INDUSTRY NEWS

Canary’s Songbird value falls

The owner of most of Canary Wharf’s commercial property, Songbird Estates, has revealed its portfolio fell in value last year.

The company announced its market value has fallen from £7.5 billion on June 30th, 2007 to £7.3 billion despite a year-on-year growth of 4.8 per cent.

Company chairman John Garwood explained there was good news for businesses looking to rent commercial property in London, as he expected rents to remain at a similar level for two years.

Despite a challenging market "the high quality of our assets, the low level of vacancy and focus on active asset management mean we look to the future with confidence", the group said.

The regeneration of London’s Docklands began in 1981 when the London Docklands Development Corporation began work on eight-and-a-half square miles of land.

Many of the world’s largest firms rent commercial property in the area, which has fast become an international business centre.

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