…. and will lead the way out of property slump
DESPITE a deep recession and plummeting rental values, London is expected to lead the way out of the slump hitting office rents, according to the latest survey by King Sturge.
King Sturge yesterday said there were already signs that in the first half of 2009 the market may have hit the bottom and the rate of value decline has now slowed.
The take up in the London occupier market is currently down 40 per cent. But cheaper rents, a weaker pound and attractive incentives have lured overseas investors from Germany, Asia and the Middle East, including new areas such as Libya.
King Sturge head of research Angus McIntosh said: “In six months’ time we predict that the price of prime commercial assets in the key European markets will be rising again, following the trend already set by London.”