A surge in office building is about to take place in London. With the increasing demand for office space, London developers are willing to take the risk of speculative developments. This spate of office building comes as property agencies report that over 20 million square feet of office lease expiries and breaks will come up in the City by 2016.
Several high profile companies, including Deutsch Bank and RSA insurance, who agreed 25-year leases during the 1980s boom, face lease breaks and expiries in the next few years. The importance placed on the environmental agenda means that new builds are more attractive to these companies, making them more likely to go through the lengthy process of relocating.
These companies may be able to look forward to a wealth of buildings to choose from as office buildings are set to spring up from a range of developers across the City.