2009 Overview and 2010 Forecast
In light of the deterioration of the international economy, occupiers and investors alike continued to adopt wait-and-see policies throughout 2009, which in turn contributed to the general decline in commercial property markets in France. “With a 40% fall in volumes invested (7.8 billion €) compared to 2008, financing difficulties continued to weigh on the investment market, as was the case last year. However, with financial markets and several economic indicators getting back to normal, the increase in volumes invested throughout the year and the growing appetites of certain investors, the investment market seems to be well on its way to recovery” indicates Olivier Gérard, President of Cushman & Wakefield France. The same cannot be said for lettings markets, which suffered from the increased caution employed by companies facing difficulties and who were, above all, concerned with reducing their real-estate costs. “At 1.75 million sq.m, the take-up of office space in Ile de France fell by 26% compared to 2008. The magnitude of the fall, resulting from increases in company failures and unemployment, does not indicate that a low-point has been reached though” concluded Olivier Gérard. The retail property market (retail parks, shopping centres and high streets), which was still resistant at the beginning of 2009, gradually succumbed to the reduction in household consumption and the slow-down in retailer expansion over the course of the year.
In light of the deterioration of the international economy, occupiers and investors alike continued to adopt wait-and-see policies throughout 2009, which in turn contributed to the general decline in commercial property markets in France. “With a 40% fall in volumes invested (7.8 billion €) compared to 2008, financing difficulties continued to weigh on the investment market, as was the case last year. However, with financial markets and several economic indicators getting back to normal, the increase in volumes invested throughout the year and the growing appetites of certain investors, the investment market seems to be well on its way to recovery” indicates Olivier Gérard, President of Cushman & Wakefield France. The same cannot be said for lettings markets, which suffered from the increased caution employed by companies facing difficulties and who were, above all, concerned with reducing their real-estate costs. “At 1.75 million sq.m, the take-up of office space in Ile de France fell by 26% compared to 2008. The magnitude of the fall, resulting from increases in company failures and unemployment, does not indicate that a low-point has been reached though” concluded Olivier Gérard. The retail property market (retail parks, shopping centres and high streets), which was still resistant at the beginning of 2009, gradually succumbed to the reduction in household consumption and the slow-down in retailer expansion over the course of the year.
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The losses some large UK banks made on commercial property loans overseas were of the same order of magnitude as those on their commercial property loans. Buy a condo in Calgary
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