The amount of new office space being built in London has been halved as developers struggle against the rise of home working.
Construction began on just 2.6m square feet of space in the six months to September, a 50 per cent drop on the previous year, according to Deloitte.
Struggle: More old offices are being refurbished and new builds are being pre-let, suggesting developer caution
Over the same period, just 1m square feet of space was leased in the capital – well below the 3.4m leased in 2019.
More old offices are being refurbished and new builds are being pre-let, suggesting developer caution.
Mike Cracknell, a property expert at Deloitte, said: ‘Until there is more clarity, developers will hesitate to embark on new projects.’
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