The CPA/Barbour ABI commercial offices index hit 155 in October, 12% higher than in September and 3% higher than one year earlier. Given the lag between orders and output, this suggests growth over the next couple of years. In London, office construction is already 18% higher than it was six months ago due to projects in the City and West End. There are also many projects in the pipeline, especially around Oxford Street to go alongside Crossrail and due to finish by 2018. Outside the capital, the rapid take-up of space in Birmingham has left only one year's supply of Grade A offices - Knight Frank reports that in 2016 main works will occur on the £500m redevelopment of Paradise Circus, 225,000ft~2 of new offices space in Colmore Row and two office blocks in the first phase of a 10-year redevelopment of Chamberlain Square. In Manchester, four major projects totalling 600,000ft~2 of new offices will be completed over the next two years. Overall, all the key signs for office construction looking forward are positive and the key concern is whether we have the people, and skills, to build the projects in the pipeline.
展开▼
