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office refurb and fit-out market looking good for 2023..
Office Refurb and Fit-Out market looking good for 2023
The recently published Glenigan Construction Industry Forecast for 2023-2024 [1] provides heartening reading for those working in the Commercial Office Refurb and Fit Out market. It highlights significant investment from a number of key players, which, coupled with increasing pressure from government to achieve a reduction in carbon emissions and a desire from personnel in the Capital to continue the hybrid working patterns to which they have become accustomed, sees a forecasted upturn in project starts of 5% in 2023. This increase comes on the back of a 4% period of growth in 2022 which, after a few challenging years for the industry, is a real positive.
Commercial Office (Work Space) Forecast
The increase in construction activity in the Capital can already be seen, with many significant sales and purchases having recently been completed and planning approvals for projects submitted for further office developments. In total, the planning approvals for sub-£100M project activity are forecast to exceed £1.7Bn in 2022, which is a significant improvement over the £1.4Bn investment seen in 2021 and demonstrates increased confidence in the industry.
It is clear that reducing crowding in office buildings, improving staff access to outdoor space and delivering an environment suitable for the demands of modern working practices will generate major growth within the industry, providing opportunities for innovation in the delivery of construction contracts. This three-pronged approach is designed to deliver sustainable buildings that will incorporate next-gen technologies to future-proof them as staff in the Capital continue to return to the office over the coming year.
Creating Productive Environments For Collaborative Working
The focus for office developments is leaning heavily towards creating a more enjoyable and sustainable environment for staff to work in, with square footage per employee being increased in accordance with recent guidance from the British Council for Offices [2] from 10m2 to 12m2 and more green spaces being created.
In addition to creating an atmosphere that is conducive to enhanced staff well-being and productivity, there is a significant focus on incorporating environmentally-sound practices into the builds, increasing the energy efficiency of the new buildings and re-fits in order to comply with government legislation which will be introduced in April 2023. This legislation will mandate that let office premises must have an EPC of no lower than E, with improvements required to continue until all UK-based office premises have an EPC of B by no later than 2030.
Build Space Personnel Deployments
The requirement to embed flexible working strategies into office buildings in the Capital and across the rest of the UK has seen a sharp rise in the need for both permanent and freelance staff to support all elements of the projects from initial investment approval through to full project delivery. This increased requirement for staff to fill management, technical and commercial positions is supported by the talent pools we are constantly building out here at Build Space. We have scores of talented candidates on standby, ready to be deployed at short notice to support any opportunities that arise.
Our track record continues unabated, with many of our candidates successfully placed into permanent jobs within commercial, fit-out and refurbishment clients' businesses every month this year. We continue to deliver highly skilled and professional resources to support the embedding of collaborative working practices and the creation of working environments designed to encourage home-workers back to the office.
Despite the challenges of the current economic climate, the positive trends in the construction marketplace are keenly felt within our business. We anticipate a big wave of work heading our way over the next 12 months, which we stand ready to support in every way possible.
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