Commercial property conditions ‘could be set to improve’

Posted 17/11/2009

The UK commercial property sector could be set for a revival in the coming months, according to a major property developer.

Chris Grigg, chief executive of British Land, has expressed confidence that “the worst is behind us” in terms of property market decline, reports the London Evening Standard.

The prediction comes in response to the landlord’s financial report for the six months up to the end of September, which saw the firm’s business performance depreciate before rebounding after June.

However, Mr Grigg nevertheless urged caution, stating that economic conditions remain difficult to predict.

He said: “Whilst there have been encouraging signs in the market in recent months, it is not yet clear that all sectors of the market have stabilised.”

This echoes predictions made by the British Property Federation last month, which suggested that commercial property in the UK has now passed a “turning point”.