The firm confirmed its development pipeline during annual results today which saw pre-tax profits fall 58% to £515.7m for the year to March 2012 compared to £1,227.3m last time.

Land Securities is focusing its London schemes on the West End and City and is primed to start construction on a series of sites once tenants are secured.

The firm said: “We continue to see an imbalance between supply and demand for high quality space in the medium term.

“Supply-constrained conditions are emerging slower than we expected this time last year, but we expect them to remain for longer as forecasts for the supply of new office developments were cut substantially during the year.

“A significant proportion of existing stock is unsuitable for the contemporary needs of occupiers and there is a higher than normal level of lease expiries due from 2013.

“This combination of factors will mean companies with office requirements will find they have less choice.”

The average take-up of Grade A office space in the capital is 585,000 square metres a year but the current total development and vacancy pipeline will only provide 370,000 square metres a year in 2012, 13 and 14.

Land Securities said: “Against this background, we will build on the advantages gained through re-starting developments in London first.

“We have a clear plan for every asset and a pipeline of projects that will add significant floor space through development.”