West End office investment up in Q1 2008
May 4th, 2008 | by Simon Rattray |
The amount of investment in West End offices has increased by over 100% in Q1 of this year when compared to the same period last year. Knight Frank are reporting that in the first three months of this year £1.15billion has been spent in West end offices compared to just £555m in Q1 2007.
It seems the falls in values experienced last year are now slowing with less pressure on yields. Due to the lack of liquidity in the market, those who have cash to invest are the real beneficiaries.
With regards to leasing, take up in the West End fell to 1.1million square feet from 1.2 million square feet in Q4 2007, despite strong performances from Mayfair and St James’s. However the City still continues to suffer with top rental values falling from £63.50 per square foot to £60 per square foot.
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