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13/04/2016
London Commercial Construction Activity Hits £7.4bn
London's commercial construction activity has reached £7.4 billion, according to new figures.
The latest UK Commercial Construction Index by JLL and Glenigan reveals the capital's activity is at its highest level since 2008.
Speculative office development under construction in Central London totalled 8.3 million sq ft at the end of Q1, ahead of the long term 5 million sq ft average.
In the West End office market, construction in Q1 began on nine schemes totalling 596,997 sq ft, the highest level of development commencements since Q4 2014.
Large construction starts include Brunel, W2, at 241,000 sq ft and The Foundry, W8, a refurbishment planned to complete by the end of 2016 totalling 110,000 sq ft.
Overall, commercial construction for the 12 months to the end of March fell to £23 billion, a decline of 7.2% compared to the same period last year.
Helen Gough, lead director of JLL's Buildings & Construction team, said: "Generally, the construction industry remains cautious, however a recent fall in costs has offered some rebound for the commercial sector. While total construction starts fell marginally this quarter, construction data on the whole remains volatile. Construction activity levels remain solid with London showing notable signs of resilience."
(LM)
The latest UK Commercial Construction Index by JLL and Glenigan reveals the capital's activity is at its highest level since 2008.
Speculative office development under construction in Central London totalled 8.3 million sq ft at the end of Q1, ahead of the long term 5 million sq ft average.
In the West End office market, construction in Q1 began on nine schemes totalling 596,997 sq ft, the highest level of development commencements since Q4 2014.
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Large construction starts include Brunel, W2, at 241,000 sq ft and The Foundry, W8, a refurbishment planned to complete by the end of 2016 totalling 110,000 sq ft.
Overall, commercial construction for the 12 months to the end of March fell to £23 billion, a decline of 7.2% compared to the same period last year.
Helen Gough, lead director of JLL's Buildings & Construction team, said: "Generally, the construction industry remains cautious, however a recent fall in costs has offered some rebound for the commercial sector. While total construction starts fell marginally this quarter, construction data on the whole remains volatile. Construction activity levels remain solid with London showing notable signs of resilience."
(LM)
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