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17/07/2009
Commercial property law 'unlikely to change' |
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The government is not likely to make any adjustments to commercial property law in the near future, it has been argued.
Property economist at Capital Economics Kelvin Davidson said ministers are prioritising other issues above the sector.
He added: "They haven't moved on any of the Reit legislation despite lobbying from the property industry and they haven't moved on the empty rates issue."
Mr Davidson said the correction in the value of such assets has "run its course", but values and rents will go on falling for up to a year as the effects of the economic downturn linger.
He noted the most "prime" area for property at present is around Oxford Street in Westminster, something that may interest those considering seeing Westminster lawyers about investing there.
Investment in commercial property in London's West End rose to £733 million in the second quarter of 2009, compared with £207 million in the first quarter, figures from real estate firm Cushman and Wakefield have shown.
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