London Office Market Faces Possible Oversupply
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www.reit.com The West End of London and prime retail shopping centers are the current best investment opportunities in the UK, according to Alex Moss, head of global property securities analytics at Maquarie Securities. “I think the big change is that city offices have run their course a little bit. We can now see oversupply coming in,” Moss said. “The West End has a diverse tenant base and a shortage of supply, which means there should be capital gowth over the next 12 to 24 months.” Speaking with REIT.com at the European Public Real Estate Association’s annual conference in London in early September, Moss said UK high street shops are facing some of the biggest challenges. “We see strong pressure on retailers as a tenant base,” he said. “Also, some of the European shopping centers in less-than-prime locations will be challenged. Industrial we still see being fairly flat in the near term.” The expansion of REITs in Europe has had a big impact on the real estate investment market, Moss said. He pointed to REITs as a lead market indicator. “When the UK REITs refinanced in the first quarter of 2009, that really signaled the turning point of the direct property market,” Moss said. “You can see a similar situation with the French REITs.” Moss said there are two trends that he is closely watching which could negatively impact his outlook for the European listed property market. The first would be any unexpected upward movement in bond yields, Moss said. “That has been the big …
December 01 2011 | tenant loans UK | No Comments »