Spotlight: Office Refurbishments

in UK Regional Cities

Office refurbishments in UK regional cities
Office Refurbishments in UK Regional Cities

22 June 2017, by Clare Bailey

Professional occupiers including lawyers, accountants and engineering firms, are now looking for a more creative internal fit-out to inspire staff and attract a younger workforce

■ Rising construction costs have squeezed developer margins over the past 18 months, and with build cost inflation set to reach 2.9% during 2017, developers have switched their attention to refurbishments.

 

■ The market is starting to see a "new generation" of refurbishments which offer a much higher quality product than ever before.

■ A lack of appetite from investors for speculative new development has given rise to a growth in refurbished product.

■ We saw the inception of defurbishments in the Shoreditch/ Old Street market, however, defurbishments are now becoming an increasingly important part of the regional office market.

■ 38% of the total speculative office space being delivered in the UK regional cities over the next three years, will be in the form of refurbishments.

Articles from Spotlight: Office Refurbishments in UK Regional Cities

Office refurbishments in UK regional cities

With a tight supply schedule and sustained demand for good quality office space in the regions, refurbishments are providing the quality floorspace required to accommodate demand going forward

The birth of the defurb

Exposed surfaces are becoming increasingly popular in the UK regions

 
 

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Key contacts

Clare Bailey

Clare Bailey

Associate Director
Commercial Research

Savills Margaret Street

+44 (0) 20 7409 8863

 

Mike Barnes

Mike Barnes

Research Analyst
Commercial Research

Savills Margaret Street

+44(0) 203 107 5459