A new report by Oxford Economics predicts that London will grow faster than New York over the next 15 years, making it the fourth fastest-growing ‘headline city’. London will come in behind Shanghi, Beijing and Dubai.
The research by Oxford Economics is based on 770 cities around the world, and is based on factors including economic output, population, employment, and household income and spending, and will show how each city is expected to expand over the period to 2030.
London is expected to grow 2.9 per cent a year on average between 2015 and 2030, outpacing New York’s predicted rate of 2.6 per cent. London’s growth will be helped by its larger geographical spread and its bigger role as an international financial hub.
This prediction is firmly cemented by the fact that London is just about to build the second tallest skyscraper in Europe. The next London skyscraper, which is just slightly shorter than The Shard, has been given the green light by the City of London Corporation after a lengthy consultation process.
The 73-floor tower at 1 Undershaft, will be 309.6 metres (1,015 ft) high when completed, will host a free public viewing gallery at the top, which can be accessed by lifts and the highest restaurant in the capital.
Containing 90,000 square metres of internal space, it will sit amongst a cluster of skyscrapers including the Cheesegrater, and the forthcoming 22 Bishopsgate tower in the City of London, the city’s financial district.
The architect, Eric Parry said, “Skyscrapers are notoriously anti-social… they cast enormous shadows on the ground below them”. However with 1 Undershaft he is attempting to put the public first by creating public spaces at the bottom and top of the tower. As well as offices, it will have classrooms on the upper-most floors for school trips. It will feature a large square at the bottom, creating an open public space.
The site is currently occupied by the Aviva Tower, opposite the Gherkin. The Aviva tower which is owned by Kuok Hong Khoon, a Singaporean business magnate, and Martua Sitorus, a Chinese-Indonesian businessman will be demolished to make way for the new development.