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19/08/2009
Property lawyers may get busy as commercial prices tipped to stay low |
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The commercial property sector is likely to continue to produce a high number of distressed assets available at low prices, it has been claimed.
Partner at real estate firm Cushman & Wakefield Michael Rhydderch stated that the rise in such property in Britain and around the world is down to a combination of falling values and high levels of gearing.
He said that excess borrowing or the bankruptcy of a tenant are key underlying causes of this, adding: "For both of those causes of distress, there is no reason why the pressure should decrease over the next year or two."
Such assets are "attractive at the right price", Mr Rhydderch concluded.
Those keen to invest in commercial real estate in London's West End may wish to speak to a property lawyer.
According to the Royal Institution of Chartered Surveyors Global Distressed Property Monitor, Britain was one of the two countries with the highest pick-up in investor interest in the second quarter of 2009.
Written by Anthony Dyson
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