The start of construction on two landmark London projects only highlights a market with few major office projects at planning stage. But Allan Wilen points to a healthy level of starts on site. OFFICE CONSTRUCTION HAS TIPPED FROM BOOM TO BUST OVER THE PAST 18 months. Formerly one of the fastest growing areas of construction - output soared 50 per cent between 2004 and 2007 -construction starts have fallen sharply since May 2008. The credit crunch has tightened access to finance and developers have shelved projects as demand has faltered, rents weakened and capital values fallen.
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