London office investment hits new highs | 7 February 2014
Investors injected £19.6 billion into the central London office space market in 2013, marking a growth of 42 per cent from the previous year, propertywire.com reports.
According to new data presented by commercial property firm Knight Frank, 2013’s total is 14 per cent higher than the previous record, which was seen in 2007.
It is thought that improvements in the economy have played a significant part in the growth, with office space rental fees also expected to reach new highs by 2018.
Knight Frank said that overseas developers accounted for a large proportion of the investment. It believes that rising optimism will help London to cement its reputation as an international business hub.
The company’s head of central London, Stephen Clifton, was quoted by propertyweek.com as saying: “London’s office market rebounded last year, and the momentum is set to continue. As well as a rising economic tide, the capital is set to benefit from upcoming infrastructure projects like Crossrail and the Northern line extension.”
“Also, entire new districts are emerging like London Bridge, Battersea and Nine Elms, where offices, residential, retail and leisure, sit alongside each other.”
The data showed that prime space in the centre of the city now comes with an average annual charge of £60 per square foot. This marks a year-on-year increase of 9.1 per cent, with a further 25 per cent rise expected within four years.
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