continues.

“In the aftermath of President’s Biden’s announcement, Ireland and Dublin inevitably came under the spotlight. However, I believe that the US administration is principally concerned with the repatriation of profits, rather than people. Without any significant reduction in headcount by the big tech players, the impact on the office market here should be minimal. The economic impact, though, would be serious”, says James Mulhall, tenant rep specialist with Murphy Mulhall in Dublin.

Charles Tatham of Tatham Property Solutions in Paris says “Corporate tax rates are generally falling throughout Europe and will be down to 25 % in France by 2022. Perhaps more significantly for France, other costs of doing business have also changed in a generally more business-friendly environment. Labour laws, where France still has a reputation of over-protection for workers, is no longer as justified.”

The rental data below from SIOR Europe also suggests that, regardless of the proposed imposition of a global rate of corporate taxation, most European cities have a competitive advantage in terms of rents and incentives. This means that any tech businesses relocating to the US from Europe will likely be faced with increased overall occupation costs.

About SIOR
The Society of Industrial and Office Realtors ® (SIOR) is the leading society for industrial and office real estate professionals. Individuals who earn their SIOR designation adhere to the highest levels of accountability and ethical standards. Only the industry’s top professionals qualify for the SIOR designation. Today, there are more than 3,400 SIOR members in 686 cities in 42 countries. www.sior.com

The last 12 months have been transformative for businesses particularly across the office and retail sectors, forcing us all to work differently and think about how we want to work in the future.

As various organisations adopt different workplace strategies, the question on everyone’s minds is how to effectively blend home and office working to create a hybrid model.

With 39% of businesses in the UK forecasting a reduction in office space and 66% of business leaders expecting to redesign office space to better suit hybrid working, now is the time to be thinking about how to successfully design and adopt a hybrid model.

McCalmont-Woods Real Estate has, together with fellow FIDES Network members PEN Partnership, CSL Integration and Fit Out Expert, been considering what a move to a hybrid working model means for corporate office occupiers and in particular:

* What are the trends in the UK and USA?
* What opportunities does a hybrid working model present and how do they compare with a more radical shift to a fully remote model?
* What key actions do you need to take as you plan new ways of working and seek to improve productivity?
* How do you take a holistic view of future ways of working that aligns business strategy and operational excellence with real estate and technology?

FIDES Network Chairman Mike Symes said, “In a post-pandemic environment, businesses are looking for new solutions to recover, re-size and reimagine. At FIDES, we bring together brilliant people to deliver the most creative solutions.”

If you’d like to understand more, pease click ? Where and how we work has changed forever to read our views.

How can we help?
McCalmont-Woods Real Estate is a member of FIDES Network, a trusted independent network providing bespoke services and solutions for financial and professional services organisations, particularly during times of event-driven change.(www.fidesnetwork.com)

Because McCalmont-Woods acts only for corporate occupiers, we guarantee to provide un-conflicted advice and champion your interests as trusted advisors in real estate.

We have advised an impressive list of office occupiers from small start-ups to leading global brands across a broad range of industry sectors and on whose behalf we have produced more than £50 million cost savings to date.

Chiswick Park, the business campus located in West London, has announced that the world’s leading health and security services business, International SOS, has signed a reversionary lease in Building 4 to 2031. The 43,639 sq ft office is the company’s UK headquarters.

The lease renewal is testament to the culture and environment that Chiswick Park offers to its customers and demonstrates that leading businesses remain committed to securing the best office space for their staff to thrive in an environment that focuses on employee wellbeing and helps deliver corporate ESG agendas, despite the challenges posed by Covid-19.

Arnaud Vaissié, Co-founder, CEO & Chairman of International SOS, commented, ‘Our London office is critically important to us as our joint HQ and home to one of our 26 Assistance Centres. Since moving to the Chiswick Park site in 2012, we have been continually impressed with Enjoy-Work’s dedication to safety and sustainability. We are proud to make this long-term commitment to our people, our clients and to London.”

“We are delighted to continue to build on our long-term relationship with International SOS. This deal reinforces the appeal of a work environment that offers more than just an office, with plenty of outdoor space and onsite amenities available for workers. We are pleased that International SOS remains on our Campus to grow and develop further as a company “, said Matt Coulson, CEO Chiswick Park Enjoy-Work.

Chiswick Park covers 1.8 million sq ft of office space spread over 12 buildings. The Campus is home to some of the world’s leading companies including Pernod Ricard, IMG, Starbucks, Discovery and Danone.

The Park also houses over 45,000 sq ft of retail including a gym, restaurants, convenience stores and pop-up stores.

Onsite property management team, Enjoy-Work, is responsible for overseeing and performing the daily operations of the Campus as well as running a virtual programme of regular activities aiming to enhance the wellbeing and safety of its Guests.

Knight Frank acted for Chiswick Park and McCalmont-Woods Real Estate acted for International SOS.

About the International SOS Group of Companies
The International SOS Group of Companies is in the business of saving lives, protecting your global workforce from health and security threats. Wherever you are, we deliver customised health, security risk management and wellbeing solutions to fuel your growth and productivity. In the event of extreme weather, an epidemic or a security incident, we provide an immediate response providing peace of mind. Our innovative technology and medical and security expertise focus on prevention, offering real-time, actionable insights and on-the-ground quality delivery. We help protect your people, your organisation’s reputation, as well as support your compliance reporting needs. By partnering with us, organisations can fulfil their Duty of Care responsibilities, while empowering business resilience, continuity and sustainability.

