This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Rise in office refurbishment identified by survey

13 July 2017

Rising construction costs have been attributed to the reason for an increase in the refurbishment of offices by developers, according to research conducted by Savills.

This is increasingly including refitting, with creative internal fit-outs used to retain staff and attract new talent to businesses, the World Research study revealed.

Developers and clients are now demanding more attractive reception areas, along with the installation of bars and gyms to meet workers' expectations.

Over the next three years, 38% of the UK's total speculative office space will be provided by refurbishment exercises, said the survey.

Average office rents will rise as a result, said Savills, and states that increasingly more landlords will take the opportunity to refurbish secondary stock to secure increased rent levels.

The trend for refurbishment has increased over the last five years, with 25% of Manchester's Grade A stock accounted for by refurbishments, for example, which is expected to increase further over the next 12 months.

Areas that were previously considered fringe locations are now becoming more attractive following refurbishment projects, with the Birmingham 'inner ring' provided as an example.

Refurbished rental growth in Bristol has been recorded as exceeding new built rental growth, said the study.

The trend is also being fueled by Grade A office availability in UK regions being at their lowest level on record.

Print this page | E-mail this page


Article image Increasing issues relating to refrigerants following F Gas regulation impact

FMs in charge of facilities with plant and equipment that use refrigerant gases with a high global warming potential (GWP) face a number of issues in the near future.Full Story...

Article image Manchester Cleaning Show To Focus On Future Of Cleaning And Wider FM Issues

The full programme for the second Manchester Cleaning Show, the northern edition of The Cleaning Show which now alternates annually with Excel in London, has been announced.Full Story...

Pest control warning from industry body

Carillion businesses sold as markets adjust to company collapse

WCRS hosts series of free informative webinars