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London commercial buildings insurance holders 'will have resilient 2010'
01 Mar 2010
Posted by Dan Winters
Commercial buildings insurance policyholders with retail property in London will continue to see a robust market in the capital this year, according to an expert.
Jason Sibthorpe, head of retail at GVA Grimley, said that the market was "incredibly resilient" in 2009, particularly in Mayfair and Bond Street, where demand continued to push up rents.
However, he did not anticipate significant growth for commercial buildings insurance policyholders this year.
"It is apparent that there are more occupiers getting back into the market and looking to take property, but I wouldn't call expansion plans particularly aggressive at the moment," he commented.
Nevertheless, London continues to attract an "eclectic" mix of retailers, both national and international, so it maintain its resilience, he insisted.
His comments follow research by Cushman Wakefield which found that rents for London retail property reached new highs in the final quarter of 2009, rising by 9.7 per cent on Bond Street.
