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We all remember the tale of ‘The Three Little Pigs’. The Big Bad Wolf blows down the first two pigs' houses, made of straw and sticks respectively, but is unable to destroy the third pig's house, made of bricks. The moral of the story is that hard work, dedication, bricks and mortar for homes pay off; that whilst the first two pigs quickly built homes and had more free time to play, the third pig laboured in the construction of the house of bricks, with the hope that the structure will eventually lead to the most favourable outcomes. However, perhaps this story doesn’t hold true in today’s world?
Have the worsening market conditions finally started to take a toll on London's office construction levels?
Lowest volume of new starts in over five years
Following the three year high in construction starts reported in our summer survey (October 2018 – March 2019), we saw a 49% drop in volume in this survey. At 1.8 million sq ft recorded between April and September, the volume of new starts falls almost 15% short of the long term average and is also the lowest since our summer 2014 figures.
With the announcement of the latest Contracts for Difference Allocation Round 3 results to offshore wind projects, we thought it timely to address the emerging trends surrounding this asset class.
Construction in the North – a wealth of opportunities
The UK construction industry accounts for approximately 6% of the economy and has been a consistent source of growth over the last 50 years1. Last month, Dr Claire Handby, a Director in Deloitte’s Real Estate Consulting team, gave a speech at a Chartered Institute of Building (Women in Property) event, and spoke about the value of construction, particularly in the North of England. The construction industry provides employment for over 2 million people in the UK, over half a million in the North of England, and has experienced a 4% growth since 20072.
London’s new look density policy is dividing opinion
By Richard Katz, Deloitte Real Estate
The ‘Draft London Plan Examination in Public’ (EiP) is now in full swing, having already examined key policy topics such as good growth, strategic regeneration, housing supply and housing strategy. The hearing on 05 March 2019 saw the issue of density take centre stage, with draft Policy D6 – Optimising Housing Potential under the spotlight.
By Colin Mounstephen, Deloitte NI
The third annual Belfast Crane Survey produced by Deloitte Real Estate highlights another healthy year for our city, with 35 schemes either completed or under construction through 2018. This compares with 30 schemes under construction or completed in the 2017 survey.
As developers seek to promote comfort and safety in recreational spaces through sustainable urban development, Rachel Brown, Senior Planner at Deloitte, assesses the importance of Environmental Impact Assessments (EIA) – particularly in terms of external microclimate – in the planning stage.
The comfort and safety of users in recreational spaces is an imperative requirement for planning approval and is crucial to the success of large scale developments. As a result, EIA requires the developer of tall buildings to embark on the detailed study of external microclimate from the earliest stages of development proposals to ensure the end design is suitable within the existing urban landscape.
Workplaces designed by workforces: Is the potential of wearable technology in the workplace being realised?
Not all corporate occupiers are fortunate enough to build new offices for their employees. Buzzwords like smart and intelligent buildings are nothing new, but how can companies harness evolving technologies to transform their existing buildings to benefit management and staff?
The NHS is transforming how it delivers its services, but one key aspect to enabling this is the need for significant investment in its Estate. According to Sir Robert Naylor’s report last year, the NHS Estate ranges from world class to poorly utilised and not fit for purpose.1 Moreover, Sir Robert estimated that capital requirements could amount to around £10bn. This investment cannot be delivered through public sector funding alone. However, the Chancellor’s announcement in Budget 2018 that there will be no more Private Finance Initiative (PFI)/Private Finance 2 (PF2) Projects, this cuts off a historically well used option for enabling capital investment in the NHS.2 So what next? There are a myriad of potential solutions, and it will require a combination of traditional and innovative approaches to ensure Estates play their part in the transformation of the NHS.
Intelligent Buildings and the Internet of Things (IoT) in real estate are much talked-about, and for good reason. Analyst predictions suggest that there will be over 10 billion connected devices deployed in real estate by 2020.