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23/12/2008
Commercial property market has taken a "pounding" |
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All across the board the commercial property sector has been battered black and blue, it has been claimed.
David Parker, national head of rating at Savills, suggests that the number of businesses struggling, combined with the number of closures and vacant premises, will undoubtedly result in "falling values".
He claims that the market has "taken a bit of a pounding across the board".
"You can look at any aspect. You can look at the high street; big units suddenly becoming available again with Woolworths and such like going out of business," Mr Parker adds.
Commercial property capital values could fall by 25 per cent in the next two years, according to the Royal Institution of Chartered Surveyors.
The institution reported that it expects the sector to witness a fall of at least 16 per cent in capital values in 2009, followed by a drop of up to ten per cent in 2010.
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