The largest real estate investment trust in the UK has announced that work has started on two of its central London offices and has gained planning permission on another development, according to businessweek.com.
The work is in response to a shortage of London office space. The project will see over 1 million square feet of office space developed, which will be completed by 2012.
Francis Salway, Chief Executive of Land Securities, said:” We were first off the block in terms of development plans a year ago and the results are bearing fruit. We expect 2011 will be a relatively tough year but we expect larger companies that are well funded to maintain demand.”
The economic crisis in 2008 has put a stop to any new projects by Land Securities, as they were concerned about a drop in demand for London office space.
Yesterday saw work begin on the 690,000 square-foot office tower, known as Walkie-Talkie located in the financial district. Land Securities have teamed up with Canary Wharf Group PLC for this project, but the building currently does not yet have any tenants signed up.
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