INDUSTRY NEWS

Canary Wharf development “almost done”

A new tower with 500,000 square feet of office space will mark the completion of 20 years of work at Canary Wharf.

According to the Independent, a 20-storey development at 25 Churchill Place will be the final construction at the Canary Wharf Docklands, 21 years after work started in the area in 1980.

Part of the new tower has already been let: half the space will be leased by the European Medicines Agency. Developer the Canary Wharf Group hopes to fill the rest of the building by the time it opens in 2014.

The prime London office space at Canary Wharf is already 97% full. Huge businesses including Barclays and Citigroup are among those based in the Docklands – which boasts 15 million square feet of grade A office and retail capacity.

Even against the backdrop of the global economic crisis, London properties are massively out-performing the rest of the country’s market, with attractive developments like Canary Wharf helping keep the capital’s property sector strong and growing.

The latest Deloitte Crane survey shows the amount of construction work in the capital has more than doubled in six months: 6.4 million square feet is currently being built, up from 2.7 million at the start of the year.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space

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