Hopes that interest rates will start to fall later in the coming months combined with strong demand for Grade A space have helped encourage a burst of activity after the construction doldrums of the previous year, particularly after Kwasi Kwarteng's mini-Budget of September 2022.
Data from analysts CoStar show ground was broken on 2.5 million sq ft of space between January and March, more than 50% higher than the 10-year quarterly average and one of the highest quarterly figures of the past five years.
It follows a strong autumn with 4.5 million sq ft of office starts over the six months.
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