London remains office space hot spot



The City of London is braced for the biggest office space expansion programme for more than 60 years.


The UK capital is experiencing its biggest redevelopment for decades, sparking a wealth of opportunity for office supplies and furniture dealers.


Over the past year, one sixth of the floor space in the Square Mile is being developed, mainly into offices.


According to research by the City of London, about 20 million ft2 of office space has been created over the past ten years and an additional 18 million ft2 is currently in the pipeline.


The new space is calculated to house an extra 50,000 office workers by the year 2020. Currently, there are approximately 5,500 companies operating in the City, although 80 percent of businesses employ ten people or fewer.


New buildings set to make their mark on the London skyline include the Pinnacle tower, dubbed the "Helter Skelter"and the "Walkie Talkie" skyscraper in Fenchurch Street.


A spokesman for the London Mayor’s office said: "The current building boom in the Square Mile reflects the strength in financial services over the last few years.


"London tops the index of financial centres, narrowly beating New York into second place.


"The success of the City is now translating into unprecedented demand for new office space – over £29 billion ($57.3 billion) was invested in the three years to 2006, with 46 percent coming from non-UK firms."