INDUSTRY NEWS

Urban Land Institute: expect 2009 to be very difficult

The Urban Land Institute (ULI) has warned real estate investors 2009 will be a “very difficult time”.

The group, along with PricewaterhouseCoopers (PwC) has published its sixth Emerging Trends in Real Estate Europe report.

Capital will be hard to find, the study predicted and overall availability is the lowest it has recorded.

John Forbes, real estate leader in Europe, Middle East and Africa at PwC, said for those who bought at the top of the market, it could be a struggle for survival.

Despite predicting a torrid time ahead, Mr Forbes noted that for firms with equity to invest, there could be some opportunities.

William Kistler, president of ULI Europe, the Middle East, Africa and India, agreed. He observed: “With interest rates low, and the market generally not overdeveloped, there are bargains available for those who are in a position to buy.”

Regardless of the recession, developers are continuing with the construction of Renzo Piano’s Shard of Glass.

At 310 metres high, it could soon become the tallest commercial property in London.
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