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Commercial property market recovers

Published on 28 Jan 2010 under category: legal

Commercial property has recovered as an asset class, according to a new industry survey published on January 27th.

The Royal Institute of Chartered Surveyors Global Property Survey showed that London led the UK market recovery with office space transactions increasing for the first time in four years.

The institute found last week that 35 per cent of surveyors working across all sectors had reported a rise in investment transactions.

Across the globe, Brazil, Austria, Ghana, Hong Kong and Venezuela saw mild declines. It is predicted that the emerging economies will be responsible for the upturn in the commercial property market.

RICS chief economist Simon Rubinsohn said: "The latest survey demonstrates in the clearest possible terms that it is emerging real estate markets where sentiment has turned around most significantly.

"Crucially, the improvement in investor appetite is being accompanied by a firmer tone to the rental market. This is key to ensuring that the recovery proves sustainable."

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