Our latest Crane Survey tracks every office scheme under construction across central London, as well as importantly looking ahead at the potential delivery of space and its future impact. The key factors impacting the choice of new buildings and the outlook for businesses taking new space are also identified.
Additionally, three emerging markets have been added to the survey, which for the first-time, extends the research outside of core central London.
Key findings from our latest crane survey
- The volume of office construction has increased by 4% over the past six-months to 14.8 million sq ft, an eight-year high
- However, construction momentum has slowed – 40 new schemes started over the past six months, compared with 51 in our last survey
- 41% of the space currently under construction has already been let
- Developers concern over future tenant demand
- We continue to forecast rising delivery in 2017 and 2018, but the peak has shifted to 2019-20
- Prime rents expected to fall in 2017 with incentives moving out
- Emerging submarket construction activity to complement central London supply
- Internet of Things and new technology is set to revolutionise the workplace with the creation of Intelligent Buildings.
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About the London Office Crane Survey report
Established over 20 years ago, the London Office Crane Survey monitors the supply of new office developments in the main central London markets. Reflecting the emergence of new office hubs, Stratford, Battersea & Nine Elms, and White City are included in the report for the first time, adding to previous locations of City, West End, Canary Wharf, Midtown, King's Cross, Southwark and Paddington.
Download the London Office Development table
Read the full London Office Crane Survey Winter 2016
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