Speculative builds tailing off

Speculative real estate development has fallen by 50 per cent over the last two years, paving the way for a bigger-than-expected space squeeze in central London, new research by Jones Lang LaSalle shows. There is currently 3.9m square feet of space under construction without an agreed tenant, 27 per cent behind the 10-year average, the property firm says. A lack of funding, rights of light issues and disruption linked to Crossrail are contributing to sluggish completion of office schemes.