AMA
Research has recently published the 1st Edition of the
Commercial Office Construction Market in the UK report. The report
should be of particular interest to individuals, developers and
construction professionals, and provides a comprehensive review of the
office construction and property market.
This report specifically reviews the Commercial Office
Construction Market, with a particular focus on the current buoyant
London
and
Regional office markets
which have continued to out-perform all other sectors including those in
the commercial property market.
Over the past two years there has been a marked increase
in the demand for prime office space in UK cities and the report
analyses the key issues of
demand, availability, take-up rates, rents
and
vacancy rates
for both the Central London office market and the regional offices
markets in key UK cities of Birmingham, Bristol, Cardiff, Edinburgh,
Glasgow, Leeds, Liverpool, Manchester and Newcastle Upon Tyne.
The UK commercial office sector continues to
outperform all other sectors,
including those in the commercial property market and has been supported by marked
rises in work on private and public sector construction projects. The
resurgence in the office market was driven by a number of factors
including an improvement in the housing market, positive economic growth
and a rise in the services sector particularly the financial and
business services, which grew rapidly throughout 2006 and 2007, and
drove the continued demand for office property.
The office market across the country continued to recover
during 2006 and 2007 with
take-up rates
remaining consistently high.
Demand
for office accommodation, especially in central London has been
particularly high and there seems to be no let up in the demand for
grade ‘A’ quality office accommodation across many regional UK cities
which continue to outweigh supply.
The financial and business services sector continues to
perform well and drive development in the commercial office sector and
now accounts for an estimated 50% of total office floor-space across the
UK
and around 28% of space transacted in central London and
City.
The report also reviews the
office development pipeline
for London and the regions through to 2009 and details the key
commercial office schemes currently under construction.
The recent shift in emphasis on commercial office
development back into town centres from out-of-town locations is also
explored as supported by planning guidance PPG4 and PPS6, together with
the growing trend towards
regeneration
and
mixed use
office/residential developments, and the increasing popularity of the
‘urban
business parks’.
We also review the key issue of
sustainability in the commercial office sector,
which
is developing quickly as many large
commercial
companies pledge to reduce their impact on the
environment, reduce CO2 emissions and incorporate green technologies
into their new developments.
This report is the 1st Edition of our review of the
commercial office construction market in the UK and illustrates how the
commercial office sector is set to dominate the construction market over
the next two to three years,
both in London and across the regions.
Analysis of market developments has been based upon both
quantitative and qualitative assessments of both primary and secondary
source data. Interpretation of relevant data has been undertaken to
explore and support trends within the public sector construction market
and to provide a basis for forecasts of future prospects.
The report comprises of
82
pages and
30
tables and charts and is available now, priced to give excellent value,
for money at
£625.
