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Much of the continuing success and prosperity of London’s current commercial property market is a result of overseas investment, which has been pumping funds into the capital in recent years. The city and its optimistic economic outlook, not least when compared to many EU countries, has been drawing investors from the Middle East and Asia in particular.
This kept confidence high in London, but has also led to the current situation where demand is increasing while supply is tight. This inevitable means – as we are already seeing – increasingly high rents.
Some experts consider this to be unsustainable indefinitely, and that as a result other regional cities will tempt overseas investment. Cities like Leeds and Manchester have already seen an increase in take-up and a decrease in vacancy rates, while property professionals in Bristol have noticed things changing locally.
Experts believe that if cities such as Bristol have something special to offer, investors from overseas could well be attracted to them as an alternative to London.
Regional cities are building upon these opportunities and targeting countries, or regions of countries, with a view to extending trade and business routes. Bristol, for example, has its eye on China, and possibly vice versa. There have already been trade missions to China, and China’s ambassador has spoken in Bristol. In terms of investment in property, the UK city offers development space – both prospective and current – big-name companies, landmark iconic office buildings, such as Lloyds’ Amphitheatre, and a good economy.
Guangzhou and Bristol have signed a Memorandum of Understanding with the intention of building upon education, science, technology and innovation prospects between the two cities.
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.