Source: Deutsche Bank is Looking for Another Large Office in Frankfurt Ahead of Brexit

On Wednesday, a source that is familiar with the matter said that Deutsche Bank is looking for another big property in Frankfurt that could accommodate hundreds of employees as it prepares for the withdrawal of Britain from the European Union.

Currently, the bank has its landmark twin-tower headquarters that is located in the city, the financial services capital of Germany. However, it also operates in various smaller locations around town.

The extra large space being explored currently would enable the bank to consolidate some of its secondary locations that are located in Frankfurt, thus, improving efficiency, said the source.

The added large space would also help accommodate an expected boom in local headcount as the bank moves some of its operations from London as a result of the divorce of Britain from the European Union, said the source, speaking on condition of anonymity since the plans are still preliminary.

The search of Deutsche Bank is yet another sign that office property market of Frankfurt is heating up.

The chief promoter of the city said that property firms that are located in Frankfurt have seen a rise of over 20 percent in office space rentals over the past year as the uncertainty regarding Brexit urges banks to consider relocating to the financial capital of Germany.

Deutsche Bank has not yet revealed the number of jobs that it expects to relocate from London although one official has said earlier this year that up to 4,000 jobs have the possibility to move.