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Savillis PLC has reported that there has been an improvement in the refurbishment business sector with new projects coming in once more over the last three month period. This is a marked improvement over the steadily falling business rates, which prevailed for nearly 2 years before then.

The improvement is being witnessed all over offices to let London properties as contractors and developers encounter an increasing amount of demand for refurbishment services. The demand is said to be the result of an increase in workforce in many businesses following the improvement in the economy as the effects of the recession finally give way. Many businesses, which have started recruitment processes, again are stuck with more employees than can be comfortably accommodated in existing work areas. Instead of going in for new premises which will involve a hugely expensive shift and adaptation process, these employers are looking at cheaper options like refurbishment to make changes in existing space to accommodate all the work force.

Refurbishers may simply rearrange or upgrade the layout of the existing office space or in some cases undertake a far more extensive process of completely modifying the interior structure, according to the needs of the specific business.

Given this trend, the fortunes of new building developments projects do not appear to be good as there are few takers who are willing to undertake the huge expense that this will entail in this financial climate. British Land Co. predicts that until there is discernable increase in rentals, there is not much chance of any new project staking off now. It is expected that new developments will be at the lowest level ever over the next couple of years.