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21st November 2023
The UK office market was particularly buoyant last year, Glenigan data showed a nearly 40% increase in underlying project starts during 2012 with gains largely focussed in London and the South East.
The capital has remained an attractive location for overseas investors looking to buy into relatively high yielding assets such as large office developments. Jones Lang LaSalle estimate that up to 75% of investment into London commercial property in 2012 came from overseas investors. This inflow of overseas funds has supported capital values, while increased uptake of office accommodation coupled with the previous lack of project starts has reduced the supply of available space and encouraged investment in new developments.
Underlying starts during the first six months of 2013 have maintained the level seen during the first six months of 2012 in a sign that work in the sector remains firm. We expect activity in the sector to continue to pick up in line with an improvement in general economic conditions into 2014.
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