Its not necessarily the case that tenants would've taken space in these towers if they went up 2 years ago. Remember Most city firms prefer groundscraper because they want & need large floorplates (for dealing floors etc) & these towers dont provide them.DarJoLe said:No they won't. It takes longer to build a skyscraper than it does a groundscraper, and the ones going through the planning process now will probably be ready at the same time, if not earlier. If this is the case, tenants will simply fill them up, leaving the skyscrapers empty, and making more developers wary of building towers as they will remain empty until the groundscrapers are completely filled.
If anything, this race is too little too late. If developers had been less wary two years ago we'd be halfway through this race by now, with cores on the skyline and more potential tenants considering moving into a better standard of office simply because they knew they were available.
Of course, the fact the race it seems has begun is good. I just hope it doesn't result in a massive glut in 2008/9, meaning there'll be no new proposals after this block, and maybe some of the proposals we see in 2007 fall by the wayside because of the abundance of office space.
I would've thought somewhere between 100,000 and 200,000 sq ft would describe a "moderate"-sized prelet - of which there have been lots of active requirements in London recently. You've probably noticed Jef and London Lad posting about these.Fragmentor said:Wj, how big is a moderate size pre-let?