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With increased competition for investment opportunities in central London’s office market, regional opportunities have become an attractive consideration, especially for small-mid-sized UK institutions.
Rhodri Mason, surveyor at Morgan Pryce has noted how regions are becoming more popular for commercial property investments throughout 2014,
“Compared with 2013, there has been a real increase in investment activity throughout the year. Manchester, Bristol and Edinburgh are all locations UK and overseas investors are considering as alternatives to expensive London assets. There is less competition compared to London and as regional markets are only starting their recovery process investors are able to get in with prices still relatively low.”
US investment has dominated regional acquisitions, showing the focus is not purely from UK based institutions. However, Middle Eastern and Asian investment is scarce compared to investment activity in London, as Oliver Salter notes, “Middle Eastern and Asian investors see London as a fashionable location for investment… regional markets aren’t so attractive.”
With yields and capital values at more attractive levels in regional markets, the influx of investment is one that can in some respects be seen to counter the rise in London’s commercial property values. Manchester, Edinburgh and Bristol, along with the South East, are all attractive investment opportunities – however, only in central locations. It could be a while until regional fringes start to feel the full effects of investors looking at tertiary locations…
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.