Frankfurt could be the new London

With 19 high-rise developments, the city hopes to attract banks formerly based in the UK

TRD New York TRD WEEKEND EDITION /
Oct.October 22, 2017 09:00 AM

(Pixabay)

The German city is making a bid to become the next London following the post-Brexit exodus of companies from the UK financial hub.

Frankfurt re-positioning as the ideal location for banks and construction has already begun: 19 high-rise buildings are underway with 26 more in planning stages, according to Dezeen.

The new buildings are part of mixed-use developments which the city hopes will mean the lifestyle of living and working in Frankfurt will soon be able to compete against cultural hubs like Paris — a city also hoping to attract new companies as they flee the UK.

Well-known architects behind a handful of Frankfurt’s new flagship developments include BIG-Bjarke Ingels Group, UNStudio and Ole Scheeren.

With the third largest stock in exchange in Europe located in Frankfurt, the city has a strong case and some banks have already committed.

Those with expansion plans include Russian bank VTB, Woori Bank of South Korea, and Japanese banks Daiwa, Sumitomo Mitsui and Nomura, as Dezeen reported, with speculation that Standard Charter, Goldman Sachs and Morgan Stanley may follow suit.

According to Bloomberg, at least 3,000 jobs will move from the UK to Frankfurt.

[Dezeen] — E.K. Hudson


Related Articles

arrow_forward_ios
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti on a Manhattan real estate market without private cars
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?
Social Construct CEO Ben Huh, The Real Deal's Hiten Samtani and Social Construct cofounder Michael Yarne

The REInterview: Social Construct’s founders on making multifamily construction an assembly line

The REInterview: Social Construct’s founders on making multifamily construction an assembly line
2870 Ocean Avenue in Sheepshead Bay (Google Maps)

Chetrit firm to acquire Sheepshead Bay development site

Chetrit firm to acquire Sheepshead Bay development site
Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

Life-sciences sector proves safe haven for landlords

Life-sciences sector proves safe haven for landlords
Gap Senior Director of Real Estate Jennifer Rondholz, Morgan Stanley Prime Property Fund head Scott Brown and 170 Broadway (Linkedin, Google Maps)

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent

Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
123 West 23rd Street and Adam Neumann (Google Maps; Getty Images)

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site
30 Hudson Street in Jersey City and WeWork CEO Sandeep Mathrani (Wikipedia)

WeWork scores big lease at Goldman Sachs’ Jersey City office tower

WeWork scores big lease at Goldman Sachs’ Jersey City office tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...