The Bank of England’s financial regulation division has announced that it intends to move out of its office in central London at Margate Street, due to the high cost of office space in London.
The Bank of England is one of many organisations affected by the substantial rise in office rents in the capital, which averages £55 per square foot in the City of London, with some premium offices costing over £100 per square foot.
Since the pandemic, the Bank of England’s financial regulation division, like many businesses, has established hybrid working patterns with staff spending at least some time working remotely. This means they need less office space and can save money by downsizing.
The lease for the Bank of England’s Moorgate offices expires in 2028, when it is expected that they will relocate to other offices rather than renew the lease.
Many companies that move from London due to the high cost of offices are attracted to Liverpool, where rents are typically lower. Since 2000, a million square feet of office space has been added to Liverpool’s business district. New office developments are being built in Old Hall Street, Chapel Street and St. Paul’s Square, which are transforming the look of the city centre and encouraging companies to move to Liverpool.
For office removals in the Merseyside area and beyond, you can rely on Merseyside Movers & Storers to take care of moving all the office furniture, equipment and supplies to the new location.
