Banks lease 13% of all office space in Europe

7 Jan, 2008, Frankfurt

Banks lease 13% of all office space in Europe

By the end of September 2007, 13% of all leased office space within Europe had been taken up by banks, which continue to represent the largest group of lessees in the office real estate market.Banks in Europe’s top 15 banking locations leased a total of 670,000 m² office space in the first three quarters of 2007, with the highest lease volume of 280,000 m² falling in the third quarter.As international real estate consultancy organisation Cushman & Wakefield (C&W) reports in the current edition of its "EMEA Banking Business Briefing", the volume of office leases within Europe in the first nine months of 2007 amounted to 6.9 million m², 7% below the results for the same period in the previous year.

The largest lease volume was recorded in Paris, Ile de France, wherebanks leased 111,818 m² office space in the first three quarters. This was followed by London City and Docklands with 108,049 m², together with 9,134 m² in London’s West End. Moscow took third place with 84,896 m², followed by Frankfurt in fourth with 81,856 m² and Brussels in fifth place with 65,913 m².These five major banking locations accounted for 67% of all lease transactions within Europe.

Lease transactions involving banks at Europe’s 15 most important locations

	m² Q1/07	m² Q2/07	m² Q3/07	m² gesamt Q1 bis Q3 2007
Paris - Ile de France	59.888	29.361	22.569	111.818
London - City & Docklands	22.654	11.064	74.331	108.049
Moscow	31.600	17.600	35.696	84.896
Frankfurt	9.744	26.312	45.800	81.856
Brussel	1.678	41.684	22.551	65.913
Warsaw	13.280	37.300	7.475	58.055
Madrid	10.710	20.171	27.002	57.883
Miland	16.045	3.050	30.735	49.830
Budapest	2.520	8.001	3.242	13.763
Amsterdam	2.750	6.150	4.800	13.700
London - West End	2.553	2.980	3.601	9.134
Barcelona	3.196	1.990	150	5.336
Glasgow	0	3.207	1.670	4.877
Prague	0	2.249	2.202	4.451
Edinburgh	0	0	437	437
Gesamt	176.618	211.119	282.261	669.998

Quelle: Cushman & Wakefield

During the first nine months of 2007, the largest lease transaction was recorded in Brussels whereFortis Bank leased 28,909 m² in the Manhattan Center on Avenue du Boulevard in the second quarter of the year. The second largest transaction took place in the third quarter in Madrid where BBVA leased 24,000 m² at María Tubau 10, closely followed by the 22,400 m² leased by the Millennium Bank in Warsaw’s Harmony Office/Polifonia Center.

In Frankfurt, Sal. Oppenheim jr. & Cie. KGaA leased 10,400 m² at Bockenheimer Landstraße 23 in the third quarter, followed by Deutsche Bank with 10,000 m² in Junghofstrasse.

Although it is still too early to gain an overview of all the repercussions of the credit crisis, researchers at C&W do not expect a significant downturn in the demand for space from the banking sector. In particular, high-quality office space in good locations has become scarce throughout almost the whole of Europe and this demand is expected to continue.

The largest office space lease transactions in Europe in quarters one to three of 2007

Stadt	Mieter	Objekt / Anschrift	Fläche (m²)	Quartal 2007
Brüssel	Fortis Bank	Manhattan Center, Avenue du Boulevard	29.909	Q2
Madrid	BBVA	María Tubau, 10	24.000	Q3
Warschau	Millennium Bank	Harmony Office / Polifonia Center	22.400	Q2
München	Hypo Real Estate	Lehel Carré, Sternstraße / Gewürzmühlstraße	21.000	Q2
London	RBS	Bankside 3, Southwark Street	18.734	Q3
Puteux - Ile de France	Société Générale	Tour Pacific, 11 cours Valmy	16.500	Q1
London	RBS	Bankside 2, Southwark Street	14.591	Q3
Courbevoie - Ile de France	Calyon	Les Renardières,1 place Victor Hugo	11.000	Q1
Brüssel	Fortis Bank	Botanic Building, Boulevard St-Lazare 6-10	10.528	Q2
Frankfurt	Sal. Oppenheim jr. & Cie. KGaA	Bockenheimer Landstraße 23	10.400	Q3
Frankfurt	Deutsche Bank	Junghofstraße	10.000	Q3

Quelle: Cushman & Wakefield

back to real estate News & Events

Printer Friendly Version

Contact Us

For further information, please contact:

Susanne Weber
+49 69 50 60 73 - 365

More contacts