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Spotlight: Office Refurbishments in UK Regional Cities

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Professional occupiers including lawyers, accountants and engineering firms, are now looking for a more creative internal fit-out to inspire staff and attract a younger workforce

■ Rising construction costs have squeezed developer margins over the past 18 months, and with build cost inflation set to reach 2.9% during 2017, developers have switched their attention to refurbishments.

■ The market is starting to see a "new generation" of refurbishments which offer a much higher quality product than ever before.

■ A lack of appetite from investors for speculative new development has given rise to a growth in refurbished product.

■ We saw the inception of defurbishments in the Shoreditch/ Old Street market, however, defurbishments are now becoming an increasingly important part of the regional office market.

■ 38% of the total speculative office space being delivered in the UK regional cities over the next three years, will be in the form of refurbishments.

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