Cranes have become a familiar sight around 30 St. Mary Axe, also known as The Gherkin, as people take in the skyline on April 27, 2021.
Photographer: Jason Alden/BloombergSkyscrapers Rising Next to Vacant Towers Mark New City of London
The pandemic has led to plenty of empty space, but developers are still betting big on the future of the office in the financial hub.
When the Gherkin tower opened 17 years ago, its skyline-defining silhouette heralded a new era in the low-rise City of London. Now, a spate of new planned skyscrapers threaten to erase it from view and from relevance.
As one of the Gherkin’s main residents weighs a move, even iconic buildings risk struggling to keep or replace tenants in London’s premier financial district. While the pandemic is emptying City offices at the fastest pace in more than a decade, it hasn’t slowed the coming wave of towers. That carries a warning for landlords: if there is a return to the office, it won’t be to drab buildings that only feature endless rows of desks.