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20/08/2009
Property lawyers tipped for 'two tier market' |
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There is likely to be a "two-tier market" for commercial property as the sector recovers from the credit crunch, an expert has predicted.
Senior economist at the Royal Institution of Chartered Surveyors Oliver Gilmartin said the market has seen a price decline of nearly 50 per cent, but is now "nearing the bottom".
He pointed to greater stability in yields and less pessimistic rental expectations among surveyors as evidence that matters are improving, leading to commercial property stocks rising.
"Amid the improvement, however, it is important to note that a two tier market may emerge after the storm, with investors discriminating between prime and non-prime assets," he noted.
Such a situation could mean that Westminster lawyers are in big demand as investors focus on prime areas such as the West End of London.
Earlier this month, CB Richard Ellis reported that July had seen the first increase in commercial property total returns since June 2007, with a 0.8 per cent rise.
It also recorded a jump in commercial property values of 0.2 per cent.
Written by Anna Norton
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