London Office Market Frozen as Brexit Chokes Sales, JLL Says
CBRE said last month that City of London office values fell 6.1 percent in July on heightened economic uncertainty, particularly for financial-services firms.
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International investors seeking bargains in London’s prime office market following the Brexit vote are being frustrated because sellers won’t lower prices, according to Jones Lang LaSalle Inc.
That’s brought the market to a standstill, which may last for up to six months, said Colin Dyer, chief executive officer of JLL, in an interview in Tokyo on Thursday. JLL is the second-largest publicly traded commercial-property brokerage behind CBRE Group Inc.