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There is currently 9.2 million sq ft of office space under construction in London - a rise of 28 per cent in six months.
The latest London Office Crane Survey from Drivers Jonas Deloitte shows that building work is up 44 per cent year-on-year, with refurbishments making up a quarter of this current activity.
Next year 2.9 million sq ft of available office space will be delivered, with an average of 2.3 million sq ft expected to be completed over each of the next three years.
Growth is spreading, with activity returning to King’s Cross and the Docklands for the first time in 18 months.
However, despite these figures tenant demand remains low, which makes planning for success all the more important.
"We do believe that significant opportunities exist, but get the product and/or location wrong and the pitfalls could be just as large,” said Anthony Duggan, head of research at Drivers Jonas Deloitte.
Author: Economics Correspondent Graham Pontin (gpontin@acenet.co.uk or 0207 227 882)
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