CPA members braved this morning’s (Tuesday 12 December) icy conditions to gather for our last event of 2017, our annual Deloitte Crane Survey seminar.
Hosted at the Deloitte Academy, the breakfast seminar included a series of presentations on the findings of the survey – which tracks every office scheme under construction in Central London.
Shaun Dawson, Head of Real Estate Research at the consultancy, explained that new starts had increased in the City of London but volumes were down, reflecting developments of a smaller scale and an increase in refurbishment projects.
There has been an interesting shift in occupier demand across Central London, with a fall in TMT (technology, media and telecommunications) from 2016 and a return to more traditional corporate and financial sectors. Shaun noted that co-working providers have been a genuine disrupter in the market, leasing a significant proportion of new office space.
Michael Cracknell, Deloitte’s Construction Advisory Director, provided an analysis of current and predicted workloads of various construction trades. He highlighted a dip in construction activity but rising prices, an unusual trend for the sector. Michael noted the construction industry’s reliance on the skills and labour from EU nationals – which could cause issues for supply post-Brexit.
The final Deloitte presentation of the morning was by Zoe Hawes, the firm’s Indirect Tax Senior Manager. Zoe provided a timely update on the UK’s current options in the Brexit negotiations and their potential impacts on business.
Download the Deloitte’s London Office Crane Survey (Winter 2017)