Speaking to the Guardian recently, Peter Rees made clear that the City is not just designed to accommodate as much high-quality office space as possible, but rather it has been developed steadily over decades to become a world-class place to work.
Linking office space buildings together with alleyways, fountains, features and small parks makes the City a much more pleasant environment than it might otherwise be, according to Mr Rees, who has been the principal planning officer for the Square Mile for the past 25 years.
The City of London has seen a rise in demand for its office space in recent months, but the leading planner for the financial district is keen to highlight other aspects of the City’s development that have helped make it a “much more rounded place”.
He said: “The quality of food available, the entertainment and leisure facilities have improved, and we’re bringing shopping back to the City. It’s not just a place to work any longer.
“You’ve got to keep rebranding in terms of making a place better all the time,” he added.
The City of London accommodates several million square metres of workspace, including serviced office space and business centres, and is home to some of the world’s largest law firms, financial service providers and insurance industry operators.
According to the latest figures from analysts at CB Richard Ellis, returns on central London office space are outperforming every other sub-sector of the UK commercial property market.
Editor’s notes: In March 2024, the City of London Corporation announced its ‘City Plan 2040’, which aimed to deliver at least 1.2 million square metres (circa 12.9 million square feet) of additional office space in the City by 2040. The plan for the development of the Square Mile replaced the Local Plan 2015.
In December 2024, the City of London Corporation granted planning approval for what would be the City’s tallest tower and the second tallest in London, matching the height of The Shard (it would be second to The Shard due to age).
Plans were granted for the 74-storey 1 Undershaft to be developed between the ‘Gherkin’ at St Mary Axe and The Leadenhall Building, standing 1,016 feet or 309.6 metres tall.
On June 2nd 2026, it was announced that 1 Undershaft would be rebranded One London and that construction would start in 2028, with completion expected in 2033.