Banks are the strongest lessees in European metropolises

19 Dec, 2006, Frankfurt

According to Cushman & Wakefield (C&W), the international commercial real estate organisation, banks leased the greatest amount of office space in the European metropolises of London, Frankfurt, Paris and Brussels in the first half of 2006. Banks were involved in 78% of all lease transactions in these four large European financial centres. The largest lease volumes were registered in Paris, wherebanks leased approx. 136,000 m² in the first half of 2006 (compared to 86,620 m² in the same period in 2005). This was followed by London City, Docklands and the West End with 93,280 m² (2005: 119,030 m²) and Frankfurt with 41,200 m² (2005: 33,930 m²). Banks had a solid 10% share in the total of approx. 3.8 million m² office space leased in the 15 European financial metropolises. The total space leased in the first half of 2006 was approx. 20% higher than over the same period in the previous year (317,490 m²).

The largest relocation will be carried out by the Société Générale, which intends to move its headquarters to 68,000 m² of office space in the 183 metre Tour Granit in the Parisian business district of La Défense. The second largest transaction in the first half of 2006 was also concluded in Paris when BNP Paribas leased 10,200 m² at 21 rue de Châteaudun/45 rue Lafitte.

In Frankfurt, the three largest lease transactions ranged from 5,300 to 4,100 m²: Franklin Templeton Global Strategic Services Deutschland GmbH leased 5,300 m² in Mainzer Landstrasse, SEB leased 4,635 m² in the Rotfeder-Ring and Deutsche Pfandbriefbank (Depfa) leased 4,100 m² in Ludwig-Erhard-Strasse.

Throughout the European banking sector, C&W researchers have noted a fall in the amount of office space being sublet by banks. This will enable expansion measures to be implemented following the consolidation phase that has taken place over recent years.

Office space leased to banks in the 15 most important locations in Europe

	m² in	m² total 2005	m² in	m² in
	first half 2006	m² total 2005	second half 2005	first half 2005
Paris - Ile de France	135,66	231,21	144,59	86,62
London - City & Docklands	65,59	128,55	38,46	90,09
Frankfurt	41,2	90,48	56,55	33,93
Brussels	29,66	113,35	106,52	6,83
London - West End	27,67	72,73	43,79	28,94
Milan	16,78	19,3	17,9	1,4
Madrid	16,28	36,81	25,3	11,51
Lisbon	11,38	5,63	3,72	1,91
Warsaw	9,09	17,73	13,17	4,56
Moscow	8,46	47,83	31,37	16,46
Prague	5,27	14,35	9,92	4,43
Edinburgh	4,84	5,62	3,25	2,37
Glasgow	3,67	14,56	7,19	7,37
Barcelona	3,36	13,02	8,52	4,5
Budapest	2,99	22,22	5,65	16,57
Total	381,9	833,39	515,9	317,49

Source:Cushman & Wakefield

The largest office space lease transactions in Europe in the first half of 2006

City	Lessee	Building/Address	Size (m²)
Paris	Société Générale	Tour Granite, boulevard des Bouvets, rue des Longues Raies	68
Paris	BNP Paribas	21 rue de Châteaudun/	10,02
Paris	BNP Paribas	45 rue Laffitte	10,02
Brussels	Fortis Bank	Central Plaza, Place Cardinal Mercier 6	9,8
London	Barclays Plc	1 Churchill Place	9,025
Paris	Gestitres (Groupe Caisse d'Epargne)	Cap de Seine, boulevard Paul Vaillant Couturier	8,858
Milan	San Paolo (AIP)	Via Stelvio 57	8,78
Brussels	Fortis Bank	Mont des Arts 6	7,286
Madrid	ING	Avenida de Bruselas, 16	6,2
Paris	AXA	Le Carat II, rue André Gide	6,13
Frankfurt	Franklin Templeton Global Strategic Services Deutschland GmbH	Mainzer Landstrasse 16	5,3
Frankfurt	SEB	Rotfeder-Ring	4,635
Frankfurt	Deutsche Pfandbriefbank (Depfa)	Ludwig-Erhard-Strasse	4,1
London	MacQuarie Bank Ltd	120 London Wall	3,786
London	BNP Paribas	20 Copthall Avenue	3,53
Warsaw	Volkswagen Bank Polska	Rondo I	3,5

Source:Cushman & Wakefield

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