The latest report from property consultancy Savill’s looking at trends in the UK’s commercial property market paints a now very familiar picture of an increasingly healthy market driven by a number of sectors in general and the tech and media industries in particular, but also of growing confidence outside of London. It also highlights a marked shift away from public sector to private sector employment. Although the upsurge in demand is putting pressure on the supply of appropriate office space in certain parts of the country, a new report published today by KPMG also highlights the growing order books of UK construction firms and an increase in confidence amongst builders.

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A 1.4 million sq ft mixed used development scheme next to Blackfriars Bridge at London’s South Bank has been granted approval by Southwark Council’s planning committee. Nine buildings, including a 48 storey tower are being planned to include 450,000 sq ft of office space, which it is promised, will almost double the number of permanent jobs in the area to over 3,700. The scheme, which also comprises 25,000 sq ft of retail space, nearly 500 residential apartments and the creation of 35,000 sq ft of new pubic open spaces, is being delivered by asset management firm Carlyle. Two existing buildings on the site, which were acquired by Carlyle along with four other nearby buildings for £671m in 2010, will be demolished according to the designs drawn up by PLP Architecture. More →

According to a new report from property consultancy Colliers International, the West End of London has enjoyed a record £2.8bn of investment in the third quarter of 2013. Office occupancy increased by over 1m sq ft. in a market driven by activity in the tech and media sectors which accounted for 40 percent of the market. Also prominent are several major deals including the purchase of Paddington Central by British Land. Occupation of grade A office space reached more than 1.1m sq ft across central London. The figures mark the highest level of activity since the start of the downturn and 2013 activity is now only 1 percent lower than that for the whole of 2012.