City of London set for office supply squeeze
According to reports, office space availability in the City
of London, could undergo a squeeze after 2020 unless the ground is broken on
This warning has come as a business rush to occupy space in
several flashy towers that are currently under construction and due to open
There is in total 8 million sq ft. of new commercial property
under construction in The City of London which should be ready by 2021. Largest
building currently being 22 Bishopsgate.
Unfortunately this figure has dropped off with only 2.6m sq
ft. of space expected to be completed after 2020.
“Without the addition of developments currently with planning
permission, the future may see considerable undersupply for good-quality stock,
particularly in fringe submarkets,” one of the reports has stated.
One of the property agencies have tracked 56 individual
developments under construction in the City with 45% of 8m sq ft. already let.
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