Songbird Estates, the Morgan Stanley vehicle that bought Canary Wharf for euro 2.5 billion ($3.1 billion) after a lengthy battle, says that while new demand for property across central London had slowed after a promising start to the year, things were different at its estate. "At Canary Wharf we are seeing evidence of several occupiers expanding. ...This expansion by existing occupiers...has begun to reduce potential availability across the wider Canary Wharf estate," Songbird says in a statement.
Canary Wharf, which transformed derelict East London dockyards into London's second-biggest financial district, says the current vacancy rate on space directly under its control stood at 13.9%, compared with a vacancy rate of 13.1% across central London. The company says it had let out space to Barclays, Morgan Stanley and oil giant BP since the end of June. Canary Wharf posted a net loss of euro 46.7 million ($93.5 million), higher than euro 13.9 million ($17.1 million) in in the same period last year.
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