London office construction levels rise dramatically.
New statistics show that construction of London office space has increased.
Office construction levels have risen 137% in comparison to half a year ago. Development of London office space was at an all time low, 2.7 million square feet, just six months ago but it has now risen to 6.4m square feet. The statistics were gathered by Drivers Jonas Deloitte who say that there are currently twenty-five new office schemes under construction in the City of London.
Within the UK capital three newly constructed towers will provide 160 floors by 2014. Additionally developments in the West End have reached a two year high of 2m square feet.
“This survey records a dramatic positive change in construction activity as anticipated in our last report. The race is on to deliver schemes to take advantage of the dwindling supply of Grade A space in 2012 and 2013,” commented Anthony Duggan, head of research at Drivers Jonas Deloitte.
According to the survey construction in London has doubled over the past six months. The three major towers contribute 80 percent of the new space, these are the Pinnacle, 20 Fenchurch Street and The Leadenhall Building, all of which are expected to be completed by 2014.
The West End has seen thirteen new schemes start over the last six months. This amounts to a total of 1.4m square feet of new office space being added to the district. The West End also shows the largest number of new starts ever recorded in the area.