The commercial property market is set for a major boost as work begins on the tallest building in Western Europe in London Bridge, the “Shard of Glass”.

Scheduled for completion in 2012, the 300 metre plus building was designed by Renzo Piano. The Italian architect also designed London’s current tallest building, One Canada Square in Canary Wharf.

A consortium of Qatari banks has provided financial backing for the Shard, while structural engineering is being handled by WSP.

The project comes against a backdrop of a credit crunch-induced market slump for commercial property. Prices are down by double digits on the year, while there has been a noticeable lessening of the number of tower cranes visible in the skies of central London.