Wed, 29 May 2013 | COMMERCIAL PROPERTY
Research has suggested that the majority of banks with a presence in Central London are planning on selling some of their commercial property assets.
Conducted by global property advisors CBRE, the study found that 72 per cent of banks are planning on streamlining their real estate portfolios over the coming two years in order to reflect the global economic landscape.
The paper also found that 34 per cent anticipate consolidation of real estate assets in response to the predicted rise in M&A activity in the sector. Meanwhile, 56 per cent of banks predict that they will consolidate their current occupied office space, while just six per cent said that they will maintain their current portfolio.
Senior director of CBRE's central London tenant advisory group, Frances Warner-Lacey, commented on the findings: "London’s cultural advantages, its preferable time zone and reputation as a world class city means that the best talent and biggest institutions still want to be based here and we don’t expect to see a shift in sentiment.
"The pressure on the banks in recent years has undoubtedly had an impact on their real estate requirements and recovery in the sector is likely to be slow in an environment of tighter regulation. That said, there are signs of growth in M&A activity, financial technology and asset management and this represents some positive news for London.”
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