London has come second, beaten only by New York, in a ranking of the world’s top commercial markets.
In a study conducted by the Association of Foreign Investors in Real Estate, the capital got over 18% of the total vote for real estate investment compared to New York which garnered over 20%. The capital was the only non-US city to have made it on the global ranking. Other cities on the top five list include San Francisco, Washington DC and Houston.
The capital’s ranking is attributed to wide interest from foreign investors including the £400m sale of the Battersea Power Station site to a Malaysian consortium. Other big investments made in the City last year include Brazilian banking tycoon Moise Safra buying City-based 550,000 square foot Plantation Place for £500m.
The capital continues to be a favourite of wealthy investors from China, Singapore and South Korea.
Just last week, Chinese fashion retailer Bosideng announced the opening of a flagship store on South Molton Street in Mayfair. Other Chinese retailers too are known to be snapping up properties on Oxford Street, Regent Street and Bond Street.
Top Global Cities, according to the Association of Foreign Investors in Real Estate
1. New York (#1 last year)
2. London (#2 last year)
3. San Francisco (#5 last year)
4. Washington D.C. (#3 last year)
5. Houston (unranked last year)