The global commercial property market is looking strong, according to CBRE, with the UK playing a key role.
Leading commercial property agent CB Richard Ellis has claimed that the global commercial property recovery is showing strong growth.
The firm's chief executive Brett White told the Financial Times that almost all the global property markets are experiencing growth, as property investments in one economy have an effect on others.
He added that the UK, along with Germany and France, is driving the recovery of
commercial development assets in Europe.
"We are a good proxy for the global property market. Virtually all global economies are in early stages of recovery," Mr White explained to the publication.
Importantly Mr White claimed that UK banks would not be forced into offloading a new wave of distressed commercial development assets, as lenders are working with borrowers rather than simply foreclosing on properties with bad debts.
The Daily Telegraph had reported last week that some £50 billion of distressed commercial property was about to hit the market, as banks looked to offload bad debt from their books.
Posted by Lisa Fear.
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