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05/01/2009
UK commercial property saw 'record fall' last year |
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The FTSE 350 Real Estate Index reportedly fell 46 per cent last year, the most since the index began.
According to Bloomberg, falling property values saw commercial property companies record their worst year since 1986.
The index comprises 18 companies including British Land and Land Securities.
John Cahill, a real estate analyst at KBC Peel Hunt, told the news provider that even if the basics for a real estate company and the share price stack up as an investment, "the overall macro case, as we move into recession, is so bad, that it takes any shine off what could be a good investment".
According to the Royal Institution of Chartered Surveyors, commercial property capital values may slip by 25 per cent in the next two years.
Meanwhile, David Parker, national head of rating at Savills, suggests that the future will see "falling values" because of the number of businesses that are struggling, combined with closures and vacant premises.
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