Transactions in the South East office market have reached £1bn in the year to date, according to CB Richard Ellis.
The agent said 32 transactions completed between January and September had totalled just over £1bn.
In comparison, there were total sales of £980m in 2010, and £633m in 2009.
Large transactions in 2011 include the £480m sale of Chiswick Park to US private equity group Blackstone.
In addition, CBRE said it had £668m office deals in the South East under offer for this year.
Mark Routledge, executive director of capital markets, CBRE, said: “A hardening of yields in the South East means that the market is now trading at parity with the regions for the first time since 2007. There remain a number of prudent investment opportunities in the market, and we are advising on several prime opportunities that are currently under offer, likely to complete in the next couple of months.”
CBRE expects to see yields come under further pressure towards the end of the year, but only for the best stock in the market. It anticipates secondary yields will lag and the yield gap will continue to widen.
joanna.bourke@estatesgazette.com
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