London is an extremely popular base for a variety of multi national companies. In addition to being the capital of England, London is a major worldwide hub for a variety of large companies and organisations, so when it comes to office space, London offers a fantastic choice of office sizes and styles.
Office space in London is located in a very diverse range of building styles, in the classic period style office buildings, in modern office space, corporate office space as well as more economic office space and quite funky offices which attract media and publishing type companies in the main. Financial services companies and major banks are a very large sector in London’s economy, and most of the biggest offices in London are occupied by banks and organisations involved with finance.
With the demand to have your workforce operating from the same location as strong as ever, larger office spaces, to house large numbers of employees in one location in London seems to be on the increase. There’s lots of interest in bigger, better office space in popular London locations. High quality office buildings with good transport links in areas with modern services and in well-maintained surroundings are in high demand.
Now if your business needs large office space, and the availability of empty large office space on the market is not suitable, perhaps building a brand new office building is the solution? A brand new office building project, which may end up, when completed in 2014, being the biggest single occupancy office in London, was just the solution for UBS – the worldwide financial services company.
When the deal was announced at the end of January 21012, Tim Roberts, Head of Offices for British Land, said: â€œThis is another significant milestone in the development of the new UBS building at 5 Broadgate and a real boost for the City. The Broadgate estate continues to evolve to serve the needs of a range of city occupiers and the 30,000 people based there.â€
UBS works in over 50 countries around the globe and it has over 64,000 employees. Using its headquarters in Europe, UBS has agreed an offer to build up its London base at 4 and 6 Broadgate within the City of London. Office space in the City of London is among the most exclusive and costly in London, possibly the world, with the new UBS 700,000 sq ft development costing them around 54.50 per sq ft, per annum on around an 18 year lease term. So, potentially UBS could be spending Â£38,150,000.00 every year on rent, for the next 18 yearsâ€¦..thatâ€™s a huge Â£686,700,000.00 !
The office property is believed to be costing Â£340 million to build, and will be constructed by the site’s proprietors British Land and Blackstone – the non-public equity group. The office building will ultimately contain 700,000 sq . ft . of office space, with British Land explaining the move as showing ‘the long lasting benefit of this important Town of London office estate.’ The designers also condition ‘the new building will boost the overall quality of Broadgate while producing a beautiful development return.’
This huge investment decision by UBS is further confirmation of the general feeling that the Swiss bank is in resilient financial health, as noted in the European Union’s recent banking stress tests, commentating that it expects UBS to stay in good financial health.
Meanwhile the US bank JP Morgan continues to be undecided over whether or not to proceed with a brand new large office development project in Londonâ€™s Docklands, a twin tower development in the East London site, that is already the place to find a variety of other large financial organisations, for example Barclays, Citibank and HSBC.
You can free search for large office space in the City of London and offices in Docklands with Work Space Search, compare price, size, office style and information online anytime at www.workspacesearch.com.