Fri, 03 Dec 2010 | COMMERCIAL PROPERTY
The commercial property market in London is likely to suffer the impact of business failures, which could lead to empty offices and buildings in the capital city.
A survey carried out by the Office for National Statistics (ONS) has shown that there were 55,100 business closures in London in 2009, an 8.9 per cent increase on the previous year which saw 50,575 closures.
A massive 13.7 per cent of London businesses closed down in 2009 due to the harsh economic climate, with the rate of closures at over 150 per day.
The rate of new businesses opening, on the other hand, has not been sufficient to make up for the closures. Therefore, it is likely that commercial property management firms will struggle to fill empty commercial space in the capital.
The worst affected area in London, according to the ONS data, was Westminster, with 6,475 failures reported in 2009. Camden came in second with 3,140 business closures.
Despite these figures, a recent report in the European Evaluation Monitor by CB Richard Ellis, stated that the UK commercial property sector is leading value recovery in Europe.
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