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.
The market is becoming stable enough to attract investment in major new developments such as large skyscrapers, with everyone wanting to build the tallest tower! Land Securities Group recently announced their revival of the Walkie Talkie Tower project after it was shelved during the recession. It would seem that many other developers will be following suite.
The shortage of office space in London is also helping drive new development, and skyscrapers and towers are a popular option not only for their visual impact, but the practicalities of expanding upwards rather than outwards.
“I’m not surprised that developers are sharpening their pencils again,” says Savvas Savouri, head of research at BH2, Savvas Savouri, “The issue now is supply of space, not demand.”
Brookfield currently own a 15% stake in Canary Wharf Group Plc, the owners of 1 Canada Square. The Brookfield construction worker are currently sealing the foundations ready for the new Pinnacle tower, which will stand at 945 ft high.
Brookfield have commented that they would like to secure tenants for the office space before starting the development, but they reported that they had found “interesting opportunities” in City.
Expect many more new developments to be announced, many experts believe this is the time to start them.