Tuesday, May 24, 2016

Branson on London commercial property issue 72 May 2016

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The picture for London is almost perfect, but not quite. Markets are healthy with low vacancy rates and there are rising rents together with an investment inflow.

However, that flow has slowed because of worries about the EU referendum vote. It may create buying opportunities for smart Chinese investors, but it debilitates the general market.

There is, of course, no panic, just questions about the longevity of the bull market in offices. This mood appears not to have affected the TMT companies who continue to grow and move ever further eastward, now in Hackney Central, Dalston and Haggerston.

Aldgate, Clerkenwell and Shoreditch emerge as the old established TMT areas and they are growing too. This amazing sector also has plenty of players who work from the West End and City offices.

London as it was in, say, the 1970s, no longer exists because of so many new vibrant areas of business activity such as Canary Wharf, Southbank, Kings Cross and now on the horizon, Canada Water.

The question must be how far will this development cycle of creating new business areas extend? Obviously there are areas beyond the centre that are expanding, notably Croydon. It will be fascinating watching the central London spatial revolution over the next decade while the City, Midtown and West End remain solid.

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