Office construction in the Capital is at its highest level for eight years, according to Deloitte’s latest London Office Crane report, which measures the volume of office development taking place across central London. Recognising that the low supply of available office space across central London offers a limited choice for tenants, developers have responded by starting a record number of new schemes since the last survey. The latest results show that the volume of office construction has increased by 28 percent over the past six months to 14.2 million sq ft the highest level since the beginning of 2008. In just 18 months activity nearly doubled from 7.7 million sq ft in 2014. The financial sector has leased the largest share of office space under construction in the latest results, accounting for 2.3 million sq ft, or 39% of the let space while currently accounting for 38 percent of the space let, the TMT sector is a leading occupier group.
Office construction at highest level in London for eight years