Plans for more than eight million sq ft of speculative office buildings, including the Cheesegrater skyscraper, could be shelved as the financial sector retrenches and cuts its demand for space in the City of London, according to The Times .
The impact of the credit crunch on financial institutions is blamed for the sudden drop in demand, the paper reports. British Land confirmed yesterday that it would delay the so-called Cheesegrater, a 225 m (740 ft) high tower on Leadenhall Street, in the hope that its completion would coincide with the peak of the next commercial property cycle. Other developers are expected to delay projects scheduled to start in the next 18 months at least until they have found prelet tenants. The UK may receive no corporation tax from Merrill Lynch for decades after the US bank declared its London...
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