LONDON'S commercial property market provides long-term potential for Hong Kong investors wishing to diversify their portfolios, representatives of the core business areas say.
Peter Bennett, head of an economic development team for the City, said: 'There is pent-up demand for space and there are development opportunities in the City.' Mr Bennett is in Hong Kong as part of the recently-formed London First Centre (LFC), which is aiming to promote the City (the financial heart of London), Docklands and Westminster as the premier area in Europe from which to do business.
The LFC officials visiting Hong Kong said such was the growth of the City, that in some cases there was a shortage of commercial sites and rents were increasing rapidly.
Mr Bennett said development in the City was fuelled by the international investment community, which wanted to base operations in London.
While the overall vacancy rate for commercial space was 10 per cent, it was virtually nil for larger buildings, he said.
'For buildings of about 100,000 square feet, there virtually is no supply at the moment,' he said.
