UK Construction Plummets to 11-Year Low as Rising Costs Bite

Construction of offices, retail facilities and warehouses in the UK plunged to the lowest level in 11 years as rising costs and protracted political uncertainty since Brexit discouraged developers from putting their shovels on the ground.

No commercial asset class has been spared, with construction across office, retail and industrial sectors down 21% to 63 million square feet at the end of the third quarter from the same period a year earlier, according to the latest data from CoStar Group Inc.