According to The Global Financial Centres’ report, the City of London is no longer the financial capital of the world.
The report slashed City’s rating to an equal of New York, where their financial centres took a real battering during the global financial crisis. This is the first time London has ever been knocked of the top spot as a the world’s leading financial centre, and it was also one of just four cities to lose points in the report. (more…)
Developer Derwent London Plc has predicted an increase in office space rent prices in central London this year.
They expect the rents to increase throughout 2010 as potential tenants compete for space, which is rapidly dwindling. Chief executive for Derwent, John Burns said “We should see positive rental growth this year,” in a telephone interview with Bloomberg. Derwent recently reported a 20% increase in net income from property, helping reduce the overall losses made by the company this year. (more…)
West End and City office space landlord Derwent London has reported a sharp pick-up in business this week.
The firm, who owns office property in the City and West End areas of London, announced a 9.8% rise in the value of its property portfolio over the last half of 2009. The figures partly offset the 12.3% drop in the first half of 2009, which left the portfolio down 3.3% for the whole of 2009. Derwent had previously reported losses of £34.9 million for 2009, which was an improvement on the £606.5 million in 2008. Property values in 2008 had also dropped by 22.1%. (more…)
One of London’s most popular architectural icons, The London Eye, celebrates its tenth birthday this week!
It was officially opened on 31st December 1999 by then-prime minister Tony Blair, but face technically difficulties meaning it couldn’t open fully to the public until March 2000. Ten years on and over 30-million people have taken the breath-taking ride to view the capital from above. It was the worlds largest Ferris wheel until two years ago, when the Singapore Flyer took its crown by being 30 metres taller. (more…)
A stake holder in the UK’s tallest building has plans to construct an even bigger project in the City of London.
Brookfield Asset Management Inc, based in Toronto Canada, have announced that they are searching for a site to rival the planned 64-storey Pinnacle project. The Pinnacle is the only major office space skyscraper planned for completion after 2012 in the capital’s City district. (more…)
Heron International, owned by Gerald Ronson, has submitted the planning permission for the much anticipated Heron Plaza development scheme.
The scheme, worth £500 million will sit in the heart of the City of London, near to Liverpool Street Station. It is the second and final phase of works by the adjacent Heron Tower. (more…)
BNP Paribas Real Estate has agreed terms for its headquarters move to 5 Aldermanbury Square.
The firm are reported to have signed for 35,000 sq ft of space for a move in autumn. The move is part of a company-wide initiative to base their Investment Solutions business in one building.
Their headquarters are currently based at 90 Chancery Lane, London and staff from both these offices and their Old Broad Street offices will be relocated to the new headquarters. They also have an office at 30 Charles II Street, which will be kept for its West End agency and management teams. (more…)
Pinsent Masons, a US law firm, have finished their search for a City of London office.
The firm will move in to offices at 30 Crown Place in 2011. The new office will be Pinsent Masons’ largest international office, comprising of around 197,000 sq ft in total at the sixteen storey building near Liverpool Street. (more…)
It has been announced this week that Sky News has moved offices and studios to the iconic Gherkin building in the City of London.
Abbey Business Centres announced that Sky News had joined their clients at 30 St Mary Axe, better known as the Gherkin, in the City of London. Sky News’ Chief Business Editor Jeff Randall’s team will be presenting live from the building on the 15th floor.
The Gherkin is an ideal move for Sky News, the location is in the heart of the financial district of London and their floor offers panoramic views of St Paul’s Cathedral, Tower 42 and Westminster. The views will be a breathtaking backdrop to the broadcasts which will also be done live from the studios there. (more…)
Land Securities Group Plc has announced that they are restarting their development of a new skyscraper in London, known as the Walkie Talkie tower.
The shortage of office space in London has driven the decision by Land Securities, the largest real estate investment trust in the UK. They have been making enquiries to contractors for estimates to build the 155-metre tower, which will be at 20 Fenchurch Street in the the heart of City of London. (more…)