occupier EG LONDON OCCUPIERS T


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he Great British Public may love to lambast bankers at the moment, but they may be unaware that the financial services sector accounts for around one-tenth of UK GDP and employs more than 1m people across the country. Nearly 360,000 of those,


according to government figures, are based in London, making up 15% of the capital’s total employment base. Despite rucks over fiddling LIBOR and


PPI mis-selling, banks and other financial services companies continue to have a firm foothold in the capital, with London staying resolutely at the top of the tree of global financial centres (see box). But with multiple threats on the horizon, including increasing regulation, a potential UK exit from the EU and the parlous state of the European economy, some are wondering whether London’s grip on the crown may start to waiver. DTZ is warning of a seismic shift in the


City market with take-up set to plateau as other sectors fail to take the place of dwindling financial occupiers. Between 1985 and 2007, finance made up more than half of City take-up. In the next five years the agency is forecasting it will be just 30%. The outlook for the banking sector, says


London’s banking and financial services occupiers are having a tough time. With job cuts and tighter regulation in the pipeline, demand from the sector for new offices will be limited for the foreseeable future.


Mark Simmons reports Hammertime 13 April 2013 www.estatesgazette.com 75


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