The report examines changes in office ownership from 1973 to 2011, revealing that ownership has progressively become more international and more financially focussed.. Despite the sharp fall in capital values in the aftermath of the global financial crisis, London remains the pre-eminent target market for global property investors. The City's scale, liquidity and transparency encourage "safe haven" investment. The changes in ownership patterns reflect the status of the City as the major European international financial centre, but bring risks to London. The concentration of ownership makes the City vulnerable to shocks in global capital markets and contagion effects from financial crises.