Office building work done has been somewhat volatile in recent years, fluctuating with the timing of projects, and has been trending down, following the most recent peak in 2019/20.

However, we forecast a strong upturn in work done as we are now seeing a sharp rise in commencements, which will will lead to a strong increase in work done.

Vacancy rates are high across the country, and we forecast vacancy to continue to increase due to the combination of reduced demand and significant new supply of space as projects are completed.