Cranes go missing from city skylines
The past year may haunt the property and construction sectors of the country for years to come as the sector has faced the crumbling effects of the economic recession brought on by the credit crunch which resulted in property values collapsing.
Many of the larger names in the sector have fallen in the effects along with smaller outfits including but not limited to Chase Midlands, Regal Executive Homes, Wrekin, and William Ashley. Other companies have had to mothball some of their plans delaying the completion of current projects indefinitely while waiting for a better economic environment.
Looking at the 2009 Birmingham Crane Survey by Drivers Jonas the downturn is easy to see as it reports that only six new office fitout and construction projects have been started in the area within the last 12 months compared to 21 projects last year in 2008.
Out of the six projects, three have been placed on hold since the 2008 survey: the second phase of Masshouse, work on the hotel and residential accommodations at Snowhill, and the second phase of
However, there are three major projects which are expected to gain steam over the next year or two that could help bring some stability and business back to the development sector: The office planning and renovation of New Street Station, Library of Birmingham refit, and the Jewellery Quarter public square. Other firms such as Claremont Group Interiors too report a rise in enquiries from within the corporate office and commercial interior markets.
At the same time, as reports project that office space required will be less than last year by one million sq ft, only two new office projects were reported in the Crane Survey.
