Ghost town

For years, London’s dominance as the world’s leading financial centre was matched by the dominance of financial services in the capital’s property market. But while the financial crisis doesn’t seem to have challenged the City’s position as the favourite destination for global capital, lettings to the sector dropped like a stone – and still haven’t recovered. Where financial services companies once took one in three lettings in the City, they are now lagging behind both TMT and professional services. In this nine-page special report for Estates Gazette, I spoke to property experts and financial services firms themselves to find out whether the change is permanent, and interviewed RBS’ head of property strategy about his plans to streamline its vast office portfolio in readiness for re-privatisation.