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Commercial Property News
London commercial property 'still has advantages'
Commercial property in London is still beneficial for business in spite of the economic downturn, it has been suggested.
According to Newsweek, holding such assets in the City still has its advantages, despite the fact that office rents fell to their lowest level in 20 years during 2009 and a number of projects have been put on hold due to funding constraints.
However, Douglas McWilliams of the centre for economics and business research was quoted by the news source as saying that firms will still need to have a base in the capital.
"The question for people is: 'Do you still need to operate out of London?' And for the vast majority the answer is still probably yes," he remarked.
Last month, NB Real Estate stated that office rents in the City, the West End and Docklands have bottomed out following the recent falls, with values remaining unchanged from the third quarter of 2009 during the final three months of last year.
According to Newsweek, holding such assets in the City still has its advantages, despite the fact that office rents fell to their lowest level in 20 years during 2009 and a number of projects have been put on hold due to funding constraints.
However, Douglas McWilliams of the centre for economics and business research was quoted by the news source as saying that firms will still need to have a base in the capital.
"The question for people is: 'Do you still need to operate out of London?' And for the vast majority the answer is still probably yes," he remarked.
Last month, NB Real Estate stated that office rents in the City, the West End and Docklands have bottomed out following the recent falls, with values remaining unchanged from the third quarter of 2009 during the final three months of last year.
Mon, 4th Jan 2010