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TOPICAL

The UK construction industry took a very deep breath

following the Brexit referendum. There’s been a bounce

back, and some areas are doing better than others, but the

pervading attitude is still one of caution. Think differently

and be open to change is today’s guiding mantra.

Still Holding our Breath on Costs

By Jon Thorn,

Partner, Head

of London Cost

Consultancy, Project

Management &

Consultancy

I

nitial reaction to the Brexit referendum was one of

pause and consolidation. This inevitably slowed

construction output in the months following the vote.

Consultants saw multiple projects put on hold as

investors, developers and government departments

considered their positions.

By October the construction industry was enjoying

a surge in activity due, in large, to an increase in the

housebuilding and civil engineering sectors.

Unfortunately the commercial building sector continued

to stall as international investors remained wary.

As we move through 2017, the commercial office fit-out

sector is holding steady and there is an encouraging

number of enquires.

At Cushman & Wakefield, we have seen growth

in tender costs for much of the work we undertake.

This perhaps reflects the relatively short nature of the

programmes we become involved with, many complete

within 12 months, and the fact that the majority happen

in and around London, which is still a booming location.

PERSPECTIVES

24

TOPICAL