City hiring spree to drive office squeeze

Marion Dakers
LONDON-BASED banks will need an extra 1.6m square feet of space by 2014 to accommodate an expected hiring spree, research out today claims.

“To put this into perspective, this is the equivalent of four extra Shards or five extra Heron Towers – good news for the City in particular as this is where most of the banks will be looking,” said Dan Bayley, head of central London at BNP Paribas Real Estate, which commissioned the research.

Banks and financial services companies will add a total of 11,500 extra employees over the next three years, the survey predicts.

Three quarters of the banks surveyed said their business will grow over the next three years, with 55 per cent adding that they will increase head counts during this period.