Knowledge

London Area GuideOffice Space in Bank to Rent

Area Overview

The City of London is the historical trade centre for the Capital and at its core is the global business district with hundreds of years of history.

The ‘Square Mile’ as it is colloquially known, is home to the UK’s financial services sector, which contributes a significant portion of UK tax revenue. In recent years, the occupier base has diversified and welcomed many more traditional and emerging industries.

The City of London competes with Manhattan in vying to be the world’s largest financial centre.

What to do and see

Visit Leadenhall Market, one of the oldest markets in London
A number of museums are located around the City including the recent Mithraeum museum charting London’s Roman history
Various educational institutions, such as the Guildhall School of Music and Drama, and The Business School
The Monument to the Great Fire of London can be seen in the City of London
Take in the views from the many skyscrapers viewing decks open to the public

The Workforce

The City of London is a major global business and financial centre, with the Bank of England headquartered in the area.

Around 75 per cent of jobs in the City of London are in the professional and financial services sectors. The legal sector is also heavily represented in the area. In 2020, 72 per cent of City workers were employed in high-skilled jobs.

As recently as 2017, the City of London was estimated to provide almost 10 per cent of UK gross domestic product.

Transport

Circle Line, Metropolitan Line, Central & District Line, Hammersmith Line, Northern Line, Waterloo & City Line
Blackfriars, Cannon Street, Fenchurch Street, Liverpool Street, Moorgate, City Thameslink
3 new Elizabeth Line stations
London City Airport, Standard Express
2 river boat stops

Employment & Industries

Growth Sectors (GVA) 2015-2019

Architect/Engineering
- up by 123%
Health
- up by 91%
Energy
- up by 74%

The Office Market

The City office market is one of the world’s leading business districts, and the largest in the UK and where a wide range of firms are headquartered.

The City has grown in terms of geography and height over the past few decades, with a cluster of tall buildings emerging. Traditional locations associated with specific industries are slowly being broken down as tenants become agnostic towards the location and building type.

Business Districts

Cannon Street
Bank
Mansion House
Bishopsgate
Moorgate
London Wall
St Paul’s
Finsbury Square
Monument

Largest deals in 2020-21

Company	Sector	Building	Size (sq ft)
Linklaters	Legal	20 Ropemaker Street	310,000
1 Leadenhall	Legal	Latham + Watkins	248,000
AXA XL	Insurance	20 Gracechurch Street	155,822
Baker McKenzie	Legal	280 Bishopsgate	152,690
T.Rowe Price	Financial	5 Paternoster Square	130,000

Mid sized deals in 2020-21

Company	Sector	Building	Size (sq ft)
Phoenix Group	Financial	20 Old Baile	12,727
ERM	Professional	Exchequer Court, 33 St Mary Axe	24,201
Tide Banking	Financial	1 Appold Street	22,964
Britannia Financial Group	Financial	52-54 Lime St	22,719
Knotel	Serviced Offices	16 Old Bailey	21,108