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MMP Industries SME exchange to NSE ✌️【Stock Picks】✌️ Free stock selection services backed by expert predictions. Our advanced analytics and real-time market data will help you stay ahead of the competition and make smart, profitable investment decisions. The City of London financial district has approved plans for a 73-floor skyscraper that will match in height Western Europe’stallest towera mile to the south, in a sign that city planners are still betting on the office market despite the current downturn.

MMP Industries SME exchange to NSE ✌️【Stock Picks】✌️ Real-time stock market predictions and analysis, offering precise advice on top-performing stocks to help you seize the best opportunities for growth. Gain access to expert insights and global market data to make timely investment decisions. The proposed 309.6-meter (1,015.75-foot) 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.

Officially called 1 Undershaft, the tower was initially granted approval at a slightly smaller height in 2016 but never started.

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Historic England said in a consultation response to City planners in February that the alterations had not altered its impact and said it would “seriously degrade” the public realm around it.

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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.

Very few major London office properties have been sold this year. Investors Nuveen and Brookfield are currently trying to sell London office towers, in a major test for investor appetite.

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Critics say London’s skyline has become increasingly cluttered by generic glass-and-metal towers that dwarf historic landmarks, especially in the City of London, home to St. Paul’s Cathedral.

“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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