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Contrary to the doom and gloom predictions for the commercial property market post-Brexit, according to Colliers International ¬transaction volumes in the sector reached an impressive £55 billion in 2017, mainly driven by in increased demand for trophy assets – with the ten largest deals totalling £5.5 billion compared to £3.1 billion in 2016. The esteemed real estate firm expects volumes to remain above £50bn in 2018.
In Central London, although the iconic skyline and prestigious addresses will continue to draw in plenty of investment, the flexible working trend is also set to grow, with WeWork expected to take-up 3.5 million sq ft, putting pressure on landlords to offer more flexible terms and spaces.
Meanwhile, data released by London & Partners shows that London’s flourishing tech sector attracted a huge £2.99 billion investment last year, including HUGE deals for Deliveroo (£285 million) and Improbable (£391 million). Indeed, the UK and London continue to be the most popular destination in Europe for tech investment.
Eileen Burbidge, Partner at Passion Capital says: “…it is no surprise to see that UK tech companies attracted double the amount of venture capital financing than any other European country last year. …This environment and ecosystem of innovation presents tremendous opportunities for investors and will help to attract global investment into the UK’s digital economy for many years to come.”
2017 also saw a number of global tech companies make serious long-term commitments to Central London, with significant investments from Amazon, Apple Google, and Spotify, which announced plans to expand its R&D operation in the city and double its headcount. US tech giant Facebook also announced 800 additional jobs for its new London headquarters.
The expansion of the industrial sector in London is also forecast to continue, as the sustained growth of online retail makes the need for well-located warehouse space ever more urgent.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.