Silhouette of construction

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The London Office Crane Survey Winter 2017

Approaching with caution

Today’s political climate puts London and its property market in the spotlight. The London Office Crane Survey acts as a barometer not only for the commercial property market but for the economy as a whole. We’ve tracked every office scheme under construction across central London.

Key findings

  • Office construction is down 9% since the last survey and the last six months have seen the lowest volume of new space started since 2014
  • This caution is somewhat mitigated by demolition levels hovering around 8m sq ft, indicating a desire to keep developing
  • There have been above average levels of completions and 2017 is on course to deliver a 13-year high of space
  • This is welcome news to a buoyant rental market in which 44% of space under construction is already let.

Outlook

  • Demand for new space will remain resilient
  • The rise of vacancy rates across central London will continue
  • The continued rise of co-working space is set to impact the market
  • Brexit will move Real Estate up the agenda for businesses.

To do list:

Use the data to find out who is developing space and where - and which industries are occupying space and where
Use this alongside the Crane Survey’s market outlook to understand how market developments could impact your business decisions
Gain the confidence of investors and stakeholders by developing a clear and achievable strategic direction.

Explore our data

Central London
22
Number of new
construction starts
200,000
sq ft
Total amount under
construction
Amount of space under
construction let

Key business sectors
leasing space

Office development pipeline

89
Number of schemes
under construction
7.8
Demolition level
million sq ft
% new build vs
% refurbishment

Central London office space under construction and volume of new starts

Occupier leasing activity on space under construction

Financial
45%
Corporate
24%
Legal
10%
Professional
9%
TMT
7%
Government
3%
Insurance
2%
Other
0.3%
Central London
vacancy rate %
9.56
Central London
take-up Q1-Q3 2017
(million sq ft)
More space 30%
Less space 2%
Consolidation - more space 33%
Consolidation - less space 22%
New entrant 12%
Reasons for moving to new space
Show all statuses
Existing scheme
New start
Completed
City
Docklands
King's Cross
Midtown
Paddington
Southbank
Stratford
West End
White City
Vauxhall-Nine      Elms-Battersea

Scheme number:

Scheme name:

Postcode:

Developer:

Tenant:

Completion date:

Total sq ft:

Space available sq ft:

Discover our infographic

About the London Office Crane Survey report

Established more than 20 years ago, the London Office Crane Survey monitors the supply of new office developments in the main central London markets and emerging submarkets. The report:

  • Is the most authoritative guide to current and future construction levels
  • Provides findings that are of importance to investors, developers and occupiers alike
  • Is regarded as a key indicator of London’s economic health.
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