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Over the last couple of years there has been a reorganisation of the Land Securities property portfolio, apparently trending with ‘out with the old and building the new’. The company has looked to modernise the properties it leases out, and in order to finance these projects it has sold off a raft of their older sites. In the second quarter of 2013 it sold off £153 million.
One of the new projects Land Securities has been working on for the last couple of years is now coming to fruition: a building to join the high rise buildings that have taken over the City skyline since changes in regulations allowed them to be built. In partnership with Canary Wharf Group, the company has almost finished the Walkie-Talkie building, which will hope to rival the Gherkin, the Heron Tower and the Cheesegrater.
The group have already leased out 52% of the floor space, and are hopeful that they will be roughly two thirds full by the time the doors open next year.
Land Securities expects there to be a large reshuffle in the London office floor space market this year and next, as a number of major corporations' current agreements are due to come to an end.