The Surge in Demand for Commercial Property in London

While the current housing shortage in London and across the rest of the UK remains a hot topic in both political and social arenas, it seems that the commercial-property sector in the capital is about to follow suit. The demand for commercial premises in London is at its highest level for some considerable time, putting extra pressure on developers as they try to satisfy interest from companies looking to make the capital their base of operations.

The Surge in Demand for Commercial Property in London

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The Planned Expansion of Canary Wharf

As reported in both the Financial Times  and the London Evening Standard one of the by-products of this huge rise in demand for commercial property is the expansion of Canary Wharf. In order to provide suitable solutions to both commercial and domestic property availability issues, the owners of the site, the Canary Wharf Group, have successfully attained planning permission to extend the size of the Canary Wharf estate by up to a third. This proposed development will see the construction of 30 new buildings and in excess of 3000 new homes. With Canary Wharf already rivalling the City as London’s premier financial district, the creation of new office space in the area is expected to attract firms from other business sectors, such as media, telecoms and technology. At the heart of the new Canary Wharf development will be a 57-storey residential skyscraper. Cylindrical in shape, the new skyscraper is being designed by the Swiss architectural firm responsible for both the Tate Modern and the Olympic Stadium in Beijing, which is better known as the Bird’s Nest. 

The Leading Commercial Centre in Europe

The Canary Wharf development and the overall feverish demand for office space in London are sure signs of confidence in the current and future financial climate. After the uncertainty of recent times, it now seems the business world is looking toward a brighter future. It is also apparent that many firms want to enjoy that bright future in London. Official figures from Deloitte have revealed that, of the 250 companies which have global or regional headquarters in Europe, 100 of them are based in London. The UK capital’s status as the leading commercial centre on the continent is proved beyond any shadow of a doubt by the fact that Paris, the second-placed city on Deloitte’s list, has just 20 of the leading companies making their home there.

The fact that the supply of London office space is at its lowest level for seven years means that the services of commercial letting agents in Londonare needed more than ever. Therefore now is a great time to seek advice on investment opportunities, ensure you do research on both the building sites and the enclosed outside space, if you are looking to buy a larger property regarding value perhaps its best to consult a land remediation service agency.

Demand for commercial property is high, but current construction is struggling to keep up. It seems that the property developers who first saw the signs of economic recovery back in 2012, and initiated new schemes accordingly, are now reaping the rewards as their properties are the ones available during this time of high demand and comparatively low availability.

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