Construction of office space fallen by 17 per cent in six months

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11th November 2014 15:55 - Construction

Findings of the latest London Crane Survey show that the volume of office construction in London has fallen by 17% to 7.7m square foot this quarter. This is the third time this year that the figure has plummeted.

However, over the same period, office completions have reached a ten-year high, as 3.7m square foot of office space was completed in the last six months. The main contributors to this space were 20 Fenchurch Street and the Leadenhall Building.

The main location for new office construction was the City centre, as there are currently 10 new offices being built. This accounts for 54 per cent of office construction in London city centre.

On the contrary, there have been no new builds in Midtown, the Docklands and the Southbank over the last six months.

Demolition has increased by 18 per cent in the last six months, rising from 4.5 square foot to 5.3 square foot. Midtown has seen a rise in demolition by 50% in the same time scale, which may suggest more construction in the future.

According to predictions from Deloitte, office development will not recover until 2018.

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