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New York Falls to Third in Foreign Commercial Real Estate Buying

Business Week
New York Falls to Third in Foreign Commercial Real Estate Buying - New York - commercial property

New York fell to the third-most popular city for overseas commercial real estate buyers in the second quarter, trailing London and Paris, as Europe’s debt crisis failed to deter purchasers, Jones Lang LaSalle Inc. said.

The U.K. capital topped the list, with foreign investment rising 32 percent to $8.67 billion in the three months through June, the broker said in a presentation today. Foreign buyers spent $4.7 billion in Paris, about 50 percent more than a year ago. New York, which topped the ranking a year ago, had a 43 percent drop to $4.34 billion.

London “is the most liquid market in the world,” Robert Stassen, a research director at Chicago-based Jones Lang, said on a call with reporters.

The Shard, western Europe’s tallest building at 1,016 feet (310 meters), was inaugurated in London July 5 and is among five new skyscraper projects that will add about 3.8 million square feet (350,000 square meters) of prime space within a mile of the Bank of England. Central London’s office vacancy rate fell to 5.4 percent from 5.8 percent through the first quarter of this year, according to Jones Lang.


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