EC2, EC3 and EC4 postcodes are collectively referred to as ‘The City’ and often as the Square Mile, the latter term denoting the fact that it is almost exactly one square mile. The City's boundaries have remained almost constant since the Middle Ages. On a par with New York as a leading centre of global finance, the area employs 340,000 people and enjoys an excellent reputation as a fast-paced, dynamic environment in which a great deal of money is made and lost every day of the week.
The City of London houses Lloyd’s of London, the London Stock Exchange and the Bank of England, making the area very attractive for financial and insurance firms including Deutsche Bank, Barclays Bank, Bank of America and Citigroup.
The City is mainly made up of commercial office space of which a large proportion is serviced office space. Compared to the conventional market, serviced office space allows young start-up companies particularly in the insurance, finance and recruitment sectors to grow and flourish thanks to the flexible terms and inclusive pricing which are part of serviced office leases.
The City’s largest existing commercial buildings are listed below. Many new developments are currently under construction and many more are at the stage when approval for building has been granted and construction is due to commence soon. The majority of these are mid-rise buildings, including 'The Heron' at 112 metres.
- Bishopsgate Tower - 63 floors, 288m
- Heron Tower – 47 floors, 246m
- Leadenhall Building – 48 floors, 225m
- 100 Bishopsgate - 165m (construction start date: 2011)
- Broadgate Tower - 35 floors, 165m
- The Walkie Talkie Tower - 36 floors, 160m
Major operators that have serviced space in EC2, EC3 and EC4 include Regus, MWB, Abbey, Avanta and MLS. Smaller independent operators also reside in the City thereby offering a wide choice for tenants.
Compared to the rest of the UK, City serviced offices have a significantly higher desk price, commanding monthly rents that often exceed £550 per person. This is mainly due to the high demand for serviced office space commanded in an area of high prestige and in which the buildings are famed for great style and elegance. The City’s serviced office market is dominated by a unique combination of period properties and modern ‘glass and steel’ office space; an unusual blend which seems to attract the highest bidders.