Warning from Cushman and Wakefield over City office take up

Cushman & Wakefield are the latest property agent to warn that job losses in the City could have grave consequences for office space take up.

They emphasize that the dominance of banking and financial institutions in Europe’s major cities, including London, mean that there will inevitability be knock on effect for office leasing. They cite that activity in London was down 92% in Q4 2007, the worst performance of all the major European cities. With some forecasting that over the next eighteen months there could be 10,000 job losses in the City, the reduction in required office space could be in excess of one million square feet.

However, there is not the impending threat of mass over supply according to Guy Douetil, partner at Cushman and Wakefield This was the problem the bedeviled the market back in 2000.

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