{"id":609532,"date":"2023-02-18T23:52:38","date_gmt":"2023-02-19T05:52:38","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/18\/uk-construction-activity-january-2023-offices\/"},"modified":"2023-02-18T23:52:38","modified_gmt":"2023-02-19T05:52:38","slug":"uk-construction-activity-january-2023-offices","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/18\/uk-construction-activity-january-2023-offices\/","title":{"rendered":"UK construction activity January 2023: Offices"},"content":{"rendered":"
\n

While project starts and main contract awards fell in the three months to January, detailed planning approvals increased on the previous year and preceding three months, to provide a boost to the development pipeline.<\/strong><\/p>\n

Offices overview<\/h3>\n

Office work starting on-site totalled \u00a31.210bn during the three months to January, a 33 per cent decrease compared with the preceding three months and a 26 per cent drop on the previous year. Major projects (\u00a3100m or more) totalled \u00a3120m during the period, which is 60 per cent lower than the previous three months and 75 per cent less than the previous year. Underlying project-starts (less than \u00a3100m in value) decreased 26 per cent against the preceding three months on a seasonally adjusted (SA) basis to stand 7 per cent down on a year ago, bringing them to a total of \u00a31.090bn.<\/p>\n

Totalling \u00a31.549bn, office main contract awards decreased 30 per cent against the previous quarter to stand 22 per cent down on the previous year. At \u00a3690m, major project contract awards experienced a mixed period with the value decreasing by 39 per cent during the quarter but still 11 per cent higher than a year ago. Underlying contract awards declined 14 per cent against the preceding quarter (SA) and by 38 per cent against the previous year to total \u00a3859m.<\/p>\n

Office detailed planning approvals, totalling \u00a33.101bn, more than doubled in comparison with both the preceding three months and the same period a year ago. Underlying approvals at \u00a31.651bn, experienced a 59 per cent increase on the preceding three months (SA) and 33 per cent growth on a year ago. Major project approvals experienced an even greater increase, growing more than three times against the preceding three months and tenfold compared with a year ago, bringing them up to a total of \u00a31.450bn.<\/p>\n

Size of office projects<\/strong><\/h3>\n

Two large value bands experienced a strong period for project-starts during the three months to January. The \u2018\u00a350m to \u00a3100m\u2019 value band was the best performing in terms of growth, with project-starts rising 68 per cent against the previous year to total \u00a3323m. The \u2018\u00a320m to \u00a350m\u2019 value band also experienced strong growth, with the value of project-starts climbing 23 per cent against the previous year to total \u00a3422m.<\/p>\n

In contrast, the \u2018Over \u00a3100m\u2019 value band totalled \u00a3120m during the period, experiencing a 75 per cent decline against the preceding year\u2019s levels.<\/p>\n

The \u2018\u00a310m to \u00a320m\u2019 value band decreased against last year\u2019s levels (-60 per cent), with project-starts totalling \u00a379m during the quarter, while the \u2018\u00a35m to \u00a310m\u2019 value band fell 20 per cent with a total of \u00a3146m.<\/p>\n

Project-starts in the \u2018Up to \u00a35m\u2019 value band almost halved compared to the previous year to total \u00a3118m.<\/p>\n

Regional<\/h3>\n

London was the most active area of the UK for office project-starts, accounting for 65 per cent of the total value during the three months to January. This was in part thanks to the value increasing by 5 per cent compared with the previous year\u2019s levels. Office work starting in London totalled \u00a3791m. The North West was the second most active region for the sector, with a share of 11 per cent and a total of \u00a3136m, despite a 17 per cent decline against the previous year. Further slowdown was prevented by a \u00a387m office & commercial units’ development in Manchester.<\/p>\n

The South West (-88 per cent), totalling \u00a320m, and the North East (-82 per cent), totalling \u00a38m, experienced particularly poor periods for office starts against the previous year, accounting for 2 per cent and 1 per cent of the sector respectively. In contrast, Northern Ireland, where the value of starts totalled \u00a316m, increased 811 per cent year-on-year, although it still only accounted for 1 per cent of sector starts. The East Midlands (+573 per cent) and Scotland (+136 per cent) also experienced sharp growth compared to the preceding year, totalling \u00a333m and \u00a368m, respectively.<\/p>\n

In line with the overall trend, most regions experienced a growth in office detailed planning approvals. London had the biggest share (38 per cent) of planning approvals in the sector, with a total of \u00a31.190bn. It more than tripled compared to last year\u2019s figures and was boosted by the approval of a \u00a3180m office development in Southwark. In second was the South East which increased 312 per cent against a year ago and accounted for 33 per cent of the sector to total \u00a31,022m. Projects approved included the \u00a3800m Pinewood Studios Screen Hub development in Iver.<\/p>\n

Despite only accounting for 4 per cent of office approvals, growth-wise Yorkshire & the Humber were the most successful region, with the value increasing more than five times compared to the previous year. Office planning approvals there totalled \u00a3112m. The East of England, accounting for 10 per cent of the sector with a value of \u00a3318m, was also a high-growth region, with planning approvals increasing 384 per cent on a year before. In contrast, the South West and the North East performed much worse, with a decrease of 87 per cent and 94 per cent respectively.<\/p>\n<\/p><\/div>\n

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\n Contributor<\/p>\n","protected":false},"excerpt":{"rendered":"

While project starts and main contract awards fell in the three months to January, detailed planning approvals increased on the previous year and preceding three months, to provide a boost to the development pipeline. Offices overview Office work starting on-site totalled \u00a31.210bn during the three months to January, a 33 per cent decrease compared with<\/p>\n","protected":false},"author":1,"featured_media":609533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25656,2808],"tags":[],"class_list":{"0":"post-609532","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-activity","8":"category-construction"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=609532"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/609533"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=609532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=609532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=609532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}