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Sat October 31 2020

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New commercial developments plunge 62% in past year

14 May 10 Construction work on new commercial developments has dropped 62% in the past 12 months, according to the latest Drivers Jonas Deloitte Crane Survey.

Construction work on new commercial developments has dropped 62% in the past 12 months, according to the latest Drivers Jonas Deloitte Crane Survey.

No new office schemes have started in the City of London for the past six months, said Drivers Jonas.

Work has begun on six schemes in the West End, totalling 176,000 sq ft, though that is just 10% of figure recorded at the peak of the 2007 boom.

There are 33 schemes under construction in central London, down from 106 for the same period in 2008.

Last week, Land Securities and Canary Wharf announced plans to revive the £300m Walkie Talkie skyscraper in the City.

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