{"id":17375,"date":"2023-05-22T23:23:37","date_gmt":"2023-05-23T06:23:37","guid":{"rendered":"https:\/\/essential.construction\/news\/london-office-revamps-rise-to-all-time-high\/"},"modified":"2023-05-22T23:23:43","modified_gmt":"2023-05-23T06:23:43","slug":"london-office-revamps-rise-to-all-time-high","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/london-office-revamps-rise-to-all-time-high\/","title":{"rendered":"London office revamps rise to all-time high"},"content":{"rendered":"

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According to Deloitte\u2019s Summer 2023 London Office Crane Survey the race to avoid stranded assets has seen 37 office refurbishments start covering 3.2m sq ft.<\/p>\n

This increase has been driven by a need to reach the anticipated Minimum Energy Efficiency Standard (MEES) regulations to achieve Energy Performance Certificate (EPC) B rating by 2030.<\/p>\n

Demand is shifting to the highest quality space, with employers looking for space that attracts and retains talent, aligns with their brand, and embraces new working practices.<\/p>\n

Sophie Allan, director in real assets advisory at Deloitte, said: \u201cDevelopers seem to be cautiously optimistic about the future of London\u2019s development pipeline.<\/p>\n

\u201cNew infrastructure and expanding transport links have attracted people to previously overlooked areas like mid-town and the eastern fringes of the City.<\/p>\n

\u201cThis is undoubtedly a vote of confidence in London after the intense disruption of the pandemic, disturbance to supply chains and rising inflation experienced over the past year.\u201d<\/p>\n

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Overall new office starts have risen by almost 80%, when compared to the previous Winter survey.<\/p>\n

Volume is now at 4.4m sq ft and new construction is starting across 50 schemes in total with average projects size up from 79,000 sq ft to 88,000 sq ft.<\/p>\n

West End new starts are up for the second consecutive survey with the volume rising to 1.3m sq. ft., showing it is a market of increasing occupier focus.<\/p>\n

The City has dropped to just under 600,000 sq. ft. in contrast and has seen a steady decline in activity over the past few survey periods.<\/p>\n

Margaret Doyle, chief insights officer for financial services and real estate at Deloitte, said: \u201cWe expect that the need to bring offices up to scratch \u2013 especially in terms of energy efficiency \u2013 will drive London\u2019s development for the rest of the decade.\u201d<\/p>\n<\/p><\/div>\n