A survey by banking group Halifax have revealed that workers in the City of 
London have the highest average salaries in the UK.
The average annual wage for a worker in the square mile was £82,084 followed by Tower Hamlets (£69,474), Westminster (£57,737) and Islington (£57,525). The steepest increases in salaries were concentrated in small pockets of the South East. Despite the credit crunch, UK salaries on average has risen at above the retail inflation rate for the last five years.
Salaries rose quickest in London with workers having been given an average 23% rise since 2003. The Midlands and Scotlnd had also experienced increasing salaries in the last five years.
It is unlikely that wages will grow substantially in the next1-2 years as companies seek to restrain generous renumeration packages. With the threat of reduancy looming over many workers, the ability to negotiate a higher pay increase is severely restricted.
US Investment giant Morgan Stanley is reducing the amount of office space it occupies in Canary Wharf due to the sluggish performance of the financial sector. The bank has the option of a break in it’s lease for up to 25% of workspace in February 2010, which is 10 years before the lease expiry date.
The area is at present occupied by back office members of staff who the company are planning to move to 25 Cabot Square and 20 Bank Street. However, occupancy levels in Canary Wharf Group”s buildings are still circa 97%. But there is still doubt over the future of Merill Lynch who were acquired by Bank of America last year. With the financial sector contracting, it is certain that demand for Docklands Office Space is certain to fall in the next 18 moths.
Despite take up and rental levels performing well in 2008, 2009 is set to be a very difficult year for the office market in Leicester. Take up in 2007 was 337,000 sq ft – this increased to 340,000 sq ft in 2008. However grade A rental values held firm at £16.50 and there is little sign that they will increase in 2009. Compare this with a 17% rise in rental values in 200, before the credit crunch took hold.
However there has, according to local agents, been an increase in the number of enquiries from companies seeking upto 5,000 sq ft of space. That is indicative of a nationwide trend where the larger, corporate requirements have been put on hold as companies take stock of the economic situation.
The largest global serviced office provider is to provide free office space for newly formed companies. The “Get Started” campaign will allow companies that are newly formed to rent upto 2 workstations for free. There will also be free mentoring sessions aimed at helping entrepreneurs learn how to succeed in the world of business.
John Dunsmure from the British Chambers of Commerce (BCC) said a fall in confidence, lack of credit and rising energy costs had been squeezing those seeking to start a new business.
The £10m scheme is aimed at helping over 50,000 potential new business people.
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Take up of office space in Oxford slowed to below the 5 year average (252,000 sq ft) – a final figure of 200,000 sq ft was achieved in 2008 experts say. Oxford has been somewhat shielded from the effect of the crunch because the city centre is so compact and supply is always so limited, due to the historic nature of the buildings. This is probably what will prevent rental rates falling in the coming months.
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Corporate finance experts Close brothers have warned that commercial property could cause ANOTHER credit crunch. Banking institutions and investors face the prospect of a 140 billion pounds fall in values as well as a 125 billion debt refinancing bill.
The banks have lent heavily against commercial property in recent years as yields and values rose exponentially. Now these are in free fall the banks could be exposed to over 250 billion pounds worth of commercial property debt.
The company also warned that this danger had yet to be “fully appreciated” by the parties involved.
Lloyds Business Communications are to move from their office space in Warrington to new offices in Mere Grange, St Helens.
Lloyds are one of the most successfu business communication companies in the United Kingdom with clients such as Microsoft.
The Mere Grange office space is located just of the St Helens Linkway which is close to the M62.
