Japanese bank Mizuho has launched a 200,000 sq ft City office requirement, bolstering the capital’s place at the top of the global financial tree.
Tokyo-headquartered Mizuho Bank has appointed Allsop to lead its search for a new home in the City of London.
It wants to upsize from 167,000 sq ft at Bracken House, ahead of a lease expiry in 2017.
Mizuho’s requirement will help London retain its number one position on think-tank z/yen’s Global Financial Centres Index report.
The bank’s requirement for space is one of the largest financial office demands to hit the market this year, following M&G Investments, which instructed Knight Frank in May to find it up to 300,000 sq ft in the Square Mile.
Schroders is also looking for 200,000 sq ft in the City.
The requirements follow a busy first half in the City, where take-up hit 1.6m sq ft – above the 10-year average of 1.2m sq ft.
The occupier demand from the financial sector defies reports earlier this year by several agents that the banking sector is becoming further subdued in the City market.
One City agent said: “Take-up and demand from the financial sector in the City is unquestionably on the up. A number of firms are expanding their businesses, and the atmosphere in the market is more confident.”
According to Strutt & Parker, active occupier requirements in the City currently amount to circa 6.5m sq ft, of which approximately one-third is from the financial and banking sector.
joanna.bourke@estatesgazette.com
