The London Office Crane Survey Winter 2019

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About the London Office Crane Survey

Key findings

  • Volume of new office starts between April and September was 1.8m sq ft, down by 49% survey on survey, only 24 schemes broke ground.
  • Construction activity in the City declined again, while the West End saw a surge in new construction activity with 11 new starts.
  • 11.9 million sq ft was under construction as of end of September, 10% down on the previous survey but remains above long term average of 10.6 million sq ft.
  • Completion volumes between April and September reached 3m sq ft, up by 44% on the previous survey. The total completion volume for 2019 is set to fall short of the 2018 figure.
  • Pre-letting continues to drive office demand, with 49% of space under construction already pre-let. For size ranges of above 100,000 sq ft, the figure edges closer to 60%.
  • TMT has further increased its proportion of pre-let space under construction, from 35% to 43%.
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Central London


92
Number of new
construction starts
11.9m
sq ft
Total amount under
construction
0
100
49
%
Amount of space under
construction let

Key business sectors
leasing space

Office development pipeline

92
Number of schemes
under construction
0
100
69
%
% new build vs
% refurbishment

Central London office space under construction and number of new starts

Occupier leasing activity on space under construction

TMT
43%
Financial
16%
Corporate
11%
Serviced Office
8%
Other
5%
Professional
8%
Legal
3%
Insurance
4%

Key contacts

Michael Cracknell

Director




Bo Glowacz

Real Estate Insight Manager




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