Barclays Cuts 25% of London Office Space

Barclays plans to cut 25% of its London office space, equivalent to 5000 desks, and sublease space in Canary Wharf to the UK Government. This move, predating Brexit, is part of a broader trend among banks to reduce costs in a low interest rate environment. The oversupply of office space poses a significant threat to rents and values, potentially more than Brexit itself. Tenants are in a strong position to renegotiate deals, with incentives like rent-free periods becoming more generous post-referendum.

What percentage of its London office space is Barclays planning to cut?

• 75%

• 10%

• 25%

• 50%

What is a significant concern for the London office market, potentially more impactful than Brexit?

• Lack of skilled workers

• High interest rates

• Oversupply of office space

• Increased taxes

Which bank was reported to be offering a large chunk of space for sublease?

• Deutsche Bank

• Citigroup

• Lloyds

• HSBC

What strategy are tenants using to potentially get better deals post-referendum?

• Investing in new technology

• Hiring more employees

• Renegotiating existing deals

• Increasing office space

Which company revisited their deal to move to Canary Wharf after the referendum?

• Royal Bank of Scotland

• HSBC

• Credit Agricole

• Barclays