Commercial development in the City has had the shadow of Brexit looming over it for a year now. So were the doom-mongers right to say that voting to leave the EU would darken prospects for some of the biggest schemes? Ike Ijeh looks at five key projects
Just before the EU referendum last June, the view of a commercial construction market nervously awaiting the result of the vote was broadly summed up by Pierre Vaquier, chief executive of Axa, the French insurer co-financing the planned 22 Bishopsgate tower: 鈥淲e have not launched the project, because we want to see the results of the Brexit vote, if the UK votes to leave the EU on 23 June, we will have to revisit all options.鈥�
The 22 Bishopsgate tower 鈥� which since construction of the current design began in January 2016 is the largest and tallest office block being built in the City of London 鈥� has been seen as something a bellwether for the health of the City鈥檚 commercial market. So it caused some concern among commentators when the project was paused shortly before the referendum.
With its focus on global finance, the City of London鈥檚 commercial sector is considerably less diverse than elsewhere in central London and this high level of specialisation leaves it more susceptible to fluctuations in the office market. Nonetheless, many feared the Brexit vote would cause the pattern witnessed at 22 Bishopsgate to be replicated at commercial sites across the capital. This concern was backed up by a report p