Over the last six months, there has been a 9% decline in new office construction in London according to the most recent London Office Crane Survey conducted by Deloitte Real Estate. However, office refurbishment schemes have continued to make up a large volume of the activity recorded by the survey.
It would seem that due to the current uncertain economic climate, increasing costs, and the potential changes to the market due to Brexit, companies are considering their options more closely before opting for brand new office development.
These factors have contributed to 70% of the space in the office development projects covered by Deloitte’s survey being refurbishments.
Of course, as we at Procol know very well, there are many benefits to choosing an office refurbishment over new development. Refurbishing allows you to breathe new life into an existing space – and it can be a far more affordable option. It can also take far less time than starting from scratch, and it allows you to make the development process much more inclusive.
Procol have considerable experience of creating the perfect professional working environment for a vast range of businesses. We believe listening and fully understanding your needs are the vital first step to any project – whether it be an office refurbishment or the fit-out of new premises.