Helical warns of shortage of top quality London office space until 2030
Property company Helical today warned that the chronic shortage of high quality new or refurbished office space in central London will last “for the rest of this decade.”
In a trading update the company said “for well located, highly sustainable offices with good amenities, which are essential in attracting and retaining the top talent, is enabling landlords with the best buildings to command premium rents.”
The scramble for “best in class” space that meets the expectations of staff as well as zero carbon building regulations has been one of the biggest drivers of the market in London since the end of the pandemic.
Helical was named by TfL in Febraury as its “preferred partner” on three over station developments at Bank, Southwark and Paddington from 2024 to 2026.
Chief executive Gerald Kaye, said:“The recent announcement that Transport for London (“TfL”) has selected Helical as its preferred partner for an initial three over-station developments will boost the Company’s development pipeline to almost 790,000 sq ft (Helical share 460,000 sq ft) across four substantial office schemes, subject to formalisation of the joint venture agreement.
It is also waiting for the final go ahead from the City of London Corporation for a 192,000 sq office building with views of St Paul’s Cathedral at 100 New Bridge Street,
@With 100 New Bridge Street, EC4 due to start later this year and these three TfL schemes spread over the period from 2024 to 2026, this pipeline, our most significant for a number of years, is scheduled to deliver best-in-class office space into an undersupplied market each year from 2025 to 2028.”
Helical is due to publish its full year results on 23 May.
