London has continued to outperform its rival global cities as
the city of choice for global capital, according to Jones Lang
LaSalle in the annual Central London Office seminar held this
week.

However, despite being the most dynamic and desired of the
influential cities across the world, it has been made clear the
English capital must not become complacent and continue to evolve
in order to ease pressures mounting both at a national and
worldwide level.

Neil Prime, head of UK Office Agency at Jones Lang LaSalle,
said: "Even in the uncertain economic environment London remains
the key destination for global capital flows and a place where
occupiers can take advantage of the innovative and entrepreneurial
environment that will drive their businesses forward."

Secondary leasing locations across London
have experienced the most noticeable improvement in the last 12
months and are expected to perform well going forward.

The financial and professional services firm, which specialises
in real estate services and investment management, anticipates
pre-lets will also return to the London market over the next 12-18
months with supply expected to remain constrained.

Dan Burn, head of London City Agency at Jones Lang LaSalle,
added: "The outlook for the Central London market points toward an
increase in rental growth in the second half of 2013 and a
development response led by pre-lets.

"In the City market, despite some new schemes being delivered
over the next 24 months, speculative development remains
constrained.

"For a scheme starting demolition in Q1 2013 the earliest
delivery date would be Q2 2015. Of increasing importance will be
CRE teams as they will more than ever define 'what, where &
when'."

Looking at the bigger picture, London has continued to
outperform the rest of the UK as a while throughout the downturn.
Although short-term challenges remain, London is in a great
position to make the most of its competitive fundamentals with
capital and occupational markets remaining positive.

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