Big Apple benefits from falling overseas interest in London commercial real estate
NYC remains world’s most sought after target city, with growing levels of investment too in other specialist US industrial centres
Global capital investment is being refocused back onto major US cities, particularly New York, amid the impact of Brexit and increasingly volatile markets around the world.
The Big Apple continues to offer the world’s most sought after commercial real estate, absorbing US$24.3 billion in the first half, although that was a 6 per cent fall on the same period last year, according to the latest figures from property consultancy Jones Lang LaSalle.
Total global commercial property investment dropped 10 per cent in value during the period, to US$292 billion, said the report.
After NYC, Los Angeles ranked second most popular commercial destination in the US, with a huge 40 per cent rise in the period, to US$11.3 billion.
“The attraction the US has at present is that it is forecast to grow stronger than many of the European economies,” said David Green-Morgan, Global Capital Markets Research director at JLL.
“Brexit has obviously had an impact on the flows into the UK and being such a big market that has affected the overall European numbers,” Green-Morgan said.