The London Office Crane Survey Winter 2020
A state of suspension
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About the London Office Crane Survey
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.
Real Estate Insight Manager