The City of London is poised for a dramatic transformation, with a burgeoning cluster of skyscrapers set to redefine the Square Mile’s iconic skyline by around 2032.
In a new computer-generated visualizstion released by the City of London Corporation, the financial district appears as a denser, more towering “forest” of modern high-rises when viewed from above, looking eastward.
The images incorporate all major schemes that have secured planning permission or are already under construction. An accompanying time-lapse video illustrates the evolution, highlighting the rapid pace of development.
Last year alone, planners approved over 500,000 square meters of new office space – equivalent to more than ten “Gherkins” (the iconic 180-meter tower at 30 St Mary Axe). Roughly half of that space is already under construction, with 30 major commercial projects actively underway.
Standout developments include:
- 1 Undershaft: At 309.6 meters, this will become one of the United Kingdom’s tallest buildings (jointly vying for the top spot), serving as the cluster’s new crown jewel.
- 85 Gracechurch Street and 60 Gracechurch Street: Both are either underway or starting imminently, adding significant commercial floorspace.
- 22 Bishopsgate: Already completed and fully occupied, it’s the Square Mile’s largest office building and commands record-high rents.
The Corporation reported its strongest January for planning applications and decisions in seven years, with an 84% increase in approvals compared to the prior year. Four major schemes were greenlit in the opening weeks of 2026 alone.
Vacancy rates remain exceptionally tight, 4.4% in the City Core and just 0.1% for new-build space in Q4, underscoring robust demand for high-quality, sustainable, amenity-rich offices. Leasing activity hit its strongest level since 2019, with prime supply scarce and rental values climbing.
“Record demand for high-quality, amenity-rich office space is reinforcing the City’s position as one of the world’s most resilient and attractive business districts,” Hayward said.
“As global capital becomes increasingly selective, the City of London is a place able to deliver complex schemes at scale while adapting to changing patterns of work and occupier expectations.
“With strong fundamentals, rising rental values, and a significant development pipeline, with much of it already under offer, we are seeking further investment from global investors and developers who recognise the long-term strength and potential of this great city.”
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