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Commercial property market to pick up for property owners in late 2012
25 Jan 2012
Property owners have been advised by Andrew Burrell, head of forecasting at Jones Lang LaSalle, that London's commercial property market will pick up during the second half of 2012.
According to Mr Burrell, the year ahead may not be a vintage one overall for the market, with the company predicting the year to start slowly, but the latter stages of the next 12 months could prove more fruitful for owners and investors.
He did reassure those worried about the market that there wasn't a structural issue with it, it was more to do with the fact that people, as yet, aren't willing to invest like they would in a more assured market.
Mr Burrell said: "There is no great incentive to do major transactions at the moment when things in three months time might get a bit weaker and you can get a better deal."
The crisis in the eurozone and the effect of sweeping regulatory changes on bank lending have pushed confidence in London's commercial property market to its lowest level since 2009, according to Lloyds Banking Group.
Posted by Judith Stevenson
