According to data compiled in the latest report from HARNESS Property Intelligence, The City of London comes out top of the list of for average commercial property values in the UK at £2.3m, followed closely by Westminster, where the average price is £2.1m, and Kensington and Chelsea, where the average price stands at £1.8m. The single most expensive property in the UK according to the report is Harrods, with an estimated value of £1.3bn.
At the other end of the scale, Barking and Dagenham have an average price of £440,475, the lowest in London, followed by Waltham Forest at £455,896 and Newham at £481,993. Data includes office, retail and industrial space, with the cheapest Greater London Authority for office space being Bexley in South East London, where the average office costs 437% less per square metre than in the City Of London.
The continued primacy of the City demonstrates the resilience of the market in the face of political upheaval and economic uncertainty created by Brexit. As Lee Mollins, chief data officer at Harness noted to Property Week, ‘the City of London has weathered multinationals’ threats of moving to rival financial districts without the agreement of a suitable transitional Brexit period.”
In early January FreeOfficeFinder reported on the positive outlook for the commercial property industry in 2018, with one report forecasting that the UK’s commercial property transactions will exceed £50bn in 2018 for the sixth year in a row, a strong show of confidence in the durability of the market.