New Central London tenancies from the Asia Pacific tripled in 2021, according to the UK capital’s leading one-stop-shop buying agency
Central London’s leading one-stop-shop buying agency London Central Portfolio (LCP) reveals in its latest research paper into 2021 Central London leasing trends that new tenancies from Asia/Pacific more than tripled last year compared to 2020.
New tenancies for the more than one billion GBP worth of Central London real estate that LCP has under management were up from five percent of the total in 2020 to 15 percent from Hong Kong, Singapore, and other Asian tenants last year.
“The return of tenants from the Asia-Pacific region is an indication of how popular London remains as a global destination of choice for those wishing to further their education within the prestigious UK education system alongside those taking up employment opportunities,” said Andrew Weir, chief executive of LCP. “The second half of 2021 felt as though we received two years’ worth of tenants all arriving back into London at the same time. Perhaps the simultaneous and sudden return of tenants from the Asia Pacific region, both previous and new alike, was inevitable after the disruption to traditional seasonality created by the pandemic and various UK ‘lockdowns.’”
Agreed rents on new tenancies also improved throughout 2021 due to increased demand and competition as tenants returned to prime London. Q4 2021 witnessed an average 11.07 percent increase on preceding lease levels, correcting the deep discounts granted during the same period in 2020. LCP is renowned among London’s premier real estate agencies for its track record of smart sourcing and acquiring, refurbishing, and meticulously managing prime residences for international investors.
‘The second half of 2021 felt as though we received two years’ worth of tenants all arriving back into London at the same time.’
By specializing exclusively in Prime Central London comprising the two boroughs of Kensington and Chelsea and Westminster, the agency has become the leading expert in what is almost certainly the most sought-after international real estate market in the world. Hong Kong and Singapore investors comprise over 40 percent of LCP’s active clients.