The strength of the UK commercial development market's recovery has helped property investment agent DTZ cut its losses.
Property investment agent DTZ has revealed that the strength of the UK commercial development market has helped it sharply cut its annual losses.
Following a loss of £79.7 million in the previous year, in the year to April 30th 2010 the agent posted losses of £22.9 million.
This was helped greatly by the fact that UK commercial development sales remained largely flat, while the rest of the World saw a 35 per cent fall.
However, the firm's chief executive Paul Idzik said that investors in the UK "remain very cautious", as they fear another fall in asset values.
"Looking forward, while our focus is on the profitable growth of the business, we are conscious there remains considerable economic uncertainty and geopolitical risk around the world and our outlook remains cautious," he added.
BNP Paribas claimed earlier this month that it would take around 15 years for UK commercial development values to return to pre-recession levels.
Posted by Tess Nelson.
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