New builds overtake refurbs in London office market

The level of office refurbishment starts has dropped below new build work for the first time since early 2020 in London.
The winter 2024 edition of the Deloitte London Office Crane Survey also revealed a decline in new construction starts and a decrease in delivered projects.
The survey – which collected data between April and September 2024 – recorded 3.7 million sq ft of new office construction starts across 29 schemes, representing a 12% decrease in volume compared to the previous