Vacancy rates for prime real estate space in the business districts of Paris, Frankfurt and Amsterdam are at the lowest levels in a decade. The problem is particularly acute for Wall Street firms who have 87% of their investment banks EU staff located in the U.K.
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Brexit banks relocation risk
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It’s little wonder that other countries are eyeing the spoils of the City. Despite the 2008 crisis and subsequent recession, financial services remain a crown jewel of the U.K., accounting for more than 12 percent of the economy and providing 2.2 million jobs. Banks paid the U.K. Treasury 66 billion pounds ($88 billion) in tax in 2014, more than any other sector.
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