INDUSTRY NEWS

Lack of EU office space affecting UK based bank’s relocation

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The current shortage of office space within Europe will affect the potential move by UK based banks from their London office space, should Britain vote to opt out of EU membership. David Cameron has said that a vote on EU membership will be held in 2017 to decide whether or not Britain should stay or leave.

The Euro Zone’s second largest bank, Deutsche Bank, confirmed that they would consider relocating from the UK should Britain decide to leave the EU.

However, with London office space continuing to develop at pace, and available European real estate being considerably low, the decision would not be an easy one to enforce.

With 143,500 banking professionals registered in 2014, and and average of 11.3 sq. metres required per workstation, the space needed would exceed 1.3m sq. metres. This is more than the entire space available in Paris and double that vacant in Dublin.

Savills, head of commercial research, Matt Oakley, said, “”None of the major European cities could cater for that kind of demand at the click of fingers or even with six months notice.”

With a few years until the referendum is held, a major change would be required to allow the occupants to successfully relocate from the capital.

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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