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City Still Short of Large Office Buildings, Says Agent

LONDON-In spite of the current market downturn, the City of London still faces a shortage of larger office buildings, according to new research from Chesterton. And current levels of development activity are unlikely to plug the gap for several years to come.

By Graham Parker | Updated on April 24, 2002

LONDON-The recent downturn in economic confidence has taken the edge off demand fro City of London offices, but new research from Chesterton shows that there is still a fundamental shortage of larger office buildings that will not be resolved for several years.

Chesterton calculates there is nearly 17 million sf of large-scale office space in the pipeline, yet less than 2%–or 294,000 sf– is available now, with a further three million sf scheduled for completion over the next three years. However, the pipeline figure includes 9.3 million sf of space with planning consent, of which more than 25% lies within three individual schemes: Lehman Bros’ 823,000-sf Northgate development at Worship St, EC2; Land Securities’ 727,000-sf scheme at New Fetter Lane, EC4 and British Land’s 695,000-sf development at 201 Bishopsgate, EC2.

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