The agency said the falling value of the pound since Brexit has encouraged private buyers to move quickly to snap up small and medium-sized assets in the City.

Analysis by CBRE suggests small deals dominated transaction volumes in the third quarter of 2016, when the average deal value was £45.6m.

Notable deals include the purchase of St Paul’s House, a 37,000 sq ft recently refurbished office building, by a Turkish family for £34.5m.

Creechurch House, a 28, 813 sq ft, eight storey building, was sold by Columbia Threadneedle Investments to the City of London Corporation for £15.4 million.

Increasing evidence of larger deals

Stephen Pearson, head of City investment properties at CBRE, said: “London is currently looking attractive to overseas investors given the weaker sterling and comparative returns relative to other European cities.  

“Most take the view that London will always be a major global City, supported by a rising population, long term growth, strong real estate fundamentals and constrained occupational supply.

“The uncertainty following the referendum vote saw a pause in institutional buying and created a window of opportunity for smaller, private investors to access the market. 

“However, as we enter a more stabilised period in Q4 and with increasing evidence of larger deal activity again, such as 20 Moorgate which completed last week, the institutional sector is very much back in the mix.”