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Commercial property recovery to slow, experts say
The recovery of the commercial property sector is likely to slow down in the coming months, it has been suggested.
A new survey by property group Reita revealed the growth that has occurred in the past few months will not continue this year.
The research showed that under five per cent of respondents think the growth in business property will continue over the coming months and director of Reita Peter Cosmetatos explained that the forthcoming cut in public spending will result in less money available for investment in the market.
"This will have an impact on the take-up of commercial space," he remarked, stating that organisation is having to "tread very carefully" when it comes to making predictions for this year.
Chair of Reita Patrick Sumner added that real estate outside of prime areas will continue to fall in value in 2010.
The comments are in contrast to those recently made by Mark England of BNP Paribas, who said recently that there is no indication the current strength of the sector will end, Property Week reports.
A new survey by property group Reita revealed the growth that has occurred in the past few months will not continue this year.
The research showed that under five per cent of respondents think the growth in business property will continue over the coming months and director of Reita Peter Cosmetatos explained that the forthcoming cut in public spending will result in less money available for investment in the market.
"This will have an impact on the take-up of commercial space," he remarked, stating that organisation is having to "tread very carefully" when it comes to making predictions for this year.
Chair of Reita Patrick Sumner added that real estate outside of prime areas will continue to fall in value in 2010.
The comments are in contrast to those recently made by Mark England of BNP Paribas, who said recently that there is no indication the current strength of the sector will end, Property Week reports.
Tue, 26th Jan 2010