Commercial property market ‘has bottomed out’

Posted 26/08/2009

Investors could find that now is a good time to buy into the UK’s commercial property market, as experts have suggested the recent slump may have passed.

Property specialist Wrenbridge this week confirmed that it is planning to spend millions of pounds on office, industrial and retail spaces across East Anglia.

Jamie Hockaday, main board director at the Cambridge-based firm, said this action is being taken because it believes the market has now bottomed out.

As a result, Wrenbridge is looking to take advantage of a “unique opportunity” to buy commercial property in the region.

Speaking to the East Anglian Daily Times, Mr Hockaday said: “We believe this forthcoming cycle represents the best opportunity for a generation.”

This comes amid a period of growing optimism that conditions in the UK’s commercial property sector will soon improve.

The Royal Institution of Chartered Surveyors and Standard Life have been among those to suggest the market is bottoming out in the last few weeks.