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23/06/2009
Commercial property lawyers may be busier as revival predicted |
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The commercial property market in the UK is at the bottom, making now a good time to invest, it has been argued.
John Richards, the chief executive of commercial property firm Hammersons, told Bloomberg that with rental declines falling at a slower rate, price drops are also decelerating, arguing that stabilisation is close and capitalisation rates may peak in the next month.
Discussing prime property, he stated: "The occasions of tenant default or delinquency are going to continue to be rare," noting that the best bets are properties in good condition or prime locations.
This could include fashionable areas of central London, something that could interest investors seeking the services of Westminster lawyers.
Earlier this month the Money into Property report by DTZ claimed that London is the only commercial property market in the world offering fair value for money.
Commenting on the situation in the capital, economist Ed Stansfield at Capital Economics said the price correction in the market has "come through very rapidly in London".
Written by Laurence Smith
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