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Shard Set to Secure First Office Tenants

Shard Set to Secure First Office Tenants

Deals to secure office space are on the London horizon at last, as tenancy agreements are rumoured to be underway between the owners of the Shard and two interested firms: US-based AT Kearney and an as-yet-undisclosed Middle Eastern bank.

The iconic office tower that dominates the London skyline and breaks records as EuropeΓÇÖs tallest building has failed to secure pre-let office space tenancy agreements to date, although it is due to open in little over a monthΓÇÖs time.

Neighbouring Heron Tower has found more success, pre-letting around 20% of its office space prior to launch.

When the Shard becomes available on July 5th 2012, it will provide an impressive 570,000 square feet of office space in a central London location, overlooking the Thames and views of the capital for many miles beyond.

18 floors are to be taken by the Shangri-La Hotel, though no offers have come forth to utilise the buildingΓÇÖs extensive office space. So why has the Shard been struggling for take-up?

The rising cost of office space in London has been held partly to blame for a lack of interest in the landmark building.

In 2010, Transport for London was bought out of a 200,000 square foot deal by the building’s owners as estimated costs rose and deemed the deal inadequate at £38.50 per square foot. At the time, the cost per square foot of office space in the capital was selling for almost double the cost.

The current cost of prime London office space at the Shard is now unknown, although the latest Central London Serviced Office Review from reveals that the cost of office space in the capital is still on the rise.

Elsewhere on the Blog…

ΓÇó London Office Space to Create City Centre ΓÇÿOasisΓÇÖ

ΓÇó Tens of Billions: The True Cost of 2012?

ΓÇó Financial Capital Shifts to Dockland Offices

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Author: | May 28, 2012 | 0 Comments

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