The impact of the election on … office starts
How are you planning to vote in Thursday’s general election? (And I hope you are planning to vote).
How are you planning to vote in Thursday’s general election? (And I hope you are planning to vote). What will influence your decision? Will it be the health service, the economy, the environment, education, immigration? Whatever it is, it is unlikely to be the prospects for office development.
And yet, it seems, uncertainty about the outcome of the election has led office starts to halve in the three months to April, compared to a similar period last year, according to Glenigan and reported on Construction Enquirer. Other sectors have fallen as well, although less dramatically. The news service quotes Alan Wilen, economics director of Glenigan, saying, ‘We expect construction starts to spring back during the second half of the year, so long as a credible government is formed and the prospect of a second general election later in the year fades. This would mitigate the impact of the recent slowdown.’
So that’s OK, then. Once we have the Queen’s speech, construction will take off again. Unless, of course, we have to wait a very long time for the Queen’s Speech. Which I guess is what all those canny developers mean by ‘uncertainty’.