US Investment giant Morgan Stanley is reducing the amount of office space it occupies in Canary Wharf due to the sluggish performance of the financial sector. The bank has the option of a break in it’s lease for up to 25% of workspace in February 2010, which is 10 years before the lease expiry date.
The area is at present occupied by back office members of staff who the company are planning to move to 25 Cabot Square and 20 Bank Street. However, occupancy levels in Canary Wharf Group”s buildings are still circa 97%. But there is still doubt over the future of Merill Lynch who were acquired by Bank of America last year. With the financial sector contracting, it is certain that demand for Docklands Office Space is certain to fall in the next 18 months.
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