City witnesses 70 percent jump in office developments in 2021

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Office space

The City of London Corporation has posted a 70 percent year-on-year increase in office floorspace approved within new Square Mile developments.

The Planning and Transportation Committee resolved to approve a total of 4,360,944 sq ft of new office floorspace this year, a huge leap from the 2,582,348 sq ft approved in n 2020.

Developments approved this year include 55 Gracechurch Street, 70 Gracechurch Street, 2-3 Finsbury Avenue, City Place House, 100-108 Fetter Lane, 120 Fleet Street, 115-123 Houndsditch and 14-21 Holborn Viaduct.

Chair of the City of London Corporation’s Planning and Transportation Committee, Alastair Moss, said: “I am delighted that there continues to be such strong confidence in the City of London as the place to build world-leading offices for the businesses of today and those of the future.

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“Throughout 2021 we have seen unprecedented interest in developing office space within the Square Mile and it is now abundantly clear that the future of the City office is flourishing.

“Importantly, much of this has already been pre-let or has gained strong interest from potential occupiers – such as the recently approved development on Holborn Viaduct.

“Office occupiers are increasingly demanding to be situated in top-quality and sustainable buildings with flexible space suitable for new ways of working. That is why these world-class developments are crucial for the recovery of the Square Mile, and indeed for all of London.”

There remains a substantial number of office developments in the planning pipeline expected to go to the Planning and Transportation Committee for decision in 2022.

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