London building costs have increased 5% over the last 12 months with residential and commercial projects reaching £2,430 per sq m according to the latest global research by programme managers Turner & Townsend.
Topping the list is Zurich at £2,530 followed by New York at £2,500.
Steve McGuckin, Global Managing Director – Real Estate, Turner & Townsend, said: “In overstretched markets both contractors and their clients must take urgent action to improve efficiency and keep cost inflation in check, while those operating in subdued markets should seize the opportunity to strip out waste and get the skills mix right for when demand returns.
“While advances in technology like Building Information Modelling (BIM) and modular construction can help, efficiency improvements of the scale required will only be achieved if the industry evolves – and develops leaner, more collaborative ways of working across the supply chain.”
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