Property Snapshot November 2008

Published: October 2008
Source/Company: Colliers International

Abstract:
The commercial property investment market remains at a virtual standstill, with transactions still few and far between. A return to some form of normality in bank lending is the metaphorical ‘Holy Grail’ at present and remains vital to any recovery. The speedy response of Friday’s Libor rate to the base rate cut was a positive development. Total returns to property continue to deteriorate, although it might be said that they still compare favourably with UK equity returns.

Last week’s remarkable base rate cut may firm confidence, especially as a growing positive yield gap will make property look increasingly interesting in 2009. We expect transactions volumes to increase markedly, particularly in the second half of the year, despite a tough economic backdrop. We will continue to track lending conditions and other indicators closely.

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