Most of City’s offices now in foreign ownership
A NEW survey has revealed for the first time that the majority of offices in the City of London have foreign owners.
The report, ‘Who Owns The City?’, undertaken by Development Securities has found that 52% of office space in the Square Mile has owners from overseas.
Germany owners account for 16% of City of London offices, followed by the USA with 10%. Middle-eastern owners have 6%, and continental Europe excluding Germany controls 5% of the offices in the City.
The rise in foreign ownership of office space at the heart of London’s financial district has been rapid over the past thirty years: in 1980, foreign owners had control of just 8% of offices.
The report is the fourth time that Development Securities, a property development company, has carried out the research. In his foreword to the report, company Chief Executive Michael Marx commented:
“Fundamental to its continuing appeal is the City of London’s intrinsic ability to attract occupiers – financial businesses that sustain the value of the Square Mile’s office stock.”