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The City is set to see another trademark tower space after news that Brookfield Property Partners’ 1 Leadenhall Street scheme was granted planning permission. The building will provide 538,000 sq ft of prime office space, as well as 51,000 sq ft of retail space; there will also be a terrace overlooking Leadenhall Market.
The City is seeing a spate of new tower developments, with Brookfield also having plans for 100 Bishopsgate, London Wall Place and Principle Place.
Eugene O’Sullivan, Managing Director at tenant acquisition specialists Morgan Pryce, says: “The new developments will have a positive impact for tenants. The market over the last three to four years has been heavily landlord dominated. With vacancy rates at historically low levels, it is encouraging to see the new developments being given the green light. Tenants will be better placed to secure good deals in the market, and we are seeing more incentives and favourable terms, especially in the City.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants