Optimism 'increasing' in UK commercial property sector
Property professionals
7th August 2009
Britain's commercial property sector is likely to see an improvement over the coming months, as confidence in the market is improving, an expert has suggested.
Steve Georgiou, director at Property Executive, explained that "people are starting to believe that things are slowly picking up", adding: "The industry has suffered long enough."
He stated that many leading cities in the north of England and Scotland are still witnessing "reasonably flat" commercial property market performance, although increased activity is being seen in areas such as Aberdeen and Inverness.
Insurance for buildings customers may be interested in Mr Georgiou's prediction that "the investment market is set to do extremely well", with some people already starting to make purchases.
His comments come in the wake of data from Jones Lang LaSalle, which indicated that returns in the commercial property industry fell by 1.8 per cent in the quarter to June 2009, an improvement on the first quarter's drop of 6.4 per cent.
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