Foreign investors have not been deterred by the Brexit vote when it comes to London’s commercial properties.
Taking advantage of the drop in the value of sterling as well as discounts offered, companies from abroad have been piling in.
In the last three months, they have accounted for 78% of commercial property sales in central London
In the previous quarter, foreign investors comprised almost 58% of the total volume.
The total amount of such commercial investment in this last quarter was £2.813 billion.
The heaviest investors, ploughing in more than £695 million for London sites, were from Asia, with Hong Kong in the lead. American funds were not far behind with purchases worth £685 million, according to research from property advisors Savills.
European investors were also not shy with £482 million used for transactions in central London during July, August and September.
Savills said it found that some London properties were priced at 15 to 20% less than three months prior when currency devaluations were factored in.
It believes that the supply of central London office space is lower than the demand so it is likely that investors will continue to seek out opportunities to buy.
