Office space market conditions in London are rebounding from the city-wide slump, according to Great Portland Estates.
The property investment company’s Chief Executive Toby Coulthard issued his optimistic prognosis after the company noted a sustained improvement in the sector over the last half year.
Mr Coulthard said: “London’s property investment recovery gathered pace over the past six months, supported by the significant volume of capital competing for a limited number of assets
“We are also seeing encouraging signs of life across the broader leasing market and, absent an economic setback, we expect office rents to rise selectively during the second half of 2010.”
Great Portland Estates this week confirmed that the net value of its assets per share rose by 15.5 per cent compared with the year-ago period.
Property added to its portfolio in the last year performed even better and was up by almost 24 per cent over the last five months.
The firm also announced it has completed two new acquisitions in the capital, including a £129 million deal for City Tower in Basinghall Street.