London approves plan for joint-tallest tower in Western Europe
CNNCNN — The City of London financial district has approved plans for a 73-floor skyscraper that will match in height Western Europe’s tallest tower a mile to the south, in a sign that city planners are still betting on the office market despite the current downturn. The proposed 309.6-meter tower, which will be exactly the same height as London’s Shard, was given the go-ahead after a previously approved plan was revised “to better respond to post-pandemic office needs,” the City of London local authority said on Friday. London’s office market has been hit hard by higher borrowing costs and more home working post-pandemic, although premium space has remained in demand. “As another, much needed office development gets approved in the City of London, it speaks to the confidence that global investors have in the London real estate market and the UK economy more widely,” said Shravan Joshi, chairman of the City of London Corporation’s Planning and Transportation Committee.
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