Land Securities took the view two years ago that it would curtail speculative London office developments by this year and thereafter would build only where it had a pre-let and an occupier lined up. At some stage the London office market was going to come off the boil and there are signs of this happening. On Monday British Land, its rival, came in for some negative analysts’ comment, with one broker warning of “the first sign of occupational weakness in the sector”.
Land Securities describes its own approach as “more prudent than exciting”. The net asset value for the year to the end of March came in 11 per cent higher, at £14.34, compared with an unsustainable 27.6 per cent the previous year.
The company