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Office markets in Paris and London to resist the slowing in the banking sector |
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Wednesday, 09 July 2008 |
Markets in Paris and London have taken account growth in the absorption of office areas in the first quarter of the year as the main tenant was the banking sector, unlike other regions in Europe, where absorption of office areas has decreased by 6% compared to last quarter of 2007 because of the continuation of the credit crisis. This study shows a consulting company Cushman & Wakefield (C & W).
During the first quarter of the banking sector were made deals for around 222 thousand square. m in 15 - they are the largest banking market in Europe. Acquisition of land by the banking sector has represented more than 10% of the total absorption of office in the first quarter, considered by C & W.
Most active in the first quarter is the market near Paris, where he had been 85 thousand square. m office areas compared to 53 thousand square meters in the last quarter of 2007 Secondly is the Frankfurt by 35 thousand square meters used areas, followed by London City and Doklands where absorption has increased to 25 thousand square meters from 3 500 square meters in the last quarter of 2007 The market for Paris, and has registered the biggest transaction in the period with the rental of 60 thousand square meters of land Le Credit Lyonnais bank in one of the southern suburbs of Paris.
Absorption area continues to decline in the first quarter of the year with the slowing of bank activity, comment from C & W.
Most of this absorption is due to a few large transactions started before the beginning of economic uncertainty. However been completed despite fears that it may be hampered by a credit crisis, saying the company.
Compared with previous crises, banks are already using space efficiently, assessing their search after the financial crisis in Asia at the end of 90 - and they .com on the crisis in 2001-2002, which means it is unlikely to have a high volume of certain rental Areas to enter the market in the short term, says the president of C & W for France Denis Samuel-Lazhyones. |
Banking 
