LONDON-Office space taken by banks in Europe has been characterized by a continuing influx of Chinese banks and a rise in overall leasing in the six months to end the third quarter, says global real estate adviser Cushman & Wakefield. The total European banking sector office leasing totaled more than 4.5 million square feet, an increase of almost 8% and the highest figure since Q4 2008.

Two of China’s biggest banks - Agricultural Bank of China and China Bank of Communications - made offers on space in London over the last month, Cushman & Wakefield said in a new report. The large majority are taking space in London, although smaller numbers are looking at Milan, Madrid, Paris and the Benelux.

A number of Chinese banks have undertaken rights issues to raise capital and are likely to use some of these funds for expansion in Europe so that this trend is likely to continue, the report said. Other Chinese banks that have taken space during the last 18 months include Industrial & Commercial Bank of China (Milan and Madrid), China Exim Bank (Paris), and, in London, China Construction Bank, Industrial & Commercial Bank of China, Peoples Bank of China, Bank of China and China International Capital Corporation.