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Even with the world in economic turmoil, the recovery in development activity has maintained a steady course. The growth in development that occurred six months ago has been maintained through the last half a year, with as many as 22 new starts having been recorded in that time. The most recent Drivers Jonas Deloitte Crane Survey shows that the amount of Central London office space currently under construction has risen by as much as 12 per cent, to a total of 7.2 million square feet, from 6.4 million square feet six months ago. This figure dipped as low as 2.7 million square feet at this time last year.
The new survey notes the growing trend for comprehensive refurbishment, with developers holding off on the wrecking ball in favour of this often cheaper and faster delivery strategy. The schemes that are being started also appear to be considerably smaller in nature than the ones commenced six months ago. Although there are three less schemes than recorded in the last survey, the total amount of new space initiated over the course of the last six months has fallen by as much as 66 per cent. Additionally, the new average scheme has also fallen from 195,000 to 72,000 square feet of office space.
The London Crane survey also points out as many as seven new starts that have a total of 3.1 million square feet of London office space under construction, a rise of 11 per cent on figures recorded six months ago.
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