Serviced Offices
Bank Serviced Office Market Continued…
Following on from today’s earlier article regarding the current conditions of London’s Bank market, property magazine Property Week have announced that US investment bank JP Morgan have decided to walk away from a 1m sq ft relocation to the Barbican area of the City. This decision serves a further blow for the city’s commercial property market which, as reported in our article entitled “The Serviced Office Market Around Bank Tube Station“, is currently one of the areas where the credit crisis is having the greatest effect. It was also reported that the investment bankers are ditching the City in favour of the Canary Wharf business area which, despite also feeling the effects of the impending recession doom and gloom, continues to attract the attention of London investors. For further details on current conditions in Canary Wharf please see our article of 15th July “More Green Roofs for Canary Wharf“.
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[...] City itself following our recent articles regarding problems in the central office market “Bank Serviced Office Market Continued…..” and “London Office Market Continues to Slump“. Tags: Bank, London [...]
[...] The first-quarter loss of the serviced office provider spells bad news for the central London office market which, despite seeing a number of lucrative deals over the past few months, continues to see an overall market decline, accentuated by a number of larger corporations, the likes of JP Morgan who recently ditched plans for a city move, now favouring the Docklands as reported in our article of 1st August “Bank Serviced Office Market Continued…“. [...]