Lower Office Demand Despite 100,000 Milestone
The demand for high-end office space in London has decreased according to Songbird Estates, the property group behind Canary Wharf.
Reported in The Guardian, the group believes that the uncertain economic climate lowered demand for Grade A office space in the capital.
Looking forward however, the group hopes that the focus generated by the Olympics could encourage a flurry of new businesses seeking office space in the Docklands development ΓÇô which sits less than 4 miles from the Olympic stadium.
It was also highlighted in the report that Canary Wharf will reach a milestone in 2012, when the arrival of Shell and JP Morgan to the development pushes the number of workers based in this iconic development beyond the 100,000 mark.
Having grown from a working population of just 7,000 in 1993, this milestone highlights the transformation that has taken place across LondonΓÇÖs docklands ΓÇô the Medieval routes of which can be explored using the Timeline available on the developments own website.
The development, which occupies 97 acres and provides around 15 million sq. ft. of office space, was given its name due to the dock, which originally occupied the site, being a focus for imports arriving from the Canary Islands.
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