It has been reported by the Daily Telegraph that the government is to abolish as many as 177 quangos, including British Waterways, according to a leaked Cabinet Office document published today. A further 124 are set for mergers or other reforms that were included in a letter from Cabinet Office Minister Francis Maude to other ministers, written in August.
This does not fare well for office occupation especially for those northern cities that rely heavily on government tenants to fill their city offices. But London will also feel the impact of these quangos vacating their London office locations. For one, British Waterways occupies 6,000 sq ft at 1 Sheldon Square, W2. On a positive note, it has emerged that the restructuring of the FSA will lead to a 500,000 sq ft Docklands requirement, which is good news for the Canary Wharf group who are currently at risk of losing JP Morgan at their Riverside South site.