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Recession 'still affecting commercial property sector'
22/12/2009
The UK's commercial property sector is still being affected by the financial consequences of the economic downturn, an expert has highlighted.
According to the British Property Federation's (BPF) real estate director of policy Ian Fletcher, the market will take longer than other sectors to recover from the recent economic conditions.
"[It]was late at going into the recession but later coming out of it," he noted.
"The nature of the sector means that it tends to feel the after effects of the recession."
Mr Fletcher added that failing retail firms may be one factor leading to this trend.
Meanwhile, existing properties in Northern Ireland and other regions of the UK might need to be made more sustainable in the future, the BPF recently suggested.
The organisation's assistant director for sustainability Patrick Brown has noted that the UK's carbon emissions will only be reduced if action is taken to improve the energy efficiency of current buildings, as well as new developments.
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According to the British Property Federation's (BPF) real estate director of policy Ian Fletcher, the market will take longer than other sectors to recover from the recent economic conditions.
"[It]was late at going into the recession but later coming out of it," he noted.
"The nature of the sector means that it tends to feel the after effects of the recession."
Mr Fletcher added that failing retail firms may be one factor leading to this trend.
Meanwhile, existing properties in Northern Ireland and other regions of the UK might need to be made more sustainable in the future, the BPF recently suggested.
The organisation's assistant director for sustainability Patrick Brown has noted that the UK's carbon emissions will only be reduced if action is taken to improve the energy efficiency of current buildings, as well as new developments.
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