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By the end of 2019, the total office construction planned is equivalent of five cities worth.
A staggering 700 million sq ft of new space is set to be completed by 2019. Equal to the total amount of space currently in the London, Washington, Dallas, Singapore and Shanghai markets. Asia is seeing the biggest increase in office development, accounting for almost 60% of the construction; Beijing, Shanghai, Manila are at the forefront of this.
The London market is expected to deliver 19.9 million sq ft of the total by 2019, eighth in the worldwide construction list, and highest in Europe.
Eugene O’Sullivan, Managing Director at tenant representation specialists Morgan Pryce, says; “The amount of development is a benefit for those looking to acquire office space over the next two to three years. With the staggering amount of construction underway, specifically in the London market – which dominates office developments under construction in Europe, this will mean more office space available for prospective tenants, which in turn will mean there will be better incentives and financial packages available.”
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