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| News » Commercial Property Law » Tenant demand to 'remain subdued for two years' |
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09/12/2008
Tenant demand to 'remain subdued for two years' |
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It has been claimed that over the next 24 months tenant demand will continue to be restrained.
In its December commercial property forecast, the Royal Institute of Chartered Surveyors (Rics) claimed that that this will push rents down across some sectors.
The Rics commercial property market survey for Q3 found that tenant demand has eased back for the fourth consecutive quarter - with activity across all sectors falling but the office sector seeing the most pronounced reversal.
"Tenants are firmly in the driving seat and have greater bargaining power pushing lease lengths down at the fastest pace on record," Rics said.
In its forecast, the organisation said property returns are in line to fall further next year, albeit it at a less pronounced pace.
Furthermore, an increasing number of defaults and credit spreads will reportedly thwart the prospect of an impending recovery in the sector. |
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