The London Office Crane Survey Winter 2020

A state of suspension

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About the London Office Crane Survey

Key findings

  • Larger proportion of new starts are already pre-let, suggesting fewer new starts take place on a speculative basis.
  • Following a record Q1 2020, new starts are down by 50% but in line with long-term average.
  • Two-thirds of new starts are refurbishments, indicating refurbishments are on the rise.
  • Volume under construction remains high due to significant delays in completions caused by the pandemic.
  • Completion of over half of the schemes under construction has been delayed by at least one quarter, shifting many completions to 2021.
  • Secondhand office availability has surged as businesses increasingly review their real estate footprint and release their existing space.
  • Four in five developers see the weak leasing market as the biggest challenge to development today.
  • Availability of funding also a major concern for almost a third of respondents as development finance becomes scarcer and more expensive, especially for speculative schemes.
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Key contacts

Michael Cracknell

Director




Bo Glowacz

Real Estate Insight Manager




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