INDUSTRY NEWS

Office space construction on the rise

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New statistics released by a leading property agency in London have revealed that London office space construction has risen by approximately 137 per cent in the last six months.

According to the firm there are 25 new office schemes under construction in the City at present with construction now at 6.4m sq ft in comparison to an all-time low six months ago at 2.7m.

A spokesman for the agency said: “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.”

Construction of three new towers in the capital will alone generate 160 floors of space by 2014, leading the way for the industry to conclude that financial recovery is well underway.

Property rentals still remain high in the West End with many businesses worldwide searching for suitable premises in the most expensive area in the world, according to previous reports.

Commercial property news brought to you direct from DeVono Cresa, experts on London office space.

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