Financial Capital Shifts to Dockland Offices
The office space of Canary Wharf will be populated by the largest concentration of bankers in Europe by the end of June 2012 – overtaking the City of London as the financial center of the UK.
According to research by the Financial Times, this shift in power will be facilitated by the arrival of 8,000 staff from JPMorgan, taking the total number of bankers operating from offices in Canary Wharf to an estimated 44,500 ΓÇô roughly 1200 more than will now be located in the historic Square Mile.
One of the driving forces behind this shift is considered to be rents, with the average cost of securing office space in Canary Wharf reportedly 34% lower than in the City of London.
The larger floor plates offered by Canary Wharfs high rise buildings, such as the iconic One Canada Square, also allows these financial giants to operate from dedicated locations rather than splitting their staff across multiple buildings.
Considering the higher costs reportedly incurred by maintaining offices in Central London, recent research published by officebroker.com revealed that average workstation prices in Central LondonΓÇÖs serviced office market reached a 5 year high in the opening quarter of 2012.
Elsewhere on the blogΓÇª
- Q1 2012: Workstation Price Hits 5 Year High
- Canary Wharf Office Tower Half Full Before Building Begins
- Walkie Talkie Tower Receives Occupiers