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Data recently released by JLL has revealed that a huge £4.3 billion of office stock has been traded in Q3 2018. Furthermore, the most recent quarter has been so strong that — despite a 6% fall year-on-year — the running total of investment in the city so far in 2018 has now reached £12.2 billion, and the market could at least match the record £17.7 billion achieved in 2017.
However, with £4 billion of stock under offer and £4 billion currently available, the £16 billion of stock that was available this time last year looks somewhat out of reach.
According to Daisy Hunt, JLL’s national director, “Much of today’s demand is structural and driven by lease events. Regardless of Brexit, these occupiers need to move… The strong pre-leasing market means that half of the definite pipeline is already leased, ensuring that London is protected against any sector specific shocks.”
Neil Prime, JLL’s head of central offices, echoed: “Whilst there is no doubt that the period to ratification in March is likely to see a slowing in activity, the Central London office market enters this period with strong fundamentals and continues to be one of the most attractive cities in which to invest and do business… Whilst Brexit will of course impact, and a no-deal scenario will have significant implications we believe the capital will retain its attractiveness to global investors, particularly those from Asia, who take a much longer-term view, and to occupiers who continue to commit investment into their occupational platforms to access London’s unrivalled talent pool.
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.