Commercial property in London

London is one of the world's leading business, financial, and cultural centres. As such its appeal to businesses is obvious and with the economic growth that London has seen over the past decade the attraction of owning commercial property in the city has increased.

London stands as one of the three ‘command centres' for the world economy (others being New York and Tokyo) and is itself the fifth largest city economy on the planet. The London metropolitan area generated an estimated GBP230 billion in 2005. Even in the face of the present economic recession commercial property in London is a highly desirable piece of real estate.

The appeal of commercial property in London is generated by government policies such as low taxes, particularly for foreigners, a business friendly environment, good transport infrastructure, and a deregulated economy with little intervention by the government. These factors combine to give a lot of freedom and incentive to any company, corporation, or motivated entrepreneur. London's strong ties to the U.S. economy and its pivotal position within the E.U. mean many businesses can receive dividends from both sides of the Atlantic.

London's position economically, geographically and culturally cannot be over-stated. As a financial centre London has more overseas banks then any other city, whilst more money is invested in London then the next ten largest European cities combined. On the cultural side it boasts the most diverse ethnic populous of any city in the world: over 300 languages spoken and more than 50 non-indigenous communities which have a population of more than 10,000. Both of these combine to reinforce the fact that London is at the hub of international trade. For example in 2005 London handled 31% of global currency transactions, equating to a staggering daily turn over of US$753 billion. Commercial property in the city is undeniably well positioned to take advantage of the gradual liberalisation of the global market place.

For businesses that operate in London it is essential that they have a base of operations or a head-quarters in the city itself. The price of owning property is exponentially high in comparison to the profits of many businesses, so the opportunity offered by letting agencies is ideal. When looking for commercial property it is vital to make the most of the internet, as it provides the widest array of choice at the smallest expenditure of effort. When considering which letting agency to approach, one should look for evidence of good customer relations and a dedicated and reliable service.

Whether a business is in search of quick short-term gains in a thriving and industrious city, or after a solid base for the foundations of a long-term investment, London is indisputably a world-class choice. commercial property is unlikely to be affected adversely in the face of a potential economic recession, relative to its European counter-parts, given the pivotal importance the metropolis holds for the global economy. As long as the British government maintains its liberal and non-interventionist policies, business will flourish London.

Article submitted Tuesday, July 15, 2008
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