'Commercial central London offices fare better' in eurozone crisis
Commercial central London offices are enjoying more success than their regional counterparts in light of the eurozone crisis.

In October, capital growth for this commercial property sector stood at 0.4 per cent, the IPD UK Monthly Index has revealed.

Away from the centre of the capital, rental and value growth for London offices slowed down, after the region saw a 1.2 per cent value rise during the previous six months.

Meanwhile, the office markets outside of the south-east slipped into negative territory.

"Central London retail and office values have been driving returns since the recovery began," commented UK and Ireland managing director at IPD Phil Tily.

He added that there are, however, "concerns over a pricing bubble in the capital, which the European economy could further exacerbate".

During the third quarter of 2011, take-up of City offices stood at 0.9 million sq ft, an increase from the 744,000 sq ft seen during the previous three-month period, the latest central London property market report from CB Richard Ellis showed.

Posted by David Hudek

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