London office building hits record low

London property experts are predicting that 2011 will see the lowest level of completed office buildings in the capital’s history.

New starts on office jobs have virtually ground to a halt as construction activity dived by 20 per cent during the last six months according to the latest Drivers Jonas London Crane Survey.

More than eight million square feet of office space currently under construction in London will be completed during the next two years.

But 2011 will see a dramatic drop as work in the pipeline slows to a trickle.

The Square Mile is suffering the sharpest downturn with just one scheme - the 461,000ft² Heron Tower - scheduled for completion in 2011.

A Drivers Jonas spokesman said: "The development tap has been very firmly turned off over the last six months.

"With developer confidence and credit markets the way they are it is very unlikely that there will be a resurgence to report in the next survey in May 2009."