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London office space market ‘grows by 6.3%’

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The London office space market was up 6.3 per cent in Q3 2012 compared to the equivalent period last year.

According to the latest figures from BNP Paribas Real Estate, the market performed well against a background of static rents, and is now expected to enjoy a positive fourth quarter.

The West End saw a 30 per cent rise in office investment levels, although the City and Midtown saw slight reductions. No change was witnessed in the Docklands market.

Paul Henwood, of BNP Paribas Real Estate’s investment team, said the West End investment market benefited from increased stock levels compared to previous quarters.

Improved interest from overseas investors also boosted the market, he stated.

“Looking ahead, City investment trading figures are likely to improve in the final quarter of 2012, as we witnessed an influx of new investment sales in September,” Mr Henwood stated.

Earlier this month, a PricewaterhouseCoopers (PwC) study identified London as the best place in the world – joint top with New York – in which to conduct business.

The Big Four consultancy said London had enjoyed a “spectacular year” of sporting triumph and the success of the London 2012 Olympic and Paralympic Games had reaffirmed its status in international markets.

David Snell, partner in PwC’s London practice, said 2012 really has been “an extraordinary year” in the history of the city.

“There is no doubt that London continues to be a leading global financial centre and an easy place to do business,” he stated.

“But it is not just a city for financial services. London excels in cultural areas too, as we saw in this summer’s Olympic and Paralympic Games, which really shone a light on what we do so well here in infrastructure and the cultural life of our city.”

Mr Snell claimed that London performs “consistently well” across a broad range of measures – which is one of the reasons commercial property is so popular in the capital