The Deloitte London Office Scheme Crane Survey Q3 2016 – powered by research from Metropolis and Cityoffices – has revealed that office construction in central London has reached an eight year high with 14.8m sq ft of office space under construction.
The survey, carried out by Cityoffices researchers for Deloitte Real Estate during September 2016, showed 40 new starts on office schemes (2.8m sq ft) in the capital compared to Q1 2016 and over 20 schemes at demolition stage.
The survey highlighted refurbishments as the biggest source of new starts, with a dip in the number of new builds, however researchers found that there is a wave of new build developments poised for starts in 2017.
Some 41% of space in under construction schemes has been pre-let and Metropolis is tracking the next wave of demand with details of over 600 companies with office searches underway in central London.
Full details on every scheme, including schemes in the future pipeline and incorporating details of the players involved, together with weekly scheme news, are to be found on the Cityoffices.net website, where an annual subscription is only £750.
Metropolis and Cityoffices are happy to talk to companies about further research and consultancy projects in the London office market.
Copyright Metropolis Property Research Ltd 2016