Although the TMT (technology, media and telecoms) sector is booming and helping to boost City take-up, the banking sector is likely to remain moribund until the end of the decade and beyond. CBRE's latest survey of 19 of the largest banks that occupy space in London found that, although confidence is higher than in previous years, the banking sector remains deeply affected by the financial crisis - and is likely to continue to shrink its real estate needs for the foreseeable future. More than half of respondents (56%) said they were consolidating their property in response to a drop in headcount caused by pressures from regulatory change and a fall in business levels.
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