"One of Central London's largest landlords, Great Portland Estates (GPE), has warned the European sovereign debt crisis could cause commercial property capital values in the city to fall, and major development projects to be cancelled."
|Hammerson's visualisation of Tempelhof Avenue, Brent Cross? |
Link to Daily Telegraph
"Toby Courtauld, GPE chief executive, said yesterday that economic conditions and business sentiment have 'worsened' since the summer, leading to some businesses scrapping a search for new office space and putting pressure on rents.
Mr Courtauld said he expects 'secondary and overpriced assets to see a price correction as buyers become more discerning'.
"However, he added, prime properties will benefit from a 'supply crunch' of new offices and London's status as a 'safe haven' amid the economic uncertainty."