LONDON, May 1 Reuters U.S. investors are buying up London commercial property at the fastest rate in eight years, data compiled by BNP Paribas39;s real estate arm showed, lured by signs the market in Britain is recovering faster than the harderhit United States.

Commercial property values and sales have plunged globally in recent years including in Britain as soaring borrowing costs and emptying postpandemic offices have eroded investments. Vacancy rates have jumped, especially in the U.S.

U.S. investor interest in Britain is growing, helped by more appealing leasing fundamentals and a stronger dollar versus the pound, BNP Paribas Real Estate said.

U.S. property markets remained mired in concerns about sticky interest rates, a slower return to the office and political uncertainty before the U.S. election, it added.

U.S.based investors spent 1.9 billion pounds 2.4 billion on London commercial property in JanuaryMarch up sixfold on the prior year and the most since the final quarter of 2015, according to the data.

This positive uplift into this new cycle tells us U.S. capital is firmly back in the market, said Fergus Keane, BNP Paribas Real Estate39;s head of central London capital markets.

Highprofile deals included MCR Hotels39; 275 million pound purchase of the BT Tower in central London, with the prominent former telecoms tower to be converted into a luxury hotel, and Elliott Management and Oval Real Estate39;s 300 million pound acquisition of a mixeduse…