Brexit Threat to Tallest City of London Tower Seen Reducing Glut
- 22 Bishopsgate would add 1.4 million square feet of space
- Developers face higher building costs because of weak pound
An artist's illustration of 22 Bishopsgate.
This article is for subscribers only.
Investors in the City of London’s tallest office tower will this month be asked if they want to go ahead with construction. A lot of developers in the financial district will be hoping they don’t.
The 22 Bishopsgate project, overseen by Axa SA’s real estate unit, would add 1.4 million square feet (130,000 square meters) of offices and shops. As the City feels the pinch of the Brexit vote, about 6.4 million square feet of office space is set to be completed in the district in the two years through 2019, broker Savills Plc said in a report last month.