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The last three years have put many of us, not least the property industry, through a most testing period. The City’s office stock has experienced its fair share of pain as capital values plummeted by 50% between 2007 and 2009 and, in spite of a subsequent recovery, remain some 37% below their pre-crisis values. Nonetheless, throughout the 2008 global economic downturn and the ongoing Eurozone debt crisis, the Square Mile’s ability to attract occupiers and investors has proved to be a litmus test of London’s pre-eminence as a global financial centre | WHO OWNS THE CITY An analysis of Office Ownership and Global Investment in the City of London SECURITIES PLC Michael Marx Chief Executive Development Securities PLC Foreword The last three years have put many of us not least the property industry through a most testing period. The City s office stock has experienced its fair share of pain as capital values plummeted by 50 between 2007 and 2009 and in spite of a subsequent recovery remain some 37 below their pre-crisis values. Nonetheless throughout the 2008 global economic downturn and the ongoing Eurozone debt crisis the Square Mile s ability to attract occupiers and investors has proved to be a litmus test of London s pre-eminence as a global financial centre. It is against this background that Development Securities PLC publishes the latest Who Owns the City report the fourth in a series of studies that we have commissioned since 1998 to examine the dynamics of office ownership in the City of London. Whilst our investment and development portfolio extends across UK commercial property London remains an important area of strategic focus for us. Over many years Development Securities has aimed to contribute to debate affecting the property industry the wider business community and policy makers. Amongst the most significant of these contributions we believe is Who Owns the City. One of the most important findings of this new report is that for the first time ever the level of overseas ownership of the City s office stock has overtaken UK ownership. From a mere 8 in 1980 foreign ownership passed 25 in the mid 1990s and now stands at 52 . London as a whole attracts more inward office investment than any other city in the world including New York. Interestingly the reversal in capital values that followed the crash of 2008 did nothing to discourage foreign investors. Far from inducing capital flight as was the experience of the US real estate market in 2008 the market correction here has led to an increase in .
