Commercial Property market close to bottoming out?
July 3rd, 2009 | by James Welch
The commercial property market in the 
UK is likely to bottom out by the end of this year according to experts in the industry. However, schemes which have been put on hold, may not resume construction work until 2011. Developers are not likely to resume building work unless they can get a pre -et agreement secured on schemes. With demand weak, speculative developments are now few and far between.
The shortage of demand for office space has meant the several planned schemes in central London have been held back such as the “Cheesegrater’ by Land’s Leadenhall as well as Land Securities’ ‘Walkie Talkie’. Developers are wary of buildings costs as well as potential rate charges now that the government has relinquished the empty building rate relief. Experts predict the current space on the market will have to be absorbed before the conditions are ripe for more developments.
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