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Commercial construction for the 12 months to the end of September slowed to £24.1 billion (down 7.9% q-o-q). Lower output was mainly caused by a reduction in office starts (down 35.1% q-o-q) and in London (down 30.0% q-o-q). However this was largely a result of an unusually strong Q3 2014 dropping out of the cumulative figures. During these three months £2.1bn of work started in London offices alone, including The Scalpel and One Angel Court with project values of £500m and £125m respectively. Nevertheless, total volumes are still 1.8% higher than at this point last year, driven by substantial growth in Industrial (up 26.7% y-o-y) and Education (up 22.0% y-o-y). Growth in new build starts also continued with volumes reaching £13.2 billion, 5.5% ahead of the same point in 2014.
The full report highlights:• How much construction activity has picked up over the past quarter• The increases and decreases across the UK• The movement across different sectors including industrial, offices, retail, hotels, education, medical and community• Construction volumes by new build or refurbishment• A construction costs and procurement update
JLL are pleased to partner with Glenigan to write and publish this paper.
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17 December 2015