Whilst economic pressures will inevitably impact the real estate market over the months ahead, a guiding star, in the form of the construction sector, is expected to remain relatively buoyant.
ONS* reports that September 2022 showed the highest level of construction output (£15,125 m) since records began in January 2010, despite facing multiple challenges. Although the RICS agrees that construction output is around 6% up on a year ago and 2.5% above pre-pandemic levels, activity does appear to be slowing. The Q3 RICS Construction Monitor** cites upskilling the workforce as the key approach to lifting productivity over the next twelve months.
Developers tell us that robust assets in desirable locations continue to attract funding, adding to an already impressive pipeline for many. To drive this growth, we work with developers to bolster their leadership so that they can build the all-important teams they need to ensure a skilled and experienced workforce.
In addition, the UK construction industry is expected evolve, according to Glenigan***, with areas of growth expected to be in residential (build to rent and single family), life sciences, warehousing & logistics, office refurbishment and fit out, driven by net zero energy use legislation. Meanwhile, increased Government funding will galvanise the education, health, civil engineering and community & amenity sectors. It’s an exciting time working with companies on their recruitment strategies to ensure they can exploit these emerging opportunities with the best individuals at the helm.
Many construction organisations have driven huge cultural change over the past few years with diversity and inclusion at the heart of their recruitment policies. This purpose is reflected in our own business, enabling us to connect with the candidates our clients want to attract more effectively. We specialise in actively encouraging senior candidates from under-represented groups, resulting in impressive shortlists that meet the brief.
If you’re looking to make a senior hire for your real estate business and want to benefit from our extensive industry experience, get in touch.
*Office for National Statistics. ‘Construction output in Great Britain: September 2022, new orders and Construction Output Price Indices, July to September 2022’
**RICS UK Construction and Infrastructure Survey, Q3 2022
***Construction Industry Forecast 2023-2024 for the UK and Republic of Ireland, Glenigan