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30/10/2009
Slow recovery tipped for commercial property |
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The UK commercial property market is set for a slow and gradual recovery, it has been predicted.
Director of real estate policy at the British Property Federation Ian Fletcher commented that a recent Jones Lang Lasalle report showing that commercial property returns are rising again may mark a "turning point" for the sector.
However, he cautioned, this could be slow, adding: "There is a long, hard slog still to come in terms of getting the industry back to the level of activity we saw two or three years ago."
This will include rents continuing to fall next year and only beginning to rise again in 2013, he stated, agreeing with a prediction of such a trend in the report.
Those keen on buying such real estate may wish to consult a commercial property solicitor about the legal aspects of such transactions.
According to Jones Lang Lasalle, all-property total returns reached 4.5 per cent in the third quarter of this year, the first positive outcome since the second quarter of 2007.
Also earlier this month, the Investment Property Databank Monthly Index said capital growth in UK commercial property increased by 1.1 per cent in September, the largest monthly increase since June 2006.
Written by Anthony Dyson
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