NEWS IN BRIEF Developers optimistic about future of offices London office construction has grown by 20% over the past six months and developers are increasingly optimistic about prospects for the market, according to the latest Deloitte London Office Crane Survey. The market collapsed by 50% from a peak of more than five million square feet during the first Covid lockdown but has now risen above three million again, with more than 80% of schemes going forward on a speculative basis. New office construction has dropped by 9% since the last survey, but upgrades of existing office stock account for 56% of the new work pipeline. The survey, carried out in March, found 85% of developers are still concerned about weak tenant demand for office space. However, no respondent said the leasing demand had worsened and more than half (57%) felt it had improved. Cost inflation will be new normal for projects Lack of materials and specialist skills is pushing up prices as economy rebounds but this has created major supply and demand With the construction rebound picking up speed, clients are being warned by a range of commentators to get used to sustained price owing to lack of materials and a shortage of specialist skills, with price increases of 3% REGISTER NOW FOR OUR FREE WEBINAR A Sound Solution: The Impact of Wastewater on Building Design Tuesday 22 June 2021, 13:00 (BST) WATCH OUR WEBINAR ON DEMAND Understanding DPCVs and PICVs for Effective Flow Control in Variable Volume Systems Register here: bit.ly/volumesystems Register here : bit.ly/cibsegeberit Brought to you by: Brought to you by: SCAN ME SCAN ME 8 June 2021 www.cibsejournal.com CIBSE June 21 pp08-09 News.indd 8 21/05/2021 12:21