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 offices is Barclays cutting?

• 10%

• 15%

• 20%

• 25%

What is the equivalent of the office space being cut by Barclays in terms of desks?

• 3000 desks

• 4000 desks

• 5000 desks

• 6000 desks

What has caused the fall in office values in the City of London Financial District?

• High demand

• Brexit

• Increased construction

• Low interest rates

How are banks like Barclays responding to the current economic environment?

• Expanding their offices

• Cutting costs and workers

• Increasing hiring

• Investing in new properties

What are some of the incentives that landlords are offering to tenants?

• Rent-free periods

• Lower rent

• Free parking

• All of the above