The City of London will relinquish its crown as the UK’s financial capital according to new research.
The relocation of 8,000 employees from one of the world’s largest financial institutions to office space in Canary Wharf will create Europe’s biggest collection of bankers in the next few months, moving the capital of the UK and Europe’s financial centre away from the City of London.
In what appears to be a cost saving measure, the office space of Canary Wharf apparently provides a £19 per sq. ft. saving for banks such as JPMorgan when compared to keeping their existing offices in the City of London – just by moving 3.4 miles east.
The move to Canary Wharf, which provides around 15 million square feet of office space and retail space across over 30 buildings, is also likely to be relatively easy, with the transport network running to the site benefiting from both underground connections and the Docklands Light Railway.
Despite the shift over 30,000 financial workers are expected to remain working from offices in the City of London.