UK - Property investment in the West End reached a record high of £1.39bn over the second quarter of 2004, Jones Lang LaSalle claims.
The property firm’s Central London Office Market Report showed that take-up is at its highest level for two years, with rents in Mayfair achieving over £70 per sq ft, indicating an improvement in rental levels in the core West End sector.
Jones Lang LaSalle head of West End investment Julian Stocks said: “We saw more than 10 deals over £50m, which is unusual. UK purchasers accounted for 75% of deals with many seeking to invest as the West End office market shows signs of improvement.
“I believe the occupier market may take longer to improve than many expect and investment sentiment is ahead of reality. We expect a slower, less competitive autumn.”
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