While Everyone Waits for The Toronto Boom to Fizzle......
Looks Like London is doing a dandy job popping it's own bubble. The Construction boom, in London may come to a halt, as there has been a lack for Office Towers, and I mean Landmark Office Towers which were built on spec. Built on spec means, that the developers failed to secure tenants for their buildings before construction began. And that means, that these Landmark Office towers will sit empty until some business in London's stagnant economy can pick up the pace and pick up the bill for the AAA rent which will be demanded for the heart of London's oldtown financial district.
Let me tell you this, here in Toronto, we have no such problem, the vacancy rate in Toronto is just a mere 5% or less, and it seems to be dropping at the same time available space is not being made at an adequate rate to keep up with the demand. While Toronto is currently set to see the rise of Bay Adelaide 2 (BAC2) The mega skyscraper twin of BAC - 1, London has been building, like there is no tomorrow, while they sit a the crosshairs of the Euro-Crisis and the Financial Crisis. No such Crisis here in Toronto yet, we have yet to see landmark developments take hold into the construction stages. Mind you we do have many fin proposals which look set to blast Jolly London England right out of the bloody water....
Toronto, the worlds most important, most passed over, and ignored city.....
Letting Agents
More from the article here:
London Office Skyscraper Market Fizzles
When Boris Johnson inaugurated The Shard, the Mayor hailed Britain’s tallest skyscraper as “a symbol of how London is powering its way out of the global recession”.
But The Shard has yet to secure its first tenant whilst six other landmark additions to London’s skyline may now never be built, developers have warned, as a mania for ever-taller buildings comes crashing to earth.
Looks Like London is doing a dandy job popping it's own bubble. The Construction boom, in London may come to a halt, as there has been a lack for Office Towers, and I mean Landmark Office Towers which were built on spec. Built on spec means, that the developers failed to secure tenants for their buildings before construction began. And that means, that these Landmark Office towers will sit empty until some business in London's stagnant economy can pick up the pace and pick up the bill for the AAA rent which will be demanded for the heart of London's oldtown financial district.
Let me tell you this, here in Toronto, we have no such problem, the vacancy rate in Toronto is just a mere 5% or less, and it seems to be dropping at the same time available space is not being made at an adequate rate to keep up with the demand. While Toronto is currently set to see the rise of Bay Adelaide 2 (BAC2) The mega skyscraper twin of BAC - 1, London has been building, like there is no tomorrow, while they sit a the crosshairs of the Euro-Crisis and the Financial Crisis. No such Crisis here in Toronto yet, we have yet to see landmark developments take hold into the construction stages. Mind you we do have many fin proposals which look set to blast Jolly London England right out of the bloody water....
Toronto, the worlds most important, most passed over, and ignored city.....
Letting Agents
More from the article here:
London Office Skyscraper Market Fizzles
When Boris Johnson inaugurated The Shard, the Mayor hailed Britain’s tallest skyscraper as “a symbol of how London is powering its way out of the global recession”.
But The Shard has yet to secure its first tenant whilst six other landmark additions to London’s skyline may now never be built, developers have warned, as a mania for ever-taller buildings comes crashing to earth.
A sluggish property investment market has brought plans to build six ambitious new testaments to the capital’s supposed economic self-confidence juddering to a halt. Construction of 100 Bishopsgate, a 172 metre skyscraper, planned to be the tallest in the City of London, is among those which have been postponed or cancelled, a BBC investigation found. A lack of advance tenants has frustrated the builders.
The £1 billion Pinnacle - nicknamed the Helter Skelter – would have been the second tallest skyscraper in the UK, towering over Canary Wharf’s One Canada Square. Although construction began in 2009, the work has been repeatedly delayed with no completion date currently in sight. A 10-storey concrete pillar, nicknamed “the Stump”, may be its only legacy.
Plans for a “futuristic office block” called One Trinity have also been quashed and the existing building will now become a hotel
The Can of Ham, so-called because of its distinctive shape situated near to the Gherkin on St Mary’s Axe, was given approval in 2008 but the building on its planned site has not been demolished yet.The £450 million, 310 metre-high Shard did not have a single financial tenant to occupy its 600,000 sq ft of office space when it launched with a glitzy completion celebration in July. The Gherkin, by comparison, could boast that all of its floors had been leased when it opened in 2004.
The £1 billion Pinnacle - nicknamed the Helter Skelter – would have been the second tallest skyscraper in the UK, towering over Canary Wharf’s One Canada Square. Although construction began in 2009, the work has been repeatedly delayed with no completion date currently in sight. A 10-storey concrete pillar, nicknamed “the Stump”, may be its only legacy.
Plans for a “futuristic office block” called One Trinity have also been quashed and the existing building will now become a hotel
The Can of Ham, so-called because of its distinctive shape situated near to the Gherkin on St Mary’s Axe, was given approval in 2008 but the building on its planned site has not been demolished yet.The £450 million, 310 metre-high Shard did not have a single financial tenant to occupy its 600,000 sq ft of office space when it launched with a glitzy completion celebration in July. The Gherkin, by comparison, could boast that all of its floors had been leased when it opened in 2004.
No comments:
Post a Comment