City firms seek new office space

Office design news from Morgan Lovell

Published on 21-02-2012

The City of London is set to see a surge in demand for new office space among top financial firms following a drop in rent levels, according to a new report.

Jones Lang LaSalle said it expects several high profile companies to move into new premises once their current leases expire, indicating that there could also be an increase in the number of firms carrying out office refurbishment at sites in the capital.

It based its research on figures from the British Land half-year survey to the end of last September.

Among the firms looking to relocate is consultant Jardine Lloyd Thompson, according to the research. A spokeswoman confirmed that the company is exploring "various options" for 200,000 sq ft of office space before several of its leases expire in 2013.

Meanwhile, law firm Nabarro Nathanson is reportedly looking for 125,000 sq ft of space, potentially including second-hand offices at London Wall’s Alban Gate.

A spokesman for the company said he could not comment on the matter while discussions were ongoing.

But he added: "Nabarro continues to explore options for office space ahead of our current lease expiring in 2014."

Copyright Press Association 2012