The developer of the Shard is aiming to announce confirmation of funding for the project by the end of the first week of October, Building understands.

The project last week became the first high-profile scheme to be hit by the credit crunch in the financial market, as developer Sellar Property Group revealed it was in talks with potential backers to address shortfalls in funding.

It is also understood that Sellar’s directors last week called the project team to a meeting to stress the importance of pushing ahead with work, despite not being able to confirm financing.

Meanwhile, property agency CB Richard Ellis has forecast grim times for the office sector. The agency has drastically reduced its estimate of how many will be finished in the City by 2011.