The commercial office sector should be booming. A lot of sizeable tenants are due to move home in the next few years as the past three decades of leases expire all at once.
In the “big bang” of the 1980s leases were 25 years, then 10 years in the 1990s and less than 10 in the noughties.
Many will be looking for different buildings from those they currently occupy, with an emphasis on larger floor plates and flexible spaces.
Developers know this. Hence the clutch of skyscrapers currently on site in the City. But the UK’s economic engine room is not immune from Europe’s malaise, and as CN reveals this week, more cracks are starting to show.
Few will be surprised at the Pinnacle’s fate; those paying attention will know it has stalled more times than a learner driver. But CMS Cameron McKenna’s pause for thought hints at a more worrying trend.
A swift resolution to the continent’s crisis is the only sure hope of development picking up.