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As the UK economy’s recovery slowly gains pace, businesses will be in need of more office space in London, recent research has discovered.
Over the next three years London’s financial services sector will add up to 11,000 more employees and will need space to house them, research from BNP Paribas’ real estate unit has discovered.
To put this in perspective, the space needed is the equivalent to four of the Shard skyscrapers.
Banks are to require at least 1.6 million square feet of office space for their new employees, the research found, mostly in the City and Mayfair areas.
Of the companies surveyed in the research, a full 75 percent said that they were planning on expansion in the next three years, and 55 percent said that they would be adding a significant number of new employees.
Fred Hargreaves, head of BNP Paribas Real Estate’s City agency was quoted in the FT as saying: “There will be a lot of smaller firms taking larger offices, a lot like how the recovery started after the dotcom bust in 2003 and 2004.
“Taxation is a big concern however.”
The years 2012 and 2013 would see some major moves Hargreaves added, as leases signed in the 1980s and 90s ran out.
However over three quarters of those surveyed had fears about government regulation of the financial sector. “Poorly thought out regulation of banks” was a major concern as was “increasing taxes on banks and bankers”.
Due to be completed in 2012, the Shard will be the tallest building in the EU and the 45th tallest building in the world. It will have 586,509 square feet of office space and 62,129 square feet of residential apartments.
It will replace Southwark Towers, designed in 1976.