£9.97 billion of commercial property transactions were made in 2010, and central London office space is now being considered a ‘safe haven for investment’ according to a London based property agency.
Research by a London based property agency showed property deals were up 50 per cent in the Capital, compared to 2009’s total of £6.6 billion.
Clive Bull, head of central London investment at the agency, said: “The annual total is well up on that of 2009, though nowhere close to the volume average of over £16bn of the buoyant market during 2005-2007. With sterling still weak and an increase in stock likely with banks off-loading assets, we are confident that 2011 will see volumes continue to rise.”
One of the most significant office space deals in 2010 was JP Morgan’s purchase of the Canary Wharf office space, previously owned by Lehman Brothers for £495 million.
The sale of Simon Halabi’s office portfolio by Caryle for £675 million and the sale of property from Crown Estate for a 25 per cent stake in Regent Street were the other big property stories of the year.
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