[Sarah McCraig, Real Estate Market News Contributor]
1888Press Release: While world’s real estate markets continue to go downhill, certain signs show that the property crisis has entered the stage of recovery at some places.
Recent figures from the Royal Institution of Chartered Surveyors (RICS) show that property demand increased by 25% in the center of London by the end of 2010. Office space was mostly asked for and the demand had reached its highest point since 2007.
Since October last year, the number of queries from existing office occupants for offices has risen up to eight per cent and the amount of free commercial property has plummeted down to zero, the lowest since 2007.
Stirling Ackroyd, a London real estate agency which rents out offices in Shoreditch, Hackney and Clerkenwell said: “We have seen a surge in enquiries for our commercial property in Clerkenwell, especially for office space. We also have premises to let in other central and London wide areas, and again, demand has recently been very strong. But if you’re looking to find new premises, we’re reassuring our business customers they’re not necessarily going to have huge problems right now. There has been all the media coverage about a shortage of good quality commercial property during the last year. However day in day out, we are still showing business customers around good quality commercial property in Clerkenwell and beyond. It is a good time to make the move providing you’re getting the expert local support you need, despite the jump in demand”.
According to RICS, demand for rental property in London will continue to rise this year, although other UK areas might be far from booming. Still, this London indication may be the first sign that people are starting to have spare money again and while the overall demand is not high enough to set prices afloat yet, it may be a good time for well thought-out investments in this world commercial capital.
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