Warsaw take-up of office space per business sector
2004
2008
2013
Source: DTZ Research
Financial Services
TMT
Public Sector
Other
13.3%
63.2%
49.9%
59.0%
15.7%
7.8%
5.1%
18.7%
26.3%
8.5%
18.4%
14.2%
Paris take-up of office space per business sector
2004
2008
2013
Source: DTZ Research
Financial Services
TMT
Public Sector
Other
14.3%
12.3%
9.6%
63.8%
22.1%
12.1%
5.9%
59.9%
12.2%
13.8%
8.1%
66.0%
3.4.3 Trends in real estate take-up
in Europe
Research by DTZ, showing the proportion of real estate
take-up accounted for by different industry sectors in major
European cities – London, Paris, Brussels and Warsaw –
reveals that banks significantly increased their demand for
workspace in the run up to the global financial crisis
(see
graphs below)
. Unsurprisingly demand has subsequently
fallen back to pre-crisis levels. London saw the biggest swings
as banking grew from 30% of total take-up 2004 to 50% in
2008, and then fell to just 19% by 2013.
During the interviews we conducted, it was clear that
this trend was driven primarily by two factors. Firstly, the
employment profile of the industry – significant increases in
headcount pre-crisis, followed by a large decrease afterwards
(masked only slightly by the increase in compliance staff
from 2010 onwards). And secondly, by the need to rationalise
substantial property portfolios, the result of the rapid
headcount growth and merger activity pre-2008.
Both the TMT and public sectors remained relatively stable as
a percentage of total take-up in Paris, Warsaw and Brussels. In
London, however, the public sector dropped due to a policy
of decentralisation (from 2004 to 2008) and headcount
attrition (since 2008). Conversely, the TMT sector has
become much more important in recent years, accounting
for 35% of take-up in 2013. This reflects rapid employment
growth and the emergence of distinct clusters of activity,
notably at the northern boundary of the City of London.
30
The future of the financial workplace
|
September 2014
