£16bn of foreign cash floods into London’s booming commercial sector
Thursday 02 January 2014
A £16bn tide of overseas money flooded into the London commercial property market last year, fuelling the best year for the capital since the height of the boom in 2007, according to estate agents Jones Lang LaSalle (JLL).
The end of last year saw a host of major deals including the sale of trophy London assets including More London – sold to Kuwaiti buyer St Martins Property Group for £1.7bn – and the St Botolphs building in the City, which was sold to a German fund for £460m. The former Canadian diplomatic base at One Grosvenor Square was also sold to an Indian developer for £306m.
JLL said £16.2bn was pumped into London property last year, mostly from overseas buyers. Damian Corbett, head of central London office investment, said: “The final quarter has been very strong, and turnover has exceeded initial expectations after a subdued start to the year. In fact, London remains the most active global city, with deal volumes around 1½ times its nearest competitor New York, followed by Tokyo and Paris.
“We have seen continued interest from foreign buyers, particularly those from the Asia/Pacific region, and are also seeing new entrants to the market from all around the world.”
Office lettings meanwhile jumped to 10.8 million sq ft for the year, well ahead of 2012’s total of 7.2m. In the City, lettings hit at least 6.8m sq ft, levels not seen since 2006 and potentially the largest since the record year in 2000.
- 1 Pope Francis issues top 10 tips for happiness
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Kelsey Grammer forgives the man who raped and murdered his sister in 1975
Russell Brand accuses Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Kenny Ireland dead: Benidorm actor dies aged 68
Justin Bieber posts Instagram photo of a crying Orlando Bloom after Ibiza fight 'over Miranda Kerr'
Air Algerie AH5017 crash: Jet fell 30,000 feet in three minutes ‘due to violent storm’
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
Negotiable: Harrington Starr: Operations Engineer (Redhat, UNIX, Solaris, Data...