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Investment in central London property has risen by 34 percent in the first quarter of this year compared with the same time period in 2010, according to new research.
Property consultant Cushman & Wakefield found that property transactions worth GBP 2.19 billion were conducted in the first three months of 2011, compared to transactions worth GBP 1.63 billion in the first quarter of last year.
The report did note however that the amount of transactions of the first quarter 2011 were actually lower than the GBP 2.92 billion conducted in the last quarter of 2010.
Clive Bull, head of central London investment at Cushman & Wakefield said: “Central London commercial property remains a mature, transparent and liquid market.
“Demand remains strong from both domestic and overseas investors as London continues to be perceived as a relatively safe haven for investment, especially in recent events around the world. With sterling still weak and an increase in stock likely with banks off-loading assets, we are confident that 2011 will see volumes rise.”
The property consultant also reported that office space leasing has risen in the US as the economy slowly regains its health.
According to research from the consultant office space leasing reached a six-year during the first quarter of this year.
“Asking rental rates are bottoming out in most markets, and concessions are becoming less generous,” said Maria Sicola, executive managing director and head of Americas research at Cushman & Wakefield.
“With demand rising and availabilities shrinking for quality space, CBDs have begun their shift from tenant to landlord-favored markets.”
Overall office absorption rose by 114.6 per cent on the first quarter of 2010 the research also showed.