London experienced record quarterly investment in the first three months of 2017, a report has revealed.
The research, published by global real estate advisor CBRE, found that a total of £4.9 billion was transacted over the course of the first quarter – the highest quarterly total since 2014.
It follows an equally strong performance towards the end of 2016, which saw around £4.1 billion transacted.
The research further found that a total of 13 deals of £100 million or more were completed in Q1 of 2017, compared with 11 in Q4 2016.
CBRE says that these figures provide “further evidence of the resilience of the London office investment market following the EU referendum”.
The research also revealed that overseas investor accounted for 80 per cent of all transactions by volume in Q1 2017 – increasing from 74 per cent the quarter previous.
“In a continued vote of confidence in the London market, appetite from overseas investors for large lot sizes remains undiminished. Nine of the 13 transactions amounting to £100m or more were purchased by overseas parties,” the report said.
The quarter’s biggest transaction was the sale of The Leadenhall Building – also known as the Cheesegrater – to Chinese investors at £1.15 billion.
Commenting on the study, Stephen Pearson, Head of City Investment Properties, said: “The momentum we experienced at the end of last year has shown no sign of abating in the early months of 2017 and London remains a central focus for international capital requirements.
“This is a great endorsement of London’s continued appeal and testament to its resilience and ability to adapt and diversify. Appetite from overseas investors for large lot sizes, particularly in the City, will be a key feature of the market for the remainder of the year.”