Some 1.7m sq ft of central London offices could become vacant over the next five years as banking and finance firms cut rent costs and consolidate staff
Banking and finance firms in central London will encounter nearly 10m sq ft of lease events over the next five years that could result in office space reductions of as much as 1.7m sq ft as companies seek to reduce costs.
This sobering statistic is one of five key property trends for banking and finance firms, according to CBRE research.
Movement out of London, ongoing consolidation and rationalisation, improved efficiency, an increased need for collaboration with co-workers and customers, and the ever-increasing power of technology, or fintech, to help utilise space better are all highlighted as issues that will drive change.
