London office projects on the rise
A new survey from Deloitte has revealed that London office construction has increased by 20 per cent in the last six months, with over half of the project pipeline consisting of upgrades and retrofits of existing buildings.
Since September 2020, new-build and refurbishment projects increased from 2.6m sq ft to 3.1m sq ft. Before the first lockdown in 2020, this figure had reached a peak of 5m sq ft.
Mike Cracknell, director in real estate at Deloitte, said to Construction Enquirer: “Many existing office buildings are capable of being turned into Covid-safe and high-quality workspaces, so it is unsurprising that developers are following the more sustainable path of refurbishments.”
He added: “With more than half (57%) of developers looking to increase construction pipelines in the next six months, central London office construction is very much alive.”