Thursday, December 15, 2011
But I thought London was immune..?
Lukewarm demand for about 5.75 billion pounds of London offices on the market will likely force sellers to cut prices up to 15 percent, bringing them back to more realistic levels, property experts told Reuters. So far, offers are believed to have been made for about 1.7 billion pounds of the offices, which are in London's City financial zone and Canary Wharf business hub, global real estate consultancy CBRE said. It is not clear how many are under offer. "Realistic pricing remains the key if the 'under offer' is to become a 'sold'," CBRE executive director Mike Edwards said, noting the dearth of big deals in the last quarter of 2011..."