The take up of Rent office space office spaceoffice space by Banks in Docklands and the City fell 69% in 2008 according to office agents Cushman and Wakefield. From Oct 2007 to Oct 2008 the total take up by banks was just over 505,000 sq ft, down from over 1.6 m sq ft the same time a year ago.
The agent warn that vacancy rates in the City could reach a staggering 14%. Citibank have already sub let a whopping 190,000 sq ft recently. This preminition is based on a prediction of 90,000 job cuts. But the situation is not expected to be as lengthy or as painful as the recession of the early 1990’s.
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