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London losing popularity among commercial property owners
27 Jan 2012
London has long been one of the most active commercial property markets in Europe, however, high rents are driving some people elsewhere.
According to PricewaterhouseCoopers' index ranking 27 European cities, the UK capital dropped to tenth place, compared to first place last year, reports Bloomberg.
The report, which was compiled with the Urban Land Institute, said that people's complaints centred around strong competition and "bubble-like pricing".
Commenting on the findings, PricewaterhouseCoopers said that few cities are a 'safe bet' when it comes to commercial property with many people finding it hard to obtain bank finance in nations which have been affected badly by the global recession.
Andrew Burrell, head of forecasting at Jones Lang LaSalle, recently said that London's commercial property market will pick up during the second half of 2012.
He added that any issues are not structural but rather related to people being reluctant to invest.
Posted by Judith Stevenson
