Word: demanding
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...developer, announced that construction of the building - already dubbed "The Cheesegrater", in honor of Rogers's wedge-shaped design - would likely be delayed, pushing completion back a year to 2012. The firm's motive? With the financial services sector trimming costs amid turmoil in the credit markets, both the demand and rental values for City offices are dwindling. British Land - itself hit by a $1.1 billion loss for the three months to July as the value of its portfolio tumbled - reckons it'll score lower construction costs and higher rents for the 47-story building by sitting out the downturn...
...space; commercial real estate firm Atisreal says banking and finance firms are currently taking just 110,000 sq ft (10,200 sq m) of City space in a three-month quarter. Throughout 2005 and 2006, the take-up rate averaged more than four times the current level. The flatter demand will drive down rents in the City by 16% this year, Atisreal estimates, and a further...
...Leadenhall Building; it too was originally planned for completion in 2011. "It seems an increasingly large percentage of that pipeline [of new developments] won't be built, or at least will be delayed," says Kelvin Davidson, a property economist at Capital Economics in London. "It's classic economics: weak demand and rising supply. There's only one way rents...
...take the long view. "We've seen falls of this scale many times before," says Davidson, recalling "big crashes in [City] rents in the early '90s and around the turn of this decade." Further proof of property's fast-changing fortunes: when the Wall Street crash wiped out demand for space in a newly built Empire State Building in the '30s, locals dubbed the iconic skyscraper the "Empty State Building." London developers can be forgiven for aiming high...
...stylish restaurant has become a favorite among the city's affluent diners, who visit for the oxtail-and-marrow risotto, the yellowfin tuna enveloped in white radish or the prawn salsa that spices up the chilled soups. Unhappily though, demand for the rooms has been slack. Even though bombings and sporadic outbreaks of fighting between the Sri Lankan army and the Tamil Tigers rarely affect tourists directly, they have understandably dampened tourism, forcing Fernando to offer his 10 suites at discounted prices, beginning at $200 per night. But he is optimistic that peace will eventually come, and the guests soon...