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In a market as tight as what we are experiencing at the moment, new development is essential to add stock. Since the end of the recession we have widely seen a rise in development. Unfortunately, this may be coming to an end with the rise in development costs.
The rise is manly coming from the construction sector, it’s a combination of material, labours, and the current demand for contractors making the waiting time longer and slowing down the development. The lack of supply in labour is due to a lot of professionals leaving the industry during the recession and not yet re-entering.
This cost increase and the forecast of downturn in UK economic performance along with a decrease in availability of bank finance is going to affect new developments leaving London’s commercial office with an even smaller vacancy rates.
Andrew Ingram an up and coming surveyor at Morgan Pryce is concerned about the development of commercial space, “this is going to have huge effects on the commercial property market making London even more unaffordable for new business and forcing companies to move further out.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.