The second half of 2012 saw a distinct lack of office space development compared to previous years, according to the latest Crane Survey from Drivers Jonas Deloitte. Research shows that there is a “pause” in the rise of construction activity in Central London as the capital’s pace of property development appears to have slowed.
According to Drivers Jonas Deloitte, there has been a large increase in construction activity over the last 18 months which makes these latest figures so marked. This year, the first half of 2012 saw 34 new starts, while the second half recorded just 25.
Docklands office marks completion of London project.
25 Churchill Place development is completed as part of Canary Wharf project.
After well over 20 years of development the Docklands development in London’s Canary Wharf is almost complete. The final project, a 20-storey office tower at 25 Churchill Place, has just finished construction. This was the very last touch to the overall development that has been underway for over two decades.
The new office tower will provide an additional 500,000 square feet of office space to the area. The site is already half leased with the European Medicines Agency leasing half of the overall space. The Canary Wharf Group is hoping to open the development in 2014, by which it expects to have all of the available space leased. (more…)