London is leading the way for Europe’s recovery in the office space market, according to a new report.

The Crown Estate has revealed its plans for a new development site which will offer a hundred and eighty thousand square feet of executive office space in London.

AirW1, the official name designated for the project by The Crown Estate, will be situated in as a part of its Quadrant 3 mixed use redevelopment scheme, which is located just off Regent Street in the heart of London’s West End.
Work on the development is now expected to be fully complete by the Christmas period of 2011, which puts it a full three months ahead of its originally planned schedule.

The site will be the only such development in the West End offering more than sixty thousand square feet of new office space before the third quarter of 2012, and also the single largest building offering office space in the whole of Central London before the same year.

The commercial property development was designed by Dixon Jones and also includes other things besides just office space. In addition to the hundred and eighty thousand square feet of executive office space in AirW1, the site will also offer nine apartments, sixty thousand square feet of space for restaurants and retail outlets, and another building – in addition to AirW1 – which will offer a further fifteen thousand square feet of executive office space.

“The Crown Estate takes a long term view,” says the head of the Regent Street portfolio at The Crown Estate, David Shaw. “Whilst our competitors ceased or substantially reduced development activity, we maintained confidence and pushed ahead with this major scheme… AirW1 is a significant step forward in scale in adding over fifteen percent of floor area to Regent Street’s office stock. It will be an outstanding modern office with the latest sustainable technologies in a landmark West End building.”

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