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Construction of new Grade A office space in London has risen significantly over the last six months new research has found.
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 percent 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.
