London's Skyscraper Boom Trickles Off

A number of large skyscrapers in London, approved and financed before the recession, are being completed. But with no new ones planned, these skyscrapers are looked at as the end of an age of large-scale building.
April 21, 2011, 1pm PDT | Nate Berg
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"While skyscrapers with nicknames such as the Shard, the Cheesegrater and the Walkie Talkie are joining the 40-story Gherkin as part of the British capital's skyline, those buildings reflect past rather than present considerations. All of the office towers that are due to open in London by 2014 were conceived before the financial crisis and developers are increasingly adopting cheaper, less ambitious plans.

Commercial Estates Group Ltd., a privately held developer, last month said it will review a plan to build a 63-story property adjacent to Canary Wharf. Hammerson Plc (HMSO), a real estate investment trust that owns seven London office buildings, in January abandoned its design for a 32-story tower and block in the City in favor of a 15-floor office complex."

Real estate watchers in London are predicting a much smaller and more reserved era of building in the coming years.

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Published on Thursday, April 21, 2011 in Bloomberg
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