Swiss asset manager GAM is in talks over a City office a year after its Brexit backtrack
6th September 2017
Swiss asset manager GAM is in talks over a deal to rent 40,000 sq ft of office space in the City of London, more than a year after it scrapped plans to move to Victoria following the Brexit vote.The company is in talks to move from its current office in St James' to a 40,000 sq ft space at 8 Finsbury Circus, a new eight-story scheme by Stanhope and Mitsubishi Estates near the Barbican in the City.Last year GAM came close to taking 50,000 sq ft in Victoria, but shied away from the deal after the result of the Brexit vote. Although take-up of office space in the capital declined slightly in the aftermath of the EU referendum, confidence has bounced back in recent months, with research by Deloitte showing nearly 4m sq ft of new office space was completed in the capital in the first six months of this year, the most in 13 years.The City of London dominated the sector, delivering 10 new schemes making up 1.9m sq ft, with 8.2m sq ft in the construction pipeline.By contrast, construction fell by more than a quarter in the West End, although it rose nine per cent and six per cent respectively in Midtown and the South Bank.GAM declined to comment. The plans were first reported by Bloomberg.