The commercial sector of London experienced unbelievable investment during 2010. Around £9.97 billion worth of transactions were made by the year end for commercial property, including the £495m purchase of Lehman Brothers’ former company at Canary Wharf.
This is a 50 percent raise on the number of commercial property deals in UK that were brokered in 2009.
While the yearly total of sale in 2010 for the commercial properties is more than the last year, a Knightsbridge estate agent remarked that it does not contest the property boom of year 2005-2007 when the average volume was well above £16bn. Clive Bull of Cushman & Wakefield, property market expert, are positive that because of this feeble sterling and augment in sales, stock volumes of commercial property will continue to increase in London.
The major commercial property investments of year 2010 comprise the purchase of London property portfolio of Simon Halabi’s for £671m; the sale of a 25 percent share in the Regent Street for £448m.
Year 2010 is not only about commercial property to let and for sale that surged but also witnessed a remarkable augment in the office uptake by a enormous 43%. UBS, Bloomberg, and JP Morgan all relocated to new office locations in year 2011.
While the flow of investors purchasing commercial property is likely looking to invest in a commercial property it may be a nice idea to do so before property prices rise high.
