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United Kingdom 

United Kingdom

The United Kingdom is a unitary state consisting of four countries: England, Northern Ireland, Scotland and Wales. The United Kingdom was the world’s first industrialized nation, and the United Kingdom today is the sixth largest economy in the world and the third largest in Europe after Germany and France. Its economy is service based, focusing mainly on financial services with Banking and Insurance at the forefront. The United Kingdom is one of the world's most globalized countries, having the highest concentration of foreign banks of any nation located in London, one of the worlds commercial command centers along with New York and Tokyo. The UK has had an expanding export business in financial service, which has been influenced by a mixture of unique institutions, light regulation, and a highly skilled workforce.

Like most other European nations we are seeing a slowdown in absorption, leaving a large availability of supply. It is predicted that the primary market rental rate reduction will bottom out shortly and we will begin to see a stabilization of the market. One of the more interesting factors of the current market is that we are seeing a "disinvestment" in the UK, investors are taking their money else where even though the pound is at a low level and we would expect investment capital to be flowing into the UK. Outside of the primary markets we are still expecting falling rents and continued increases in incentives offered to occupiers.

 

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