Office construction in the UK has reached a post-recession peak in the first quarter of 2016, with over £2 billion worth of contracts awarded.
The figures from Barbour API are the highest since 2008 and include six major developments worth over £50 million, including the 122 Waterloo Street offices in Glasgow, worth £90 million.
Michael Dall, lead economist at Barbour ABI, commented, “Office availability is at its lowest for 15 years across London, with many other parts of the UK in a similar position, due to below average office development since the recession. However this past quarter is encouraging with major developments spread right across the UK.
“There are major towns and cities such as Liverpool, Glasgow & Cardiff in vital need of more grade A office space. However Manchester in particular stands out, as it requires an extra 3 million sq ft of office space over the next ten years if it’s to keep up with the city’s forecasted economic growth.
“With the demand so high it is not surprising to see figures reach record post-recession levels, which I see continuing throughout 2016, barring any worries regarding the EU referendum that may stutter future progress.”
