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London’s position in the commercial property stakes has topped any other city in Europe, recent figures show, while investment in Europe as a whole is also at its highest since 2007.
During 2013 23% of European commercial property investment was absorbed by London, with property transactions amounting to €32.2/£26.5 billion, a figure that has never been exceeded by a European city. These figures are up 43% from 2012, a year in which investment was still 45% higher than the year before.
Figures for the UK capital now outstrip those from before the financial crisis, with strong quarter-on-quarter growth continuing to be seen. However, analysts indicate that the trend is unsustainable, not least because of the limited supply in the city. It is likely that overseas investors – particularly from China – will still be keen throughout 2014, but that limited stock and resulting increasing prices may lead to a slowdown in investment.
While London thrives, the rest of the UK is also benefiting from investment and the outlook is currently positive, as investment outside London increased during the second half of last year, seeing as much as 75% increase year on year, according to the CBRE report.
Outside the UK, Germany’s figures highlighted the steady and reliable performance of its economy and property market, with five of its cities being included in the report’s top ten. However, Paris was placed second, a step behind London, with €11/£9 billion of commercial property investment, despite an 8% fall in its total investment activity.
The figures remained positive for countries harder hit by the recent years’ financial issues – Ireland, Spain, Portugal and Italy – whose total investment doubled in 2013 compared with 2012, the first year of growth since 2007.
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.