Word: firms
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...that number could rise to almost 150,000 next year alone. Real estate is already reeling. Plans for two huge new skyscrapers in the City have been shelved, and the price of prime houses in central London has dropped 12% so far in 2008, according to the real estate firm Savills, while sales volume is down 50% in some areas like Clapham and Fulham...
...residences: bankers and others who work at Canary Wharf, the docklands development where Barclays, Morgan Stanley, Credit Suisse and many others have their offices. Greenwich is just a short hop from the wharf, thanks to the Docklands Light Railway. Liam Bailey, head of residential research at the real estate firm Knight Frank, says the gentrification started a decade or so ago and has accelerated in the past five years. Knight Frank is currently offering one-bedroom apartments with river views there starting at about $500,000 apiece...
...London got so big in the first place and how it's starting to pay the price. Launched in the mid-'90s as part of the London Stock Exchange, this market for small companies deliberately set out to cut to an absolute minimum the paperwork for listing firms. There's no need, say, for bulky official prospectuses before a stock is listed on AIM, and the market is overseen not by official regulators but by brokerage firms called nomads, which are responsible for the new issues. For years, AIM was a fabulous growth story, attracting more than 2,500 companies...
...back-office jobs that are cut may never return. "As in any business, there will be more pressure to take more support roles out of London, to Asia or just to cheaper places in Britain," says Owen Jelf, who heads the U.K. capital-markets practice at the consulting firm Accenture. But there is no place other than New York that boasts the combination of specially tailored office space and clustered expertise to challenge London's status. And even in the worst-case scenario, the London economy has one crutch that won't be knocked down: huge government spending ahead...
...foreclosure data. Congress calls RealtyTrac. So do Wall Street analysts. The U.S. Treasury, the FDIC, the FBI, a handful of Federal Reserve banks, a dozen states, even some of the lenders who made the loans being defaulted on--they all use the company's data. That means RealtyTrac, a firm that cleared just $40 million in revenue last year, winds up shaping much of the debate about how bad the foreclosure problem is, and not always without controversy...