JLL Says London’s Office Market Is Frozen
Ever since the Brexit vote, international investors have been expecting bargains in London’s prime office market, but sellers aren’t lowering their prices and that has brought the market to a standstill.
That’s according to JLL CEO Colin Dyer, who says the dissonance between buyers and sellers could stall London’s market for six months, Bloomberg reports. “We are seeing a lot of demand from Europeans and Asians for investment purchases in London, but we are not seeing any sales because the sellers are saying ‘I am going to wait,'” Dyer said, noting investment markets are switching off very fast.
Buyers and sellers are juggling to find the new valuation for prime office property in London, and according to Dyer the market may start to stabilize after a 10% price fall. [Bloomberg]