Construction boom in the City

CONSTRUCTION of new offices in London has hit its highest level since the EU referendum. The biannual ‘crane survey’ by accountancy giant Deloitte found the amount of space under construction was up 12pc, with 37 new schemes breaking ground in the past six months.

More than half of the 13m square foot of new developments has already been let, while their average size has increased from 80,000 to 96,000 sq ft.

The City of London dominated activity, accounting for more than half the total volume of construction activity.

Mike Cracknell, a director at Deloitte, said the financial services sector has pre-let 50pc more space than six months ago, suggesting it is committed to remaining in London after Brexit. International Trade Secretary Liam Fox said: ‘This is a far cry from the doom and gloom predicted when the UK voted to leave the European Union in 2016 and reinforces the City’s global preeminence as an investment destination.’