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Banks the biggest lessees
19 May, 2010, Frankfurt
Around 400,000 m² of office space has been leased to banks in Europe in the last six months
making the banking sector the biggest lessee in terms of space leased. 66% of the total lease
volume was achieved through a small number of major transactions. According to the latest
'C&W European Banking Briefing – Spring 2010' report from Cushman & Wakefield
(C&W), Europe's banks have leased almost twice as much space in the last quarter of 2009
and first quarter of 2010 as in the previous six months and they have rented the largest amount
of total space since 2008. This gives banks 11% of total European lease volume, which is 2.5%
up from the previous six months.
Nine leases over 10,000 m²
In total, European financial institutions leased office space of over 10,000 m² on nine occasions. Four of these major leases were made to owner-occupiers and totalled over 130,000 m², thus accounting for 32.5% of the total lease volume to banks in the fourth quarter of 2009 and the first quarter of 2010. Owner-occupiers leased three large spaces in Paris and one in Amsterdam. For example, Credit Agricole sold the former 'Evergreen' office development in Montrouge with 80,000 m² as part of the consolidation of its Parisian unit. This project development is designed for 9,000 employees and will allow Credit Agricole to make savings by cutting down on its office space.
"The mood in the European office market has noticeably improved", state C&W office lessors who go on to comment that: "In Frankfurt, Brussels and Amsterdam, the office leasing market has definitely reached the bottom of the current cycle. In the City and the Parisian CBD, leases are rising again, which has not been seen for a long time. These are good signs, which the banks are now taking into account in their strategic planning for the future."
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