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Construction News
23/06/2016
UK Office Construction Sector Experiences Growth
The UK's office construction sector has increased during the first quarter of 2016 with over £2 billion in contracts awarded so far this year.
Industry analysts Barbour ABI said the figure is at its highest since eight years ago, with contract awards including six major developments worth over £50 million.
Large projects include Glasgow's £90m Waterloo Street offices, the £50m Energis House in Reading and the £30m One Capital Square development in Cardiff.
Michael Dall, lead economist at Barbour ABI, said: "Office availability is at its lowest for 15 years across London, with many other parts of the UK in a similar position, due to below average office development since the recession. However this past quarter is encouraging with major developments spread right across the UK.
"There are major towns and cities such as Liverpool, Glasgow & Cardiff in vital need of more grade A office space. However Manchester in particular stands out, as it requires an extra 3 million sq ft of office space over the next ten years if it's to keep up with the city's forecasted economic growth."
"With the demand so high it is not surprising to see figures reach record post-recession levels, which I see continuing throughout 2016, barring any worries regarding the EU referendum that may stutter future progress."
(LM/MH)
Industry analysts Barbour ABI said the figure is at its highest since eight years ago, with contract awards including six major developments worth over £50 million.
Large projects include Glasgow's £90m Waterloo Street offices, the £50m Energis House in Reading and the £30m One Capital Square development in Cardiff.
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Michael Dall, lead economist at Barbour ABI, said: "Office availability is at its lowest for 15 years across London, with many other parts of the UK in a similar position, due to below average office development since the recession. However this past quarter is encouraging with major developments spread right across the UK.
"There are major towns and cities such as Liverpool, Glasgow & Cardiff in vital need of more grade A office space. However Manchester in particular stands out, as it requires an extra 3 million sq ft of office space over the next ten years if it's to keep up with the city's forecasted economic growth."
"With the demand so high it is not surprising to see figures reach record post-recession levels, which I see continuing throughout 2016, barring any worries regarding the EU referendum that may stutter future progress."
(LM/MH)
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