The City of London has greenlit the construction of a 73-story skyscraper, 1 Undershaft, which will rise to 309.6 meters (1,015.75 feet), matching the height of the Shard, currently the tallest building in Western Europe. This approval signals enduring confidence in London’s office market despite challenges from higher borrowing costs and shifting workplace trends post-pandemic.
A Redesigned Vision for Modern Needs
Initially approved at a slightly lower height in 2016, the project was revised to better align with evolving office requirements. According to the City of London Corporation, the updated plans reflect a “post-pandemic approach to workplace design,” emphasizing flexibility and accessibility.
The new structure will replace an existing smaller tower and provide approximately 154,156 square meters (around 1.66 million square feet) of office space. In addition to its commercial purpose, the tower will include educational facilities for children on its upper floors and a publicly accessible garden, aiming to integrate community benefits into the project.
Criticism and Conservation Concerns
Despite its approval, the project has faced backlash from conservation groups. Historic England has expressed concerns, stating that the tower would “seriously degrade” the surrounding public realm. Critics have also highlighted London’s increasingly crowded skyline, with glass-and-metal skyscrapers overshadowing historic landmarks like St. Paul’s Cathedral.
Investor Confidence in London’s Office Market
Investor Aroland, which has championed the project for years, views the approval as a positive signal for the market. Shravan Joshi, chairman of the City of London Corporation’s Planning and Transportation Committee, stated, “This development underscores global investor confidence in London’s real estate market and the broader UK economy.”
While the pandemic initially dampened London’s office market, demand for premium office spaces has remained strong. Recent data from Deloitte shows that office construction in the City of London increased by 7% between April and September this year, bucking the trend of declining construction in other central London areas.
The Evolution of London’s Skyline
As London prepares to add another skyscraper to its iconic skyline, debates over architectural trends and heritage preservation continue. Whether 1 Undershaft becomes a celebrated addition or another controversial figure in the city’s urban landscape remains to be seen.
