New York City is the world’s most popular place for commercial property investment | 10 October 2012
New York City remains the global hotspot for commercial property investment, according to a new poll.
The latest edition of Cushman & Wakefield’s annual Winning in Growth Cities Report has indicated that $34.7 billion was invested in New York City properties in the twelve months to June 2012.
This is more than any other city in the world and an 18.9 per cent rise compared to the previous year. London was the second investment hotspot, with $29.3 billion of investment; whilst Tokyo, Paris and Los Angeles completed the top five.
According to cushwake.com, the top 25 cities now have a bigger stranglehold on the commercial property market than in recent years. Fifty-six per cent of property transactions in the 12-month period studied were made in these 25 cities.
However, Cushman & Wakefield’s CEO, Glenn Rufrano, believes this stranglehold will loosen significantly as the market beings to recover from the global downturn.
He told worldpropertychannel.com: “True global cities have gone from strength to strength in the past year, and the investment hierarchy is now well defined. However, the top targets are really ‘safety first’ choices and will be challenged when recovery comes.
“In our opinion, the hierarchy will in fact expand as cities mature, higher quality property is developed in emerging locations and crucially, as occupiers lead the way into new markets.”
Written by Joe Elvin on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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