Saturday, Jan 19, 2008
End of the property-based economy: "Shard of glass" cancelled?
Observer: ondon towers in doubt as office market dive
The speed of the downturn in the commercial property market in the last few months has been breathtaking. Only a year ago mayor Ken Livingstone said the Shard would be to London what the Empire State Building is to New York. But now many property experts question whether the tower, and dozens of other skyscraper projects on the drawing board, will join the skyline of Britain's cities.
Posted by confused76 @ 09:21 AM (455 views) Add Comment
4 Comments
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1. confused76 said...
More on London:
London suffers most as house prices fall
http://www.guardian.co.uk/business/2008/jan/19/housingmarket.houseprices
Britain's largest mortgage lender said Greater London led price falls in eight regions across the UK with a hefty drop of 6.3%. This was followed by the south east and east Midlands, which each saw a decrease of 2.3%.
2. This comment has been removed as it was found to be in breach of our Blog Policies.
3. planning4acrash said...
They'll be back in a couple of yrs when land prices are down, for one user or't other.
4. Duncan said...
Thats very unfortunate to compare the Shard of Glass with what was known as the Empty State building for years after its completion in 1931.
From Wikipedia
"Empty State Building
The building's opening coincided with the Great Depression in the United States, and as a result much of its office space went unrented. In its first year of operation, the observation deck took in over a million dollars, as much money as its owners made in rent that year. The lack of renters led New Yorkers to deride the building as the "Empty State Building".[12] The building would not become profitable until 1950"
The good news for the Empire State Developers was that due to fierce competition for work it cost significantly less to build than the original estimates.