12 developments across London which have been undertaken as part of the Crossrail project are due to complete by the end of 2018 and will add 3 million sq ft of office, residential and retail space across the capital, according to a recent report from Estates Gazette.
The Crossrail project, which is now 85% complete, will begin running services in 2018. At a cost of £14.8 billion, it is hoped that the £500 million in income generated by these developments will help offset some of the cost.
The report goes on to suggest that average rents over the period of construction have increased dramatically; in the City of London, rents have increased by an average of over 63%, whilst average office rents in the City fringe have skyrocketed by 137%. This clearly shows the disparity between those sections of London affected by the developments and those that are not.
