London office investment ‘nothing short of stellar’, says Savills
The office investment market in London’s Square Mile and West End “boomed” over the start of 2022, says the team at Savills, with big-ticket deals leading to a leap in volumes.
Korea’s National Pension Service’s purchase of 5 Broadgate, EC2, and Google’s acquisition of Central St Giles, WC2, gave the first quarter a big lift in each sub-market.
In the City of London, £3.3bn of deals were struck over the three months, up by 27% on the record first-quarter from back in 2007 and a 540% jump year-on-year. Some £1.91bn of assets changed hands in the West End, a 60% increase on the five-year average and up 267% on a year ago.
The office investment market in London’s Square Mile and West End “boomed” over the start of 2022, says the team at Savills, with big-ticket deals leading to a leap in volumes.
Korea’s National Pension Service’s purchase of 5 Broadgate, EC2, and Google’s acquisition of Central St Giles, WC2, gave the first quarter a big lift in each sub-market.
In the City of London, £3.3bn of deals were struck over the three months, up by 27% on the record first-quarter from back in 2007 and a 540% jump year-on-year. Some £1.91bn of assets changed hands in the West End, a 60% increase on the five-year average and up 267% on a year ago.
Savills said £2.31bn of stock is now under offer in the City, including seven deals of more than £100m, with £1.76bn of deals being lined up in the West End.
Stephen Down, head of Central London investment at Savills, described the quarter as “nothing short of stellar”, adding: “The volume of stock under offer as we go into Q2 is positive, though the increased cost of finance and macro-political uncertainty is having a greater impact on buyer decisions in London just as it is around the globe.”
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
View detailed office market activity in London here
Image © Peter MacDiarmid/REX/Shutterstock
