New London office construction slows on Brexit jitters: Deloitte survey

According to the latest London Office Crane Survey, conducted by Deloitte Real Estate showed that the number of new office construction in London is falling as higher construction costs and uncertainty over Brexit lead builders to delay new schemes.

Key Findings via Reuters:

“Construction began on 25 new central London office schemes in the six months ended Sept. 30, less than the 28 new construction projects started in the preceding six months.

The projects started over the surveyed period would add 1.8 million square feet into the development pipeline, the lowest new amount in more than three years.

The Deloitte survey showed that of the space under construction, 45 percent had been pre-leased by finance firms and 2 percent by insurers.”