The number of new office buildings completed in London has hit a 13 year high after continuing demand from financial services and technology companies. 3.9 million sq ft of new office space was completed in the past 6 months, the highest in a half year period since 2004 according to Deloitte’s. The demand for financial services space may fade as firms reassess their requirements post Brexit.
With such an increase in space, vacancy rates could rise pushing down rents and therefore prices but Deloitte’s believe the demand for good quality accommodation is stable.
A Chinese investment company has made China’s biggest investment in the UK market by purchasing 122 Leadenhall St, commonly known as the Cheese Grater for £1.135bn.
The deal is the second biggest ever in the UK property market.
This deal is the latest in a string of purchases of London commercial property by Chinese investors who have spent a record £3bn in the UK in 2016 alone.