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The City office market has been given a much needed boost post-Brexit, with the news that AXA Investment Managers – Real Assets, have decided to move ahead with the construction of the 1.4m sq ft tower, 22 Bishopsgate.
The project was at risk of being shelved after the referendum, as uncertainty gripped the market. However, with the appeal to overseas and domestic occupiers expected to stay strong over the coming years, the project will go ahead. AXA are set to finalise the appointment of a contractor for the main tower and work is due to commence over the next few months – a target for completion has been set for 2019.
Fraser Williams, Director at tenant acquisition specialist Morgan Pryce, says: “The news that 22 Bishopsgate will definitely go ahead is fantastic for the City market, and will provide a boost for further developments in the City. Post-Brexit, there was a lot of concern that developments could get shelved due to a lack of funding and appetite. This news soundly puts those fears to bed. We can expect the City to continue to attract both overseas and domestic occupiers.”
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.