Tue, 14 Jan 2014 | COMMERCIAL PROPERTY
Commercial property purchases in the UK look set for growth in 2014 with recent forecasts suggesting that the market will rise by as much as 11.5 per cent over the course of the year.
The figure is from the Ignis property team and is two per cent higher than expected. The extra increase is set to be driven by “a broadly equal combination of income return and capital growth”, according to the Ignis team.
Ignis' own commercial property fund saw a 5.6 per cent return in the year to 30 November, almost a percentage point up on the national UK average of 4.7 per cent.
Other analysts have suggested that overseas investment is partly behind the boost in the market. In fact, London alone saw £16 billion pumped into its commercial property market over the course of 2013, making it the best year for the city since 2007, according to Jones Lang LaSalle.
Damian Corbett, head of central London office investment, commented: “We have seen continued interest from foreign buyers, particularly those from the Asia Pacific region, and are also seeing new entrants to the market from all around the world, both institutional and private investors.”
He added that turnover in the final quarter of 2013 exceeded initial expectations after a subdued start to the year, noting that “London remains the most active global city, with deal volumes around one-and-a-half times its nearest competitor New York”.
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