Newly released figures have shown that a staggering Â£39 billion worth of commercial property in London is currently in the hands of foreign investors.
The study, conducted by the Hawker Beechcraft Corporation (HBC), found that a total 52 per cent – or 44 million sq ft – of commercial property situated within London’s financial district, the City of London, is currently owned by international companies.
German businesses topped the list of largest foreign investors, with their offices covering around 13.5 million sq ft – estimated to be valued at around Â£12 billion. This portion represents around a third – 31 per cent – of the total amount of overseas investment in commercial property in the capital.
Both the Middle East and Ireland also hold considerable amounts of commercial property in the city. Firms from the Middle East currently hold property worth an estimated Â£4.5 billion, whilst Irish businesses hold a slightly smaller portion – valued at around Â£3 billion.
HBC president for Europe, Middle East, Africa and Asia-Pacific, Sean McGeough, emphasised that London is still considered to be one of the most influential financial hubs in the world.
He said it was “no surprise to see that commercial properties in the City are still very much sought-after by overseas businesses.”
“Not only is London perfect for conducting business on a global scale, but it is also supported by a high number of business airports such as London City, Biggin Hill and Farnborough, allowing for travel into the heart of the city from continental Europe within a matter of hours,” Mr McGeough concluded.
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