New 33-storey office tower set to join Square Mile’s skyline, as firms bet on good demand for space post-Covid

The City of London Corporation has given the green light for a new 33 storey development at 70 Gracechurch Street, and the developer behind it says it has confidence in the post-pandemic office market.

Developer Tenacity has secured approval to create around 775, 000 square feet of flexible office space as well as shops.

The development will also feature a new direct pedestrian link to the historic Leadenhall Market, more than 1,000 cycle parking spaces, and a public gallery and garden at levels 29 and 30 which will offer views across the capital.

Plans for the building come despite some property market concerns about how future occupier demand will look for office space.

Numerous office staff have worked remotely since March 2020, and a number of bosses are expected to embrace a mixture of flexible working, with home and office hours, when lockdowns ease.

Tenacity’s chief executive Patrick Wong said: “We believe that high quality office space with the latest sustainability standards and technological innovations will remain in demand post pandemic. When thinking about future demand we must take into account post pandemic growth, so while we need to rethink how we deliver office space, we still need that space.”

He added: “The pandemic and various lockdowns have in fact emphasised how important it is to have more than just a phone and a screen but a place to share ideas, to congregate, to innovate and to collaborate.”