Despite the double-dip recession that hit the economy last year, 2012 saw investment in the central London office market reach its highest point since the onset of the financial crisis in 2007.
Research conducted by Knight Frank revealed that £13.8 billion was ploughed into the sector - up from £9.6 billion in 2011 - with overseas buyers making a significant contribution to the upturn.
Indeed, the figures show that foreign investors accounted for almost 70 per cent of total activity last year, with the £9.6 billion they spent representative of a new record. This was the fifth consecutive year that overseas buyers were responsible for the majority of purchases measured by volume.
"A lot of people are surprised that the City has seen take-up rise in 2012, because it is associated with the banks, who are known to be cutting staff," said James Roberts, head of commercial research at Knight Frank.
"However, Clerkenwell, Farringdon and Shoreditch are now firmly established as technology and media districts, and we expect to see this momentum build with the forthcoming 4G roll out.
"Technology, Media and Telecoms firms were the largest source of demand of office space in City in 2012, accounting for 22 per cent of activity."
With investment in the capital's office space increasing to the levels seen before the economic downturn took hold, the figures could be considered a sign of a recovery in the sector.
And as the number of technology, media and telecoms businesses locating themselves in the city begins to increase, the strength of the services industry also appears to be improving.
Yet given that foreign investment played such a crucial role in boosting the figures for 2012, future performance could continue to be linked to the capital's ability to maintain its appeal to overseas buyers.
As the City and the West End strengthen their market positions, it seems that the level of activity in 2013 will again be determined by foreign investors.