Commercial property market 'to stabilise' in 2012

The commercial property market is predicted to stabilise this year.

Property consultants CBRE have released their Outlook report outlining their predictions for the next 12 months.

CBRE says it expects to see a notable increase in sales across all sectors of the market in 2012.

But it warns that the road to recovery will be a long one.

And CBRE says the Government's decision not reform the area of upward-only rent review will cause some retailers to re-assess their options.

“With the uncertainty that prevailed for much of last year now alleviated following announcements made in Budget 2012 and the domestic economy showing tentative signs of improvement, the commercial property market should stabilise in 2012 and begin to emerge from the most significant correction it has ever experienced," said Marie Hunt, Executive Director at CBRE Ireland.

"We expect to see a notable increase in transaction volumes in all sectors of the market in 2012," she added.

"The road to recovery will however be a long one and values will only stabilise once there is sufficient transactional evidence available to provide clarity on pricing.

"The real estate sector now has to adapt to a scenario where debt funding is going to remain severely constrained."

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