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London Office Crane Survey Appetite for Construction

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London Office Crane Survey Appetite for Construction London Office Crane Survey Appetite for construction Summer 2015 Contents The report 1 Key findings 2 Submarket snapshots 4 Crane Survey results 13 Outlook 20 Development table 28 Contacts 34 The report What? A report which measures the volume of office development taking place across central London and its impact Where? London, covering the central office markets: City, West End, Docklands, King’s Cross, Midtown, Paddington and Southbank Who? Developers building new offices or undertaking significant office refurbishment of 10,000 sq ft + When? 1 October 2014 to 31 March 2015 How? A team of researchers have walked every street in central London to monitor office construction. Our field research is then verified with direct industry links and in-house property experts London Office Crane Survey 1 Key findings Key findings Crane Survey results Office construction is up 6.3 million sq ft 31 schemes have 24% over the past six months of new office started: totalling to 9.5 million sq ft space completed the second highest in 2014, a ten volume of space year high started in 20 years 37% of Nearly half Fourteen months space under the space of supply is construction leased is taken by currently is already let the TMT sector being built 14 months Outlook 2015 will Demolition level at Continued flow see below 5.1 million sq ft of new starts in the average level short-term of completions Mix of developers Greater location Construction activity to shift towards flexibility: forecast to rise institutions over emergence of next five years new markets London Office Crane Survey 3 Submarket snapshots 4 Submarket snapshots Central London Central London office development pipeline Million sq ft 10 8 6 4 2 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Highest Today Highest is currently 19.5 million sq ft (2002) taking the most space? TMT 37 31 (2007) Volume of new space is at Average size of a scheme Today: its highest since 2011 9.5 million sq ft Lowest 10 year average 131,000 sq ft 5.9 million sq ft (2010) Lowest 4 19 (2010) Average size of a floor Construction is up by 24% from six months ago. Total amount completed this survey Total amount of space under construction 2.6 million sq ft which has been let 13,000 sq ft across 22 buildings 37% Number of cycle spaces let being built 9,089 0% 100% London Office Crane Survey 5 Submarket snapshots The City City office development pipeline Million sq ft 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest most space? 8.2 million sq ft (2008) TMT 20 10 (2007) The number of new starts Average size of a scheme Today: is the same as six 4.5 million sq ft months ago 10 year average Lowest 188,000 sq ft Lowest 1.3 million sq ft (2010) 0 7 (2010) Average size of a floor Construction volumes have risen by 8%. Total amount completed this survey Total amount of space under construction 1.4 million sq ft which has been let 15,400 sq ft across 7 buildings 48% Number of cycle spaces let being built 4,025 0% 100% 6 Submarket snapshots West End West End office development pipeline Million sq ft 2.5 2.0 1.5 1.0 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest most space? 3.4 million sq ft (2007) Corporate 13 Today: 11 (2011) 2.3 million sq ft Largest volume of new construction Average size of a scheme and new starts since 2011 10 year average Lowest 72,400 sq ft Lowest 0.7 million sq ft (2010) 2 (2009) Average size of a floor Construction volume up 24%. 8 Total amount completed this survey Total amount of space under construction 443 thousand sq ft which has been let 10,200 sq ft across 9 buildings 16% Number of cycle spaces let being built 2,684 0% 100% London Office Crane Survey 7 Submarket snapshots Docklands Docklands office development pipeline Million sq ft 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Highest Today Highest is currently 7.4 million sq ft (2002) taking the most space? Financial 1 Average size of a scheme First new start since 2012 1 (2012) 10 year average Lowest 688,000 sq ft Today: 0.7 million sq ft Lowest 0 million sq ft (2014) 1 0 Construction returns to Canary Wharf. (2014) Average size of a floor Total amount completed this survey Total amount of space under construction 0 sq ft which has been let 26,400 sq ft 41% Number of cycle spaces let being built 864 0% 100% 8 0% 0 % let available Submarket snapshots King’s Cross King’s Cross office development pipeline Million sq ft 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest most space? 0.8 million sq ft (2013) TMT 3 Highest volume of new 4 Average size of a scheme Today: construction since (2012) 0.4 million sq ft 2013 Lowest 94,000 sq ft 10 year average Lowest 0 million sq ft (2011) 0 (2014) Average size of a floor Despite three new starts, construction volumes are down by 5%. 2 Total amount completed this survey Total amount of space under construction 370 thousand sq ft which has been let 10,300 sq ft across 1 building 43% Number of cycle spaces let being built 386 0% 100% London Office Crane Survey 9 Submarket snapshots Midtown Midtown office development pipeline Million sq ft 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the most space? Professional Today: Highest 8 1.3 million sq ft (2014) 1.3 million sq ft 6 (2013) Largest volume of new Average size of a scheme construction in over fifteen years Lowest 126,000 sq ft 10 year average Lowest 0.2 million sq ft (2010) 0 (2010) Average size of a floor Construction volumes up by 44% in six months. 3 Total amount completed this survey Total amount of space under construction 352 thousand sq ft which has been let 14,000 sq ft across 4 buildings 41% Number of cycle spaces Let being built 866 0% 100% 10 Submarket snapshots Paddington Paddington office development pipeline Million sq ft 0.6 0.5 0.4 0.3 0.2 0.1 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Highest Today Highest is currently 0.9 million sq ft (2002) taking the most space? N/A 0 2 Average size of a scheme (2006) Lowest 93,000 sq ft 10 year average Today: Lowest 0.1 million sq ft 0 million sq ft (2014) 0 (2014) Average size of a floor Construction volumes remain at the same level. 1 Total amount completed this survey Total amount of space under construction 0 sq ft which has been let 5,000 sq ft Number of cycle spaces being built 100 0% 100% London Office Crane Survey 11 Submarket snapshots Southbank Southbank office development pipeline Million sq ft 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let Total amount under construction Number of new construction starts Which sector Today Highest is currently Highest taking the 1.6 million sq ft (2014) most space? N/A 0 The second survey in a 2 Average size of a scheme row that no new starts (2012) have been recorded Today: Lowest 220,000 sq ft 10 year average 0.2 million sq ft Lowest 0.1 million sq ft (2010) 0 Construction volumes continue to fall close to the (2013) Average size of a floor 2010 low point. 1 Total amount completed this survey Total amount of space under construction 50 thousand sq ft which has been let 21,700 sq ft across 1 building Number of cycle spaces being built 164 0% 100% 12 Crane Survey results London Office Crane Survey 13 Crane Survey results Construction volumes up Total volume under construction per survey – central London The total volume of office space under Million sq ft construction rises 20 The results of the latest Crane Survey reveal that 18 the volume of office construction in central London 16 has increased by 24% over the past six months, to 14 9.5 million sq ft.
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