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
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London
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 looks shrewd.
UBS secured a rent of £54.50 (S$110.43) per square foot (psf) in the City of London financial district's biggest leasing agreement since 2002. Since then, a rebounding financial industry has collided with a dearth of new offices, pushing average rents up to about £8 psf more than UBS will pay. Broker CBRE Group forecasts an increase of 12 per cent this year.
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