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West End commercial property market 'sheltered from credit crunch'
21 April 2008
The commercial property market in the West End of London could be less exposed to the credit squeeze than the rest of the city, the Royal Institution of Chartered Surveyors (Rics), has suggested.
The organisation explained that most of the commercial properties in this area are owned by hedge funds, which may have been more shielded from the US sub-prime mortgage collapse than the larger investment banks.
Oliver Gilmartin, senior economist at Rics, explained: "With regard to the outlook for the West End, it would really depend on the prospects for the hedge fund industry and the high end occupiers which are typically tenants in this market.
"The supply situation may be more favourable and boutique operations may be less exposed to the sub prime fiasco than the larger investment banks."
According to investment firm Lehman Brothers, rents and tenant demand in the City of London (the central business district) are gradually falling as the market risks running into a situation of oversupply.
It estimated that around 5.5 million square feet of new build office space due to be delivered over the next two years that is still uncommitted to any companies.
