The office investment market in London’s Square Mile and West End “boomed” over the start of 2022, says the team at Savills, with big-ticket deals leading to a leap in volumes.

Korea’s National Pension Service’s purchase of 5 Broadgate, EC2, and Google’s acquisition of Central St Giles, WC2, gave the first quarter a big lift in each sub-market.

In the City of London, £3.3bn of deals were struck over the three months, up by 27% on the record first-quarter from back in 2007 and a 540% jump year-on-year. Some £1.91bn of assets changed hands in the West End, a 60% increase on the five-year average and up 267% on a year ago.

Savills said £2.31bn of stock is now under offer in the City, including seven deals of more than £100m, with £1.76bn of deals being lined up in the West End.

Stephen Down, head of Central London investment at Savills, described the quarter as “nothing short of stellar”, adding: “The volume of stock under offer as we go into Q2 is positive, though the increased cost of finance and macro-political uncertainty is having a greater impact on buyer decisions in London just as it is around the globe.”