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London commercial property back in vogue

It has been revealed that London's largest skyscraper, Tower 42, has been put up for sale by Blackrock and Hermes Real Estate. The asking price for London's largest skyscraper is in the region of £300 million and is one of a portfolio of property assets up for sale.

It seems as though a weakness in the UK currency and a lack of high-quality office space in London has seen a sudden resurgence in the market which has prompted Blackrock and Hermes Real Estate to re-evaluate their assets. There is even evidence that some property asking prices have reached levels not seen since 2007 prompting many to suggest that the worst is over for the city of London commercial market and the boom times may well be just around the corner.

Whether we are returning to the boom times of pre-2007 remains to be seen but there is no doubt that the London economy is very much out of sync with the UK economy as a whole. London led the UK into recession and will most certainly lead the UK out of recession, although many parts of the country are still some way behind the recovery curve.

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