Nearly half of firms who are established occupiers of central London property moved some, or all, of their operations to another London submarket during 2015, research has found.
The main trend is for West End firms moving eastwards to the City and East London submarkets, though there has been an increase in the number of banks and other financial firms moving from the east of London to West London as they seek out high-profile buildings in proximity to their client base, says Cushman & Wakefield, which carried out the research.
However, the shift from west to east is the dominant trend with half of West End movers relocating to one of the City and East London submarkets, compared to just 16% moving in the opposite direction.
At a submarket level, the “City Core” welcomed the highest number of incoming occupiers relocating from other areas, followed by Canary Wharf & Docklands.
Azar Laghaei, London markets analyst at Cushman and author of the ‘Movers and shakers report’, said: “Growth in floorspace occupied was seen across almost all sectors, with media & tech and banking & financial services occupiers leading the trend.”
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