Banking and financial firms choose offices in the City
In a recent investigation based on officebroker.com enquiries, we looked further into the office space trends of businesses from the banking and financial sector. We wanted to find out which location these firms targeted for office space – and while some are fairly predictable, we also had a surprise in store.
The single most popular location by far was the EC postcode region of Central London, the UK’s prime financial district and home to the London Stock Exchange and the Bank of England. This area is otherwise known as The City, or the ‘Square Mile’.
The iconic office building 30 St Mary Axe, also known as The Gherkin, is located within the City of London’s EC postcode remit. Nearby Canary Wharf is also a popular location for banking firms, known by many to be London’s second financial home.
The results show that outside of London, Birmingham was the next most popular location for businesses from the banking and financial sector, followed by Manchester.
Surprisingly, office space in Sheffield was the 9th favourite base for the industry – which even outperformed the SE area of Central London. This area of the capital is home to Southwark, which borders the City’s official boundary across the Thames. To be in such close proximity to the chief financial district, it’s surprising that this part of London was less favorable than the Yorkshire city of Sheffield.
However, with firms needing to address the issue of cost-saving and cutting overheads during the recession, many are finding it necessary to consider cheaper alternatives.
Sheffield occupies a prime location for access to the chief northern cities of Manchester, Leeds and Liverpool, along with an excellent network of road and rail transport links. The city also offers cheaper rents and rates for office space, and typically a lower salary than those found in the capital.
To read the report in full, click the following link:
To search for office space in the City and other areas of London, or to search for offices in Sheffield, Birmingham, Manchester, or any other location in the UK, go to officebroker.com to find and compare offices. You can also speak to one of our localised consultants for free expert advice.