Submitted by Richard Taylor, EC Harris, Head of Commercial
Biography
Investment remains very strong for London’s prime assets and competition is extensive. Insurers, Private Equity, Institutional Funds and Sovereign Wealth Funds are all fighting to secure prize and ‘trophy’ assets to bank within their portfolios. This is set to continue throughout 2012 and beyond.
Refurbishment remains a strong option, with a lower risk profile, reduced capital costs and earlier to market opportunity. We expect to see the extent of refurbishment projects increase over the next 2-3 years as significant new development will continue to be driven by tenant demand.
Outside London, the market will continue to struggle. Pockets of development are projected, particularly around Birmingham and Business Parks. This is set to continue into 2012-13, as projects inherit the same ‘certainty’ restrictions and requirements as identified above.
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