Commercial property market on the turn?Posted: September 30, 2009
The City Corporation’s latest planning committee meeting passed two major new office developments today, for 10 storey and 16 storey blocks in the City of London. Does this signal the turning of the tide of recession? It certainly follows a fallow period, when very few new projects of any major size were delivered to the City planners for consideration.
In reality, it is unlikely these two buildings, one on Cheapside, and the other next to the Gherkin, will start construction right away. There’s plenty of new office space still nearing completion in the City, and maybe little immediate chance that it will be occupied. But maybe their developers can see demand for them three or four years off?