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...With a luxury rental market emerging, many want to ensure revitalisation does not create “a tale of two cities”....
...“When we talk about rental prices for a month, people think we mean the week,” she says....
...Tower cranes now bristle across the city’s centre as new office and residential buildings spring from former industrial soil....
...Deloitte’s move across the city’s Jana Pawla II Avenue is one of many big tenancy deals this year that have merely moved rental income from one building to another....
...“You don’t see cranes in Lisbon but lots of single buildings being renovated. That’s a result of the change in the law.”...
...However, it might be wise for developers to be more cautious after this wave of schemes, which will see the crane count accelerate across the Square Mile....
...In fact, the turning point in the rental market came last year when Nomura elected to stay in the City at Watermark....
...The crane test suggests a “toppy” market....
...What a lot of cranes there are over on the north side of the river, if you’re standing on the terrace of London’s Tate Modern....
...It is clearly hoping that the sight of giant cranes will entice retail investors, rather than reminding them of the risk of excess supply. So far that hope seems entirely justified....
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