German funds increased their ownership levels in The City of London Office market from 0.7% of the sector to 18% between 1985 - 2006. This period of concentrated growth of ownership coincided with several peak-to-trough cycles in The City of London Office market. The paper aims is to assess the impact of the GOEFs in the passage of that cycle and determine what role, if any, they play in the movement of cyclic patterns in the UKís most prominent and diverse office market. Key theory points are assessed as part of a literature review focusing on the GOEFís sectorís vulnerability to liquidity crises and legislation changes. The findings of a combined quantitative and qualitative survey suggest that GOEF liquidity has a positive correlation with the development cycle, capital value and rental value of The City of London Office market, with liquidity of the funds partly explained by movements in City Office cycle indicators. The paper argues however that liquidity alone does not play a central factor in the investment and divestment decisions of the GOEFs in The City of London.