Satt Singh Basra’s Post

The latest study into the world’s costliest places for construction has placed London at the very top of the list. Looking at 100 of the world’s largest cities across six continents, the latest Arcadis International Construction Costs (ICC) report ranked London first, ahead of Geneva, Oslo, New York City and then Copenhagen. Find out more in this week’s blog. #London #worldsmostexpensivecities #globalcities #city #internationalconstructioncosts #internationalbuildingcosts #globalconstructioncosts #worldindex #constructionindustry #constructionsector #SheriffConstruction #blog

As the sun rises over London's skyline, a new era of construction is dawning. 🌱🏗️ The recent implementation of rigorous sustainability standards is poised to reshape the London construction market, heralding a transformative period for the industry. In the heart of the UK's bustling capital, the push for eco-friendly building practices is not just a trend but a necessity. With the introduction of these new standards, developers and contractors are now mandated to integrate sustainable materials and energy-efficient designs from the ground up. This shift is not only about reducing carbon footprints but also about creating a legacy of resilient and environmentally conscious structures for future generations. The impact is palpable. We're witnessing a surge in demand for green-certified materials and a significant uptick in job opportunities for sustainability experts and green-tech innovators. Moreover, the market is seeing a rise in the value of properties that meet these stringent criteria, as eco-consciousness becomes a priority for buyers and tenants alike. However, this green revolution comes with its challenges. The upfront costs for sustainable construction can be higher, and there's a steep learning curve for industry professionals adapting to new regulations and technologies. Yet, the long-term benefits—reduced energy costs, enhanced public health, and a cleaner environment—are compelling incentives for embracing these changes. As we look to the horizon, it's clear that the London construction market is at a pivotal juncture. The new sustainability standards are not just altering the way we build but also how we perceive the spaces we live and work in. They are a testament to the city's commitment to a greener, more sustainable future. #SustainableConstruction #GreenLondon #FutureBuilding

London has reclaimed its title as the most expensive city in the world for construction, according to the latest data from Arcadis' International Construction Costs 2024 report. This comprehensive study evaluates construction costs across 100 cities globally, considering a range of building types. The report attributes London's top ranking primarily to an increased burden of regulation and red tape, significantly impacting construction costs. Notably, all seven British cities listed in the report rank among the top 20 most expensive globally, highlighting the unique economic landscape of the UK's construction sector. The findings also reveal variations within the sector; while residential construction has declined, commercial construction has seen a substantial increase driven by retrofit projects. This reflects the city's adaptability to changing market conditions amidst global economic challenges. For businesses and professionals in the construction industry, staying informed about these trends is essential for strategic planning and making informed investment decisions.

London has regained the dubious distinction of being the most expensive city in the world in which to build. According to the latest Arcadis International Construction Costs report, London has leapfrogged Geneva to once agains the top spot among 100 global cities. Prices were pushed upwards because of enhanced specifications associated with safety and sustainability, as well as higher client expectations. Another Swiss city Zurich ranked third with Munich taking fourth after rising costs and double-digit price growth propelled the Bavarian capital significantly up the rankings, this year surpassing major New York and San Francisco in terms of relative cost to build. On the whole, cities in the UK and Ireland are relatively expensive places to build. All sat within the top 25 most expensive construction locations in the world, except Belfast which ranked 28th. At home, viability challenges have continued to affect projects, even as inflation has fallen. Simon Rawlinson, Head of Research and Strategic Insight at Arcadis said: “With minimal GDP growth and high interest rates, many projects face viability challenges due to regulatory and election uncertainties. New regulations focused on low carbon emissions and improved building safety had fuelled uncertainty and added to project costs. Rawlinson warned that this uncertainty would likely continue this year against the backdrop of local, mayoral and national elections. Tight fiscal conditions will see increasing pressure on the public purse in 2024 and beyond, with real-terms cuts in government capital investment currently projected from 2025 until 2029. While optimism as measured by the construction PMI has improved, the legacy of a weak order book from 2023 will delay recovery until late 2024, he forecasted. Looking ahead Rawlinson said the infrastructure sector looked set to offer the greatest future opportunity, particularly investment in networks including energy transition projects and a large-scale, £96bn planned investment in the regulated water sector. On a global level, Arcadis said markets were now stabilising and inflation beginning to ease, creating a pivotal moment in the recovery of the wider construction sector. Increasing demand for labour, materials, and power mean that productivity is now becoming an increasingly critical factor in investment decisions and project viability. Arcadis highlighted opportunities in the rapid acceleration of investment into the advanced manufacturing and technology sector, including data centers, pharmaceutical facilities, gigafactories and wafer-fabs. The sheer scale and complexity of these end-date-critical projects inevitably results in more financial risk, meaning that clients need to evolve their design, procurement, and construction capabilities even as these multi-billion-dollar programs are being built. [Construction Enquirer]

London has surpassed three other European cities to claim the top spot as the most expensive city to build in (a recent report by Arcadis). According to the firm's International Construction Costs study, heightened safety and sustainability standards, along with rising client demands, have led to increased costs for constructing buildings in the UK capital. This has propelled London ahead of Geneva, which held the title of the most expensive city for construction previously. Zurich ranked third, followed by Munich in Germany, with New York completing the top five. Bristol made it into the top 10, while Manchester, Birmingham, Edinburgh, Cardiff, and Glasgow all secured positions within the top 20.

