Thursday, May 23, 2024

Despite the near-deafening sounds of construction, and the intensity of building, the City of London Corporation has approved 10 new office towers, with more than five million square feet of office space under construction and another five million square feet in the pipeline.

This building boom, aimed to transform the district’s skyline, is a huge bet on the future of the workplace. The district’s office vacancy rate was at 9.5 percent in the third quarter of the year, notably higher than the long-term average of 5.7 percent. However, for new builds, the vacancy rate was just 1.4 percent.

The growth estimates are based on a report commissioned by the City of London Corporation that suggests an expected large increase in jobs in the district will support the demand for office space.

The district is also being revitalized through efforts to entice workers and visitors back to the area. The area is still widely occupied by financial and professional services companies, but new buildings are designed to attract small and midsize tenants, particularly technology firms.

Officials are also encouraging developers to create public spaces in the towers, along with a focus on supporting sustainability.

The City of London Corporation is aiming to shed its image as a corporate neighborhood by luring more people to spend time there, with efforts focused on offering more leisure and cultural attractions, and additional living spaces.

The overall focus is to make the City a vibrant and attractive destination for people to live, work, and visit.

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