DEVELOPERS should start building office space now so they can exploit the shortage of stock when the upturn in demand returns in 2014.
That’s according to the latest research from commercial property firm, Lambert Smith Hampton.
Its latest research report states that GDP levels are forecast to return to pre-recession levels by 2013 or 2014, with demand for office space increasing as a result.
Steve Williams, associate director at LSH, said demand for office space in the south has remained below average following the recession.
But he said developers should start building now.
‘Some bullish developers and investors could even profit sooner by refurbishing existing stock in markets where grade A stock is dwindling,’ he added.