Office developers postpone delivery

The volume of office stock delivered in Q3 was nearly 50 percent lower than that recorded in April-June of 2014, according to a report by consultancy Knight Frank. “The volume of newly completed schemes being lower than previously anticipated is also a result of some developers’ decisions, who verified construction schedules and postponed completion dates until the following quarters of 2014 or 2015. Others decided to suspend construction works until they were able to conclude a pre-let agreement,” the report reads. According to the firm’s forecasts, over 280,000 sqm of office space should be delivered in 2014, a result comparable to 2013. Developers still have approximately 570,000 sqm of offices under construction, of which nearly 240,000 sqm should be delivered in 2015 with a further 290,000 sqm scheduled for 2016.