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A persistent faith in the London economy, and specifically the London commercial (and residential) property market, has become entrenched over the last couple of years.
When the events of 2007 and 2008 occurred, no one could have predicted how the capital, nor the UK as a whole would react, or fare over the subsequent years.
Very well, it turns out. While European countries and economies waivered at best, and collapsed at worst, London and the UK has continued to attract investment. The wealthy funds and nations from burgeoning Middle East and Asia needed somewhere reliable to park their money, and London was a choice for many, and a choice that has indeed been rewarded, with increasing capital values and rising rents. The lack of construction as a result of the worldwide economic crisis has created a lack of supply that is not yet being dealt with fully, and vacancy rates are low.
Investment has also been seen in other ways, by small UK businesses, multinationals taking on more staff and opening more offices, and start-ups taking advantage of schemes such as Tech City. This investment from both the inside and the outside is what has made London unique over the past few years, and what is attracting companies, employees and worldwide investors to continue to plough funds and confidence into the city.
The effect is stretching out into the regions, which will in turn feed back into London, hopefully creating an increasingly stable economy.
With the construction of Crossrail, the attractive residential properties, good standard of living and excellent social life, cafes, restaurants and green spaces, it is little surprise the city and the economy is thriving.
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.