TNBiz (TNBiz)
Finance  |  June 20, 2011 11:55:07

The European banking industry is gaining strength, the banks are renting more space (June 20, 2011)


Mediafax

PRAGUE (MEDIAFAX) - In the period between April 2010 and March 2011, banks in Europe by 20 percent leased more office space than the five-year average. The report says Cushman & Wakefield, which informed the company on Monday.

During the period in rented more than one million square meters of office space, which according to the report, the recovery from the crisis years 2009 and 2010, when the leased less than half of this area.

Market is dominated by the major banking centers in London, Paris and Frankfurt. In them were together in the past year hired more than 55 percent of the total area of ??office space leased to banks.The highest activity recorded in London, where he rented nearly 300 000 square meters, ie 27 percent of the area throughout Europe.

The lack of quality supply in many locations throughout Europe, according to the company responsible for the continuing trend of companies leaving the area to build peace and to become their owners. This is especially true in London and Moscow. In many European cities starting rents in prime real estate growth. Tenants have already pre-lease by not ensure lower rents, as it was common for six or nine months ago.

None of the largest transactions concluded in the period from October 2010 to March 2011 was pre-leases, as opposed to the two largest transactions that took place in mid-2010.

It continues the trend of Chinese banks' expansion into Europe. Chinese banks see opportunities in the developed, but currently under-stocked market loans. This is related to greater caution local banks.

In Central Europe, has been renting office space particularly high in Warsaw and Prague. Warsaw has seen a nearly 63 percent more active than the five-year average. The volume of leases in Prague last year exceeded the five-year average of 25 percent.

"The banking sector in the Czech Republic in the past year has been quite active. Several banks had expanded its leased space and also extend their existing lease space, "said Radka Novak, head office team at Cushman & Wakefield.

A significant transaction entered into Commercial Bank, which in the City West project lets build a 15,000 m square surfaces. "UniCredit signed a lease back space in the building of Philadelphia in the BB Centre. Consolidation and optimization of office space is a clear trend for the largest banking players," said Novak.

The trend of owning office space here is not too common. The only exception is just the banking sector. "Banks are generally not subject to VAT, and therefore tend to be problematic for the tenant owners of newly completed buildings. Often, a situation addressed by the office building let to build the key and then inserts it into their affiliated real estate funds," said Novak.

Libor Popel, popela@mediafax.cz

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