Founded in 1985, the International SOS Group is trusted by 12,000 organisations, including the majority of the Fortune Global 500, as well as mid-size enterprises, governments, educational institutions and NGOs. 10,000 multicultural medical, security and logistics experts stand with you to provide support & assistance from over 1,000 locations in 85 countries, 24/7, 365 days.

To protect your workforce, we are at your fingertips: www.internationalsos.com

About Chiswick Park Enjoy-Work
Chiswick Park is a 1.8 million sq ft business campus located in West London, W4. Developed in 1999 and designed by Rogers Stirk Harbour + Partners, it is today made up of 12 buildings, bringing together over 10,000 people from 75 of some of the world’s leading companies such as Discovery, Paramount Pictures, IMG, Starbucks and Pernod Ricard. Chiswick Park is set in 33 acres of landscape garden featuring a lake and waterfall. It also houses over 45,000 sq ft of retail space including an on-site Virgin Active gym, restaurants, convenience stores and a variety of pop-up traders and street-food vendors.

Chiswick Park is entirely managed by property management company, Enjoy-Work, which provides a range of services, facilities and entertainment for its guests on the park. The Enjoy-Work philosophy aims at providing an environment where people take pleasure at working and are therefore more productive in their work. In addition to building management, landscaping and maintenance, Enjoy-Work proposes a programme of regular activities and concierge services dedicated to the guests. https://enjoy-work.com/

Prime rents unlikely to recover to pre-pandemic levels before 2022, says global membership body.

The abrupt decline in leasing activity in London’s office market has already translated into falling rents with the worst still to come, according to office specialists from the Society of Industrial & Office Realtors (SIOR). the leading global professional office and industrial real estate association.

A combination of stalled deals, increasing vacancy as tenants begin to offload suplus space and lease breaks has slowed leasing activity down to 1.2 million sq ft in Q2 2020, representing a 57% drop on the previous quarter, according to figures from DeVono Cresa.

Based on the same data from DeVono Cresa, this has already impacted rental levels with prime rents on Grade A space dipping by an average of 3% since Q1 2020. The biggest falls have been recorded in traditionally robust submarkets such as Mayfair (-8%) and Soho (-8%).

Paul Danks, Director at DeVono Cresa, and President-Elect of SIOR Europe, said: “As a result of the ongoing pandemic, we expect the lettings market l to remain subdued compared with historical levels mixed with increased appreciation for flexible office space. This will, in turn, lead to an increase in availability across central London. What we are seeing, and in a very short period of time, is a swing in the balance of power back towards the tenant.”

Though these figures are unsurprising, Nick McCalmont-Woods, CEO of McCalmont-Woods Real Estate, believes there is potentially worse news yet to come as the UK officially enters its first recession since the Global Financial Crisis (GFC).

“What we saw with the GFC of 2008/2009 was an initial softening of rents in the immediate aftermath of Leman Brothers’ downfall. Yet, as the economy contracted and the recession deepened, landlords were persuaded to offer far more competitive terms to attract a dwindling pool of occupiers”, he said.

The analysis [see table below] from McCalmont-Woods Real Estate shows that, though London’s prime office rents experienced a decline of between 9% and 21% over the first twelve months of the GFC, it took another twelve months for the market to reach bottom with prime rents having fallen between 16% and 39% from their peak at the end of 2007.

“As occupiers adjust to the impact of COVID-19 on their businesses and scale back, delay or even shelve some office requirements altogether, we expect the pattern of rental decline from the GFC to repeat itself and, if anything, it may be exacerbated further in the event that significantly more tenant/occupier controlled space is released back on to the market as businesses adopt new working practices in the longer-term.

Consequently, there is likely to be considerable uncertainty in the months ahead with rising unemployment, dwindling demand for space and an expectation that rents will tumble across the office sector. On that basis, we are unlikely to see the true impact of COVID-19 on rental levels before Q4 2021/Q1 2022 and cannot anticipate prime rents returning to 2019 levels any time before 2022, and possibly much later, if history is to repeat itself”, adds McCalmont-Woods.

Paul Danks, added: “While it would be unwise to bet against the long-term resilience of a market like London, there can be little doubt that we are going through a major period of re-adjustment. As occupiers’ understanding of the new working world improves and landlords’ responses to it evolve, we will all have to learn to live with a little more uncertainty”.

About SIOR

The Society of Industrial and Office Realtors ® (SIOR) is the leading society for industrial and office real estate professionals. Individuals who earn their SIOR designation adhere to the highest levels of accountability and ethical standards. Only the industry’s top professionals qualify for the SIOR designation. Today, there are more than 3,400 SIOR members in 685 cities in 38 countries.  www.sior.com

Global financial services provider Apex Group Ltd, advised by McCalmont-Woods Real Estate, has assigned its lease on 8,100 sq ft surplus offices at 1 Minster Court, EC3 in the City of London to leading UK insurer Direct Line Group.

The successful lease disposal for the full 5-year term remaining generated significant cost savings of circa £3.25m (US $4m) for Apex despite the deal being delayed three months due to COVID-19.

The landmark City building featured as the headquarters of Cruella DeVil’s fashion house ‘House of DeVil’ in Disney’s 101 Dalmations (1996) although surprisingly, the movie didn’t feature in film buff Barry Norman’s 100 Greatest Films of All Time!

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With 45 offices worldwide and 4,000 employees, Apex delivers an extensive range of services to asset managers, capital markets, private clients and family offices.