London office construction hits four year high
London office construction levels are at a four year high; with 71 schemes currently under construction – covering 9.7 million sq ft.
A new report from Deloitte Real Estate reveals that 28 new projects are expected to begin next year in London – equalling 6.6 million sq ft of office space, reports freshbusinessthinking.com.
2014 is set to deliver the largest Central London office market for ten years
Anthony Duggan, head of research at Deloitte Real Estate, explained that office space was so in demand, it is often leased whilst the construction is still taking place – meaning there is little fear of oversupplying.
“2014 is currently set to deliver the largest amount of space into the Central London office market for ten years,” he said. “This is good news for the increasing number of companies looking for office space in a market where supply is reducing and shortages are appearing.”
Furthermore, constructionenquirer.com reports that the amount of available building space has hit a five year low and take-up is at a three year high.
5 Broadgate: Largest building currently in construction
The largest building currently in construction is five Broadgate, according to the data. The office building has been designed by Make Architects and is set to become the home for financial services firm UBS. It will provide an astonishing 700,000 sq ft of space and is expected to be fully occupied by 2016.
Author: Laura Varley Date Written: 14 November 2013