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| http://www.guardian.co.uk/business/2011/apr/20/gherkin-architect-london-skyscraper |
Tall buildings cost more to build than low-rise structures with the same amount of space, prompting some developers to go for smaller projects. At the same time, many tenants are reluctant to pay a premium for being in a tower as belt-tightening continues.
Property tycoon Gerald Ronson recently admitted that it will take about 18 months to let all the space in his Heron Tower, with the lower floors going for about £55 a sq ft while the top floors will command more. Rents in the City today are around the same level as in the 1980s.
The towers now under construction in the City were largely conceived before the financial crisis took hold, with developers obtaining planning permission before the credit crunch. The projects were then mothballed due to a lack of finance.
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