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UBS reaping gains from bet on London rent

Swiss bank's lease of new HQ five years ago reaping rewards as shortage of office space hits the City

Demand for offices in the City of London is expected to outstrip supply for the next several years. Construction plunged after the financial crisis, limiting space coming onto the market today.


WHEN UBS Group agreed to rent a new headquarters in London five years ago, the UK economy was struggling to emerge from a recession and the financial district's banks were firing workers following the global credit crisis. As the Swiss lender's building nears completion, its timing