The European banking sector has seen a further influx of Chinese banks and a rise in office take-up during the last six months, according to a new report from global real estate adviser Cushman & Wakefield. Two of China's biggest banks: Agricultural Bank of China and China Bank of Communications placed under offer space at 1 Bartholomew Lane in London during the last month.
The European banking sector has seen a further influx of Chinese banks and a rise in office take-up during the last six months, according to a new report from global real estate adviser Cushman & Wakefield. Two of China's biggest banks: Agricultural Bank of China and China Bank of Communications placed under offer space at 1 Bartholomew Lane in London during the last month.
The large majority are taking space in London, although there are smaller numbers looking at Milan, Madrid, Paris and the Benelux region. As a number of Chinese banks have undertaken rights issues to raise capital and are likely to use some of these funds for future expansion within Europe, this trend is likely to continue.
Other Chinese banks that have taken office space in Europe during the last 18 months include Industrial & Commercial Bank of China (Milan and Madrid), China Exim Bank (Paris), China Construction Bank, Industrial & Commercial Bank of China, People's Bank of China, Bank of China and China International Capital Corporation (all in London).
Total European banking sector take-up of office space totalled over 440,000 m2 in the six months over Q2 & Q3 2010, an increase of almost 8% on the previous half year's total. This is the highest figure since Q4 2008 and when compared to the same period in 2009, reveals that banking take-up has more than doubled. The banking sector continues to account for 11% of overall office leasing activity.
