0:00
Think the London skyline is crowded now?
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You haven't seen anything yet. By 2032,
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the square mile is going to look
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completely different. The City of London
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Corporation has just dropped a bombshell
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set of CGI images showing exactly what's
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coming, and it involves a
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record-breaking surge in construction.
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The city has just held a record year for
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development. In January alone, planning
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application decisions surged by a
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massive 84% year-on-year. Tom Slay, the
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city's planning chair, says the message
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to global investors is clear. London is
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open, confident, and building at scale.
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We aren't just talking about small
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renovations. We're talking about
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massive, world-class office spaces
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designed for the future of work, he
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said. So, what's actually being built?
0:35
The crown jewel is one Undershaft. This
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is set to be the tallest building in the
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city, a titan that will redefine the
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cluster's peak. But, it's not alone. Key
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projects at 70 Gracechurch Street and
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130 Fenchurch Street are already moving
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forward. This isn't just about ego or
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height. It's a response to a very real
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problem, a lack of top-tier office
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space. While some people claimed the
0:53
office was dead, the data says
0:55
otherwise. Chris Hayward, the
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corporation's policy chairman, points
0:58
out that the demand for high-quality
1:00
amenity-rich office space is actually at
1:02
its strongest level since 2019. Vacancy
1:04
rates in the city core are falling
1:06
because global capital is becoming more
1:08
selective. They want the best buildings
1:09
in the best locations, and they are
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willing to pay for them. This
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construction boom is a massive vote in
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confidence for London as a global
1:15
financial hub. While other cities
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struggle with empty downtowns, the
1:18
square mile is doubling down on density.
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It's a strategy built on certainty and
1:22
long-term vision, he says. Exactly what
1:25
international investors look for when
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the rest of the world feels volatile. In
1:28
6 years, the view from the Thames will
1:29
be unrecognizable. But, is this
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Manhattanization of London a good thing,
1:33
or are we losing the historic soul of
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the city? Let us know your thoughts in
1:37
the comments, and don't forget to
1:38
subscribe to City A.M. for more updates
1:40
on the future of the square mile.
