UK named as world’s most transparent commercial property market
Although rife with talks about the impending bubble burst, the UK is still a best bet given that it has the most transparent commercial property market in the world.
In Jones Lang LaSalle’s (JLL) latest Global Real Estate Transparency report, which covers 102 key markets, the UK commercial property market tops the list as it proves to be at the forefront of “open data” initiatives and enhanced transparency reforms.
According to the report, the key drivers of enhanced transparency are very apparent in the UK market, including the return of stronger economic growth, the rising expectations from the “Millenial” generation and the wider adoption of sustainability tools. In addition, its government is also becoming increasingly aware of the importance of transparency in increasing investment flows and regulating the real estate.
Besides the UK, other countries that rounded out the top five most transparent markets are the United States, Australia, New Zealand and France. In the highly transparent category, countries such as Canada, the Netherlands, Ireland and Finland dominated the list, while the Sub-Saharan countries were hailed as this year’s top improvers, following their initiatives to move transparency into the frontiers of global real estate.
“The top improvers generally correlate with a surge in foreign direct investment and corporate occupier activity, as investors help to accelerate transparency reforms and governments realise that poor transparency will affect continued inward investment, long term growth prospects and the quality of life of citizens,” the report added.
Meanwhile, the report also noted that of the 108 key markets, around 80% showed an improved transparency level since 2012.