Broadgate Owner Predicts Further Losses

The falling demand for City office space, has sent revenues tumbling for landlords, and the country’s second largest property company has taken a huge hit. British Land, which includes the sprawing Broadgate Estate amongst its nationwide portfolio, recently marked down the value of its properties by £3.2 billion.

But they are predicting things will get worse before they get better. The Daily Mail quotes British Land Chief Exec, Chris Grigg, as saying ‘We are not calling the bottom of the market’.

No Plans for Cheese Grater

Bloomberg reports that Chris Grigg also revealed British Land has no plans to resume work on the huge tower at Leadenhall that was nicknamed the “Cheesegrater”. “We don’t have imminent plans to restart”, he told analysts in a conference call.