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The time is right for investment firms to start buying up prime office space in London’s financial district, it has been claimed.
According to the Evans Randall company, the level of demand for office space to rent in London is increasing at such a rate that commercial property investments are becoming ever more attractive.
Relatively few office buildings are being developed in the City of London but businesses are beginning to employ more staff after the worst of the economic downturn and this has prompted an encouraging level of demand for prime office locations, experts explain.
And with this in mind, Evans Randall could be set to spend as much as £1.5 billion on central London properties over the course of only a 12-month period, Bloomberg BusinessWeek reports.
“Now is the time to buy the best quality assets if we can get our hands on them,” Michael Evans, founder and chairman of Evans Randall, is quoted as saying.
“The pound is very weak, interest rates are at a record low, rental demand is at an exceptional level – the best at any time since 2006,” he added.
Evans Randall co-owns the so-called Gherkin building, which is perhaps the most icon of prime office space available for rent in London.
The company also exchanged contracts with UBS Global Asset Management recently on a £127 million co-ownership deal for 200,000 sq ft of office space in Milton Gate, London EC2.
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