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20/02/2009
Expert upbeat about commercial property future |
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A leading commentator on the property market is optimistic about its future and has warned people not to panic.
Septuagenarian Sir John Ritblat, the founder and former chairman of British Land, believes that the sector is set to pick up.
"I think the commercial property market for prime [high-value property] could be nearing a bottom," he told the Times.
Unlike in 1989, when the UK was last in a recession, he says there is not a "huge overhang of built property", which will stand the sector in good stead.
He added: "I'd be surprised if this time next year we have not just got a grasp but a pretty good grip on the situation and a much better degree of stability."
Meanwhile, the Royal Institution of Chartered Surveyors is seeking the opinion of commercial property professionals on the impact of the much-criticised Empty Property Rates and how it is affecting business. |
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