One of the most respected members of the commercial property industry has insisted the market can pick up and remains upbeat about the future of the sector.
Sir John Ritblat, the now-retired founder and former chairman of property group British Land, has told the Times that he believes the high end commercial property market – which includes large amounts of commercial property in London – is coming to the end of its downward trajectory.
"I think the commercial property market for prime [high-value property] could be nearing a bottom," he said, adding that the market does not have "a huge overhang of built property" as was the case when the economy last fell into recession in 1989.
That will come as welcome news to those considering heading into the commercial property market, suggesting that now could be a good time to buy up commercial property in London as the market nears the bottom.
"I’d be surprised if this time next year we have not just got a grasp but a pretty good grip on the situation, and a much better degree of stability," Sir John concluded.
Recent figures have revealed that commercial property values are levelling off across the country, with the Investment Property Databank’s UK Monthly Index showing an easing in falls during January.