British Land said it expected to continue building in London because the number of new offices being built was quite low, meaning demand remains high. Its development pipeline currently stands at 1.6 million sq ft, more than half of which has already been let to tenants. Its rival Landsec said earlier this week that it would be backing away from speculatively developing office buildings amid uncertainty in the business world about moving or expanding. In the year to March 31, British Land's net asset value rose 5.7pc to 967p on the back of rising property valuations and a recent share buyback. The company's profits dipped from £501m to £195m as a result of £1.5bn of sales it has made in the last two years. Shares in the company were 2.7pc higher at 700p on Thursday.