02 - Where the market is
The numbers behind a quiet order book
3,866Construction insolvencies, 12 months to Aug 2026
56%Of that month's failures were specialist contractors
38.2 daysAverage payment delay beyond agreed terms, worst of any sector
£2.7bnOffice contracts awarded Jan to May 2026, down from £3.9bn
Construction has led every UK industry for insolvencies four years running, and specialised construction activities, the M&E, fit-out, roofing, facades and finishing firms, account for the clear majority of them. New-build commercial starts are thinner: 152 office contracts were awarded in the first five months of 2026 against 185 in the same period of 2025. What has not thinned is refurbishment. Lettings in new or comprehensively refurbished offices took 77% of space acquired in 2025, landlords are upgrading rather than developing, and Knight Frank's Spring 2026 cost guide still puts central London Cat B construction and M&E at roughly £75 to £140 per square foot. The work exists. It is being procured by asset managers, occupiers and pre-construction teams who are not necessarily holding your name.
Sources: Insolvency Service company insolvency statistics for England and Wales, as reported in construction trade press, August 2026; Construction Leadership Council retentions estimates; Constructing Excellence bid cost survey; office contract award data reported by BE News, 2026; JLL UK office market insights, 2025; Knight Frank Occupier Fit Out Cost Guide, Spring 2026; ONS construction statistics for Great Britain.