UK office construction drops to 10-year low

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According to an industrial survey, the development of offices across Britain has dropped to its lowest level in 10 years as chronic economic uncertainty and uninterrupted high expenditure damp builder confidence.

The amount of office space under construction UK According to Coster’s analysis of research for the commercial property sector, it has dropped to about 23 million square feet in the first quarter of this year, the lowest point from the beginning of 2015.

According to analysis, construction activities have dropped more than 3 million square feet in the last one year.

“Developers are breathing in breathing in uninterrupted expenditure on economic uncertainty and debt,” said Coster before publishing its analysis next week.

This information is new to the government’s efforts to run the “Britain building again” to run economic growth.

In March, S&P has reported Global From May 2021, the UK’s construction program was rapidly, mainly due to weakness in the house building sector due to the confidence of consumers and the muted demand for weak economic growth.

In the Caster Analysis, London and Oxford-Campbridge Tech Corridor have expressed a final contradiction in the office building across the United Kingdom with domination activities.

Consolidating in the cities of Oxford and Cambridge, construction of about 1.5 million square feet of office is underway with developers, interested in establishing Buent demand and innovation and technology companies produced by the university spin-offs.

In the capital, about 12 million office spaces were under construction, a life science research and development facility in Canary Warf and 50 Fenchchar Street, where work on the site was started at a 50,7 square foot office.

Demand for office space in London was driven by large -scale employees who seemed high -quality buildings at “Grade” with new features such as fitness suit and yoga room to persuade the employees back to the office after hybrid work.

On the contrary, small or any space is being created in markets like Liverpool, Bristol and Glasgow, where the relatively high vacuum rate of these properties is that developers were already hungry to supply more offices in the well-provided market.

Property experts say the strength deficit is creating an ongoing challenge for the building sector.

“After the Brexit post, we have seen a large number of people who have worked in the construction industry after the Brexit post,” said Leona Ahmed, a partner of the law agency Taylor Wessing. “Manpower is a problem.”

Chartered Surveyors Royal Institution said environmental rules for office buildings were also affecting development.

“Despite the government’s desire to visit Britain building, there are countless reasons that depend on it,” said Simon Rubinsohan, chief economist of the rickshaw.

Looking at the front, the coaster analysis mentions some positive indicators for the office market, which is ordered to construct at a height of three years during the first quarter period, according to information from the National Statistics Office.

However, the analysis states that the level of the building activity “was less likely to increase significantly in the short term”.

The Housing Department has said that the government is taking a decision -taking action to “unlock growth and accelerate the building” through planning and infrastructure bills in addition to the national plan policy structure.