Building sites in the City of London haven't seen so much activity since the days of yuppies and power lunches. Already, planning permission has been given for 1.6 million m~2 of offices- more than one-fifth of the Square Mile's total office space. On the following pages, Giles Barrie looks at the driving forces behind the new boom-and at how it will be different from last time. Keep it quiet, say developers, architects, contractors and quantify surveyors, but, within the M25, business hasn't been as good as it is today since the collapse of mid-to-late 1990. Since Saddam Hussein sent his tanks into Kuwait in August of that year, those who live off the London commercial market have just about kept their heads above water. Now, though, tower cranes are appearing on the City skyline thick and fast. In the Square Mile and beyond, there is every chance of business picking up further. Already, 300 000 m~2 of office space is being built in the City - of which about one-third has started on site since January - and planning permission has been granted for another 1.3 million m~2. If all this goes ahead, it will represent a sizeable percentage of the Square Mile's current total office space of 7.2 million m~2.
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