Central London sees ┬ú10bn of Property Deals in 2010
Central London has been deemed a “safe haven for investment” following the announcement that ┬ú9.97bn of commercial property deals were made last year.
This figure, researched by property agents Cushman & Wakefield, charts a significant rise in transactions in the capital which is 50% up on 2009’s total of ┬ú6.6bn.
“Demand remains strong from both domestic and overseas investors as London continues to be perceived as a relatively safe haven for investment,” said Clive Bull, head of Central London investment at Cushman & Wakefield, according to The Telegraph.
“The annual total is well up on that of 2009, though nowhere close to the volume average of over ┬ú16bn of the buoyant market during 2005-2007. With sterling still weak and an increase in stock likely with banks off-loading assets, we are confident that 2011 will see volumes continue to rise.”
Among the most significant deals in the conventional office sector last year was JP Morgan’s acquisition of the Lehman Brothers’ former office tower in Canary Wharf, which was bought for ┬ú495m.
Other transactions included the sale of Simon Halabi’s former London office portfolio for ┬ú671m by Carlyle, and a sell-off by the Crown Estate for a 25% stake in Regent Street.
Research by BNP Paribas Real Estate shows that take-up of conventional office space in central London also increased last year, with a 43% rise in firms signing up for new workspace.
According to research from officebroker.com, the Central London serviced office sector also performed well. While a complete performance round-up of the Central London office market will be published later this month, early indications show an increase in the number of clients that chose serviced office space in Central London in 2010.
Research from officebroker.com* shows that 21% more businesses opted for serviced space in Central London since the beginning of 2010, compared to the same period in 2009.
Find out more here: 21% Increase in Serviced Office Based Businesses.
Further information about officebroker.com’s research and Serviced Office Review series ΓÇô all of which can be downloaded for free ΓÇô can be found online via the Stats & Facts section of www.officebroker.com.
*Figures relate to activity recorded by officebroker.com from Jan – Nov 2010 compared to Jan ΓÇô Nov 2009.