UK Commercial Construction Slumps to 11-Year Low on Rising Costs

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.

That is the least since 2014 and comes on the back of a slowdown in housebuilding as weak ...