New office developments in the City of London are unoccupied.
Costs and lack of demand are just two of the reasons why offices are remaining empty according to new reports.
Many of the office developments in the capital are remaining unoccupied due to a lack of demand and the high expense of office space in the weak financial climate.
The current economic downturn has also seen some companies extend existing leases rather than seeking out new ones upon expiration.
Some of the most well-known skyscraper projects have remained empty following their completion including Minerva’s Walbrook in London’s financial district. The Walbrook is just one of the buildings that remains unoccupied in the area, two years after its completiton. In fact it is estimated that in the vicinity, 66% of the office space completed this year is yet to be leased.
