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Spinningfields may benefit from London crisis

17/09/2008

A Manchester office development is expected to benefit from the economic crisis triggered by the collapse of Lehman Brothers.

According to the Financial Times, companies in England's capital are already feeling the pinch with several planning to let staff go in London over the regions.

Some businesses - like the BBC - were already planning to move operations outside London and to the north-west where salaries are low and rents are cheap.

Business is booming in Manchester city centre office leasing with expectations one million sq ft will be rented by the end of the year.

The latest company rumoured to be looking at Spinningfields' 100,000 sq ft offices was investment bank Goldman Sachs.

It is understood to be following the suit of many financial institutions by opening back offices.

Spinningfields has already attracted PricewaterhouseCoopers, the Royal Bank of Scotland, Barclays, BDO Stoy Hayward, Deloitte and the Bank of New York, the FT said.