Giles Fuchs, Co-Founder of leading London flexible office provider, Office Space in Town (OSiT), has issued an urgent warning on the effects of the Middle East conflict on the UK’s office sector…
His comments come as major British construction sector stakeholder group Construction Leadership Supply Group has stated that the conflict poses the biggest threat to the UK construction sector amid a shortage of new high quality office space.
‘Shockwaves from escalating Middle East tensions are already reverberating’
Giles says: “Shockwaves from escalating Middle East tensions are already reverberating through the UK’s office sector. Rising fuel, gas, and oil prices are creating dire conditions for London’s construction sector, which is already struggling to deliver new buildings.
“At the same time, ongoing disruption to flights and cross-border business is expected to intensify pressure on an already tight London office market and accelerate demand for flexible workspaces which are a critical stopgap for businesses seeking immediate, high-quality office space.
“In the face of these growing pressures, upgrading and repurposing London’s existing office stock offers an answer to London’s over-occupancy crisis as timelines for the completion of new buildings drift further into the future.
“Refurbishment programmes can deliver high-quality workspace to market faster and more cost-effective than ground-up development, developing offices with the same quality workspaces and hospitality-led amenities that are expected by modern businesses and their employees.”
