A new report has revealed that London office space construction is experiencing a major boom in 2012.
The survey, taken by Drivers Jonas Deloitte, reveals that new office space in London has risen by 28% in the last six months and as much as 44% in the last 12 months.
There is currently around 9.2 million square feet of office space being constructed across London. In the West End, half of the 2.7 million square feet of new projects is due to be completed by next year – a new record for the district.
“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,” says Anthony Duggan, Head of Research.
“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.”