Australian bank Macquarie has resumed its search for commercial property in London to use as its headquarters.
The process was temporarily halted last year due to the uncertain condition of the global economy. Although the recession is now under way, there are some signs the market is bottoming out. In any case, Macquarie’s hand will be forced to a certain extent as it has a number of current leases in London that will come to an end in the next two years.
It is thought that the amount of space the bank now requires has been revised from 300,000 square feet to 200,000.
Currently three sites are under consideration: British Land’s Ropemaker Place, Drapers Gardens, owned by Canary Wharf Group and Exemplar’s, and Minerva’s Walbrook scheme.
Analysts suggest the resumption of Macquarie’s search will be taken as a sign of confidence in the commercial property market.