London office construction on the rise
LONDON office construction has risen by 44% compared with a year ago, according to a survey.
Drivers Jonas Deloitte’s latest London Office Crane Survey says that 9.2m sq ft of office space is currently under construction in the capital – up by 28% on six months ago.
Anthony Duggan, head of research, Drivers Jonas Deloitte, said:
“While construction continues to rise in the core City and West End markets, our research also shows that activity has returned to King’s Cross and the Docklands, as well as a further increase in activity along the Southbank.
“This is a sign that developers feel that the low levels of construction (compared to historic trends) and lower building costs are compelling. Positively, pre-letting is again a feature of the market, which should be a key focus for those with appropriate sites.”
Of the 2.7m sq ft of space currently under construction in London’s West End, half is due to complete next year, setting it up to be a recording breaking year for office builds in the West End.