London commercial property market defies the uncertainty

London commercial property market defies the uncertainty

Google’s DeepMind is moving into a new London office at King’s Cross. Google plans to employ around 7000 people in King’s Cross, and it started to hire. The search giant has also quietly acquired some other properties in the vicinity. Alphabet Inc. acquired the artificial intelligence lab DeepMind in 2014 for around £400 million. Now it will move into a new building in King’s Cross in 2020. This project and a handful of new business estate developments make a statement that at least for the commercial property market, the Brexit uncertainty is over.

Land Securities Group, for example, redevelops the building at 1 Sherwood Street. Apart from that, the company announced 63,000 sq ft of deals across its retail portfolio in March.

Despite all the expectations for a Brexit-connected crash of the office space market in London, a lot of new constructions started and the existing ones continue to grow.

For instance, British Land submitted a planning application for landmark Canada Water development just a few days ago. British Land also has created the site at the former SE16 Printworks, an exciting new 119,000 sq ft events space with capacity for 5,000 people.

The actual demand for commercial property defies uncertainty.

Yury Gantman

“Oracle Capital Group fits well to this valiant trend with its recent mixed property development at 37 Golden Square, which comprises 22 luxury apartments and a penthouse (27.094 sq.ft) with restaurants and boutiques on the lower levels. The commercial floors already accepted its tenants, bringing more life to the always vibrant London Soho.”

Yury Gantman,
CEO, Oracle Capital Group

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