A major property agent claims that the East of City market will see significant investment returns in the next five years.
The prime East of City market will outperform the rest of the London commercial
property investment market over the next five years, according to a leading agent.
Business space activity in the area's major commercial property district, Canary Wharf, fell in 2009, with vacancy rates up to 15.8 per cent, Savills reports.
However, office take-up from corporate giants JP Morgan, Shell and KPMG will ensure Canary Wharf continues to be the fastest-growing office market in the UK.
In addition, the continued strength of the area as a world financial centre will in turn drive up residential property prices providing lucrative rewards for
development investment groups, Savills claims.
"Since the early 1990s the performance of the East of City has tracked prime central London much more closely than the mainstream market," said Lucian Cook, director at Savills.
It was announced earlier this week that escalating prices in the City had led the owners of Tower 42, the district's largest building, to put the building up for sale for £300 million.
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