London City Offices face a further round of job cuts before the end of the year with the City’s Financial Firms cutting staff as part of further cost cutting measures it is being reported. UBS will axe up to 3,000 jobs in its London Offices, in one of the biggest banking staff cutbacks seen since the collapse of Lehman Brothers.
Other notable Financial Firms to announce similar plans recently include Credit Suisse with a new round of job cuts as part of a drive to save an extra 1 billion Swiss francs (Ă‚Ĺ668m). Deutsche Bank is losing nearly 2000 staff Barclays and SociÄ‚Â©tÄ‚Â© GÄ‚Â©nÄ‚Â©rale have both said they will reduce numbers in their trading operations.
As we blogged last week here at Easy Offices the dramatic job losses are having an effect of the Office Market also with some prime location Office Space now being acquired by Residential Developers. This rise in part is due to the prices Residential Developers can currently achieve in prime location. Commercial values for the big Mayfair Office Buildings are around Ă‚Ĺ1,000 Ă˘â‚¬â€ś Ă‚Ĺ1,500 per square foot, whereas residential value can be Ă‚Ĺ2,000 per square foot or more!
Two Freehold Offices in Mayfair are being marketed with planning permission for Residential Use for a mere Ă‚Ĺ45 million! The Buildings are 11,000 sq ft and 8,000 sq ft which will by anyone’s standards a rather large dwelling!
If that’s a little out of your price range check out some of the less expensive Offices around London.