Helen Roxburgh 16/11/2007 11:45

London's banks and financial services companies have increased their take-up of flexible serviced office space by 74% in the last year.

According to research from MWB Business Exchange, conducted across its 27 serviced offices in the capital, financial services companies and banks have increased workstations in Canary Wharf, the City and the West End by close to three quarters when compared to the same period last year. 

John Spencer, CEO, MWB Business Exchange, the UK's second largest serviced office provider, said: "The banking and finance sector is very cyclical, and we are already beginning to see the fall-out from the recent credit-crunch with major investment banks announcing staff cuts.

"We fully expect the use of serviced offices to continue to rise as companies use them as part of their expansion strategy."

The research also showed that communications industry take up of serviced offices rose by 49%, government and public sector increased by 32%, IT increased by 15% and recruitment by 10%.

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