Towards the latter part of the year we saw a slight cooling off within the luxury residential market, albeit we feel there is certainly enough momentum and foreign investment to carry this through 2015.
The big change was the resurgence of commercial office developments with a number of new build developments getting the go ahead alongside proposed revisions to Westminster’s planning laws to compensate for the shortage in this area. In addition to this, we saw a switch of new investment into the hotel, leisure and mid level residential sector.
Recruitment throughout 2014 has been exceptionally high with competition between rival businesses looking to secure the best talent. The knock-on effect has not only been increases in salaries but a resurgence of golden handshakes, guaranteed bonuses and retention strategies with the majority of clients seeing a core skills shortage being the main restraining factor to their business.
The number of investor clients buying assets across the regional markets increased significantly given the level of competition for prime sites in and around central London. Prime and secondary office and industrial investments with strong refurbishment/redevelopment potential in key regional cities including Manchester, Leeds and Birmingham, led to an increasing demand for capable professional Building Surveyors.
Given the practices’ preference for recently chartered professionals, competition for suitably qualified candidates has been high, which as in London, has led to an increase in salaries on a local level across 2014. The start of 2015 has been no exception, with demand for talented individuals on the increase and client’s requirements expanding to the need for capable and qualified quantity surveyors and project managers.
Although there will be a certain amount of uncertainty this year with a general election and changes to a number of boroughs planning permissions, we feel that the confidence in the market, the hive of current onsite construction activity and continued low interest rates will produce strong growth across all disciplines and sectors throughout 2015. If it is possible, it should be an even busier year that 2014. However, as with 2014 the acquisition of good professionals within the market will be a very influential factor.
For more information on other sectors – please view the full report below or contact our Construction & Engineering team today on 0207 478 2500 to arrange a meeting to discuss your resourcing requirements or the current roles available.