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Thames Valley business property market 'to see brighter 2010'
The Thames Valley commercial property market will improve this year after suffering one of its most difficult periods during 2010.
This is according to property adviser Cushman & Wakefield, which noted that the past 12 months had been the most testing for the sector since the dot-com crash of 2001.
It said that the market will begin to stabilise in the coming months, meaning the amount of unoccupied business property will have declined by the end of the year.
Thames Valley is home to the second largest office market in the UK behind central London and the firm revealed that prime headline rents declined to £23.90 per sq ft per annum during 2009 - a fall of 11.6%.
"2009 was not a vintage year, but headline rents and incentives are now stabilising," head of UK office agency at Cushman & Wakefield Charles Dady remarked.
He added that the first quarter of 2010 may be seen as a "turning point" in a year's time.
Earlier this week, Guy Cooke of Knight Frank predicted that 2010 will bring a slow recovery in the commercial real estate market.
This is according to property adviser Cushman & Wakefield, which noted that the past 12 months had been the most testing for the sector since the dot-com crash of 2001.
It said that the market will begin to stabilise in the coming months, meaning the amount of unoccupied business property will have declined by the end of the year.
Thames Valley is home to the second largest office market in the UK behind central London and the firm revealed that prime headline rents declined to £23.90 per sq ft per annum during 2009 - a fall of 11.6%.
"2009 was not a vintage year, but headline rents and incentives are now stabilising," head of UK office agency at Cushman & Wakefield Charles Dady remarked.
He added that the first quarter of 2010 may be seen as a "turning point" in a year's time.
Earlier this week, Guy Cooke of Knight Frank predicted that 2010 will bring a slow recovery in the commercial real estate market.
Fri, 15th Jan 2010