Canary Wharf dives on office pressure

Shares in London property developer Canary Wharf lost a quarter of their value today amid fears over falling office occupancy levels.

The company – best known for its Canary Wharf tower in East London – said vacancy rates at the end of 2002 had risen to 6.7% from 4.5% six months earlier. Shares in the Footsie company fell 58.75p to 172.25p.