More Encouraging Signs for London Construction 🌇🏗️ New data from Barbour ABI reveals that contract awards in London rose an impressive 60% compared to the previous month. This signals momentum growing in the capital's construction industry. 📈 The top 5 London contract awards demonstrate the exciting projects breaking ground: 1. £500m office development on Gracechurch Street 2. £400m mixed-use development with apartments and office at 216-220 Blackfriars Road  3. £250m Redevelopment of Hill House, Little New Street 4. £240m Life science campus in the second phase of the Tribeca development in Camden 5. £158m Data-centre for Telehouse West in Poplar It's great to see developers and investors showing confidence in bringing forward major projects. 🏗 The phones are getting busier, and conversations of a positive sentiment are on the rise with decision makers. 📞 With a bit of luck we'll be building with confidence again! 🚀 #LondonConstruction #Construction #ConstructionIndustry #BuildWithConfidence TEKT Group

🏗️ London Leads the Pack in Construction Costs 🌍 London's skyline is a testament to innovation, ambition, and unfortunately, a soaring price tag. Once again, London has emerged as the most expensive city in the world for construction, surpassing even the glitzy heights of Munich and iconic cities like New York and San Francisco. Why is building in London costing us top dollar? The factors are multifaceted. Despite moderate inflation, UK and Irish cities have witnessed a significant cost hike due to enhanced building safety and sustainability specifications. These changes, driven by a collective push for greener and safer buildings, have increased construction expenses beyond standard inflation rates. In addition to the impending policy uncertainties brought about by future elections, we find an industry bracing for a potential flux in regulations that directly impact project viability. This trend isn't isolated to London. Across the UK and Ireland, with the exception of Belfast, construction costs have placed cities firmly in the top echelons of expensive locations to build. It's a wake-up call for anyone in the construction sector, from Quantity Surveyors to Building Control Officers like the advertised role at Swansea Council, to innovate and adapt to these economic pressures. Looking ahead, what does this mean for our industry? How do we continue to build and grow economically viable while adhering to the necessary regulations and societal demands for sustainable development? These are the questions that we, as professionals, need to address to balance aspirations with practicality. For now, let's keep our eyes on the horizon and our blueprint for innovation. The construction landscape is changing, and we are the architects of its future. #ConstructionEconomics #LondonBuilding #BuildingTalent

🏗️ London Leads the Pack in Construction Costs 🌍 London's skyline is a testament to innovation, ambition, and unfortunately, a soaring price tag. Once again, London has emerged as the most expensive city in the world for construction, surpassing even the glitzy heights of Munich and iconic cities like New York and San Francisco. Why is building in London costing us top dollar? The factors are multifaceted. Despite moderate inflation, UK and Irish cities have witnessed a significant cost hike due to enhanced building safety and sustainability specifications. These changes, driven by a collective push for greener and safer buildings, have increased construction expenses beyond standard inflation rates. In addition to the impending policy uncertainties brought about by future elections, we find an industry bracing for a potential flux in regulations that directly impact project viability. This trend isn't isolated to London. Across the UK and Ireland, with the exception of Belfast, construction costs have placed cities firmly in the top echelons of expensive locations to build. It's a wake-up call for anyone in the construction sector, from Quantity Surveyors to Building Control Officers like the advertised role at Swansea Council, to innovate and adapt to these economic pressures. Looking ahead, what does this mean for our industry? How do we continue to build and grow economically viable while adhering to the necessary regulations and societal demands for sustainable development? These are the questions that we, as professionals, need to address to balance aspirations with practicality. For now, let's keep our eyes on the horizon and our blueprint for innovation. The construction landscape is changing, and we are the architects of its future. #ConstructionEconomics #LondonBuilding #BuildingTalent

We have all experienced a tough property development market in London for the last few years. Our latest report on International Construction Costs evidences a part of that challenge with London ranking the most expensive city in which to build globally. This is a bit ironic with the backdrop of quality issues currently being uncovered. Not only is it expensive, but it is not delivering consistently on quality. Please download the report and have a read using the link below.

Buxton mall to become flats https://lnkd.in/ezDWTamq High Peak Borough Council has selected Manchester-based developer Capital&Centric to lead a £100m development in Buxton town centre. Read Full Article: The Construction Index #Construction #UKConstruction #Building #Infrastructure #Engineering #ProjectManagement #ConstructionNews #InnovationInConstruction #SustainableConstruction #MegaProjects