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Despite Brexit, London retains top global rank for commercial real estate investment
Knight Frank reported that office investments in London totaled £16.2 billion last year as the UK prepared to exit the European Union
London last year remained the top city in the world for investment in commercial real estate, despite concerns about Brexit, according to Frank Knight.
As the United Kingdom prepared to exit the European Union, London last year attracted £16.2 billion ($21 billion) of investment in commercial office buildings.
That exceeded 2018 commercial office investments totaling £14.3 billion ($18.5 billion) in Manhattan, £12.1 billion ($15.6 billion) in Paris and £8.4 billion ($10.8 billion) in Hong Kong.
Frank Knight also reported that Greater China continued last year as the biggest source of investment in Central London office buildings.
Investors in Greater China last year spent £3.48 billion ($4.5 billion) on office space in Central London, down 51 percent from £7.12 billion ($9.2 billion) in 2017.
South Korean investment in Central London office space totaled £2.56 billion ($3.3 billion) last year, an eight-fold increase from £300 million ($388 million).
William Beardmore-Gray, Knight Frank’s head of Central London, said London’s “resilience and reputation as a safe haven for investment, despite Brexit, is remarkable.”
Investors this year plan to invest £40 billion ($51.8 billion) in commercial real estate around the world, according to Knight Frank. [World Property Journal] – Mike Seemuth