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The latest Drivers Jonas Deloitte Crane Survey found that currently, 6.4 million square feet is now under construction, contrasted to just 2.7 million square feet just six months ago.
According to the survey, 25 new schemes have started construction, half of which are over 100,000 square feet.
The West End is experiencing a two-year construction high with two million square feet and three new towers are being built in the City.
Head of transactions at Drivers Jonas Deloitte Matthew Elliott said: “The big story, perhaps the only story, is the building of the new City towers. If all are built we could see over 200 tower floors coming to the market at a similar time in 2014/15 – an unprecedented situation – and this excludes The Shard being built on the other side of the Thames.
“Some will worry that this will lead to oversupply and falling rents, but others say that this is a further sign of confidence, a sign that London remains the global financial centre. Everyone is talking about it but the market doesn’t yet know how this will play out.”
In the City alone three new towers will be built by 2014, namely 20 Fenchurch Street, The Pinnacle and The Leadenhall Building.
Meanwhile, investment in central London property has risen by 34 per cent in the first quarter of this year compared with the same time period in 2010, according to new research.
Property consultant Cushman & Wakefield found that property transactions worth GBP 2.19 billion were conducted in the first three months of 2011, compared to transactions worth GBP 1.63 billion in the first quarter of last year.
Editor’s notes: In Q4 of 2022, there was 10.5 million square feet under construction in Central London which was due to complete in 2023 and 2024.
In the same period, just under 1 million square feet of space was completed in the West End of London of which 66 per cent had been pre-leased. 3 development schemes commenced in the quarter totalling just under 230,000 square feet meaning that 3.2 million square feet of office space would be completed in 2023.
In the West End in Q4 2022, there was a total volume of £877 million invested in office space which was 38 per cent below the 10-year average of £1.4 billion and the lowest Q4 figure since 2011.