I am going to break the habit of a lifetime and write about something entirely non Olympics related on this blog.
My excuse is that as we prepare to launch the new CoStar UK news service (it will be here very shortly) I have few other platforms where I can publish other interesting property news.
Anyway, this morning Jones Lang LaSalle and King Sturge confirmed they were merging.
There has been much of interest written about what this means for the UK’s agency community already but here is another significant feature of the tie-up gleaned from CoStar’s data.
The combined business of JLL and King Sturge will dominate the marketing of properties for sale or to lease across the UK. The business would have 23% of the top 10 market of properties for sale or to lease over the past 12 months, with 4,170 properties marketed openly.
That would place it 1,500 properties ahead of its biggest rival, which is the theoretical tie up between BNP and DTZ.
Third, fourth and fifth in this list by the way are Lambert Smith Hampton, CB Richard Ellis and Knight Frank respectively.
The breakdown of the JLL/King Sturge agency behemoth at present sees King Sturge listing the most properties – 2721 or 15% of the market – while Jones Lang LaSalle marketed 1,452 or 8%.
Within this though JLL properties are viewed on average 25 times while in CoStar’s database, whereas the King Sturge ones are only viewed 11 times, perhaps suggesting that JLL generally markets the more prime properties that pop up in agency searches more often.