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London speculation signals of fice boom

News

THE LATEST half-yearly survey of speculative of fice schemes in central London saw a 14 per cent rise in completed developments since the last figures in March.

The survey, by DTZ Debenham Thorpe Research, also counted 192 speculative schemes with planning consents, but not under construction in September, with a total floor area of 2.86 million sq m Since the last survey, construction has started on just over 23,000 sq m of schemes tallied previously.

But there is still relatively little sign of speculative construction outside the core markets of the City, West End and Canary Wharf in Docklands.

The survey shows that only one scheme outside these areas has an expected completion date.

The overall conclusion is that developers are less cautious than in recent years about prospects for speculative schemes.

The survey suggests that the peak of development completions in this current cycle will occur in the first few years of the next century.