Global figures offer hope

Posted on Posted in INDUSTRY NEWS

Commercial property markets worldwide had a successful 2007, according to a report which documented global figures.

The 22nd annual Global Market Report by NAI Global has found the market experienced slightly declining vacancy rates, rising rents and record sale prices.

"Fears of a slowing US economy and the credit crunch are clearly having an effect on investment real estate markets, even though commercial real estate fundamentals remain strong," said chief executive officer, Jeffrey M. Finn.

The report had a positive outlook and Mr Finn explained that "slowdown in activity is only temporary as the credit markets sort themselves out".

Despite problems in the UK commercial property market, the report found that European performance was strong, although it noted some overreaction to the US sub-prime collapse.

According to the survey, London office space is the most valuable in the world.

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