The Deloitte Summer 2023 Crane Survey has provided some encouraging news in the office sector in London showing the highest number of refurbishments in the six months leading to March since the company started collecting data on them in 2005.

Deloitte attribute a number of drivers towards these extensive refurbishments, which include demand from occupiers for higher quality accommodation as businesses actively encourage office attendance post-Covid. The findings of the Deloitte Survey indicate that businesses having “best-in-class” offices also aligns with company agendas in attracting and retaining talent.

Another key driver from the Deloitte Survey is the intention to reach net zero and the expected tightening of the MEES Regulations, whereby commercial properties may need an EPC rating of C or higher by 2027, and B or better by 2030. As such, building owners and developers are under pressure to ensure their buildings are green and comply with MEES.