A major property investment firm has used commercial developments in the retail sector to drive growth in 2010.
Property investment firm Hammerson has announced a 7.8 per cent rise in net asset value during the first half of 2010.
The company believes it is its large-scale commercial developments in the retail sector which have underpinned this growth.
In addition, Hammerson has seen occupancy levels in its commercial developments rise by one per cent to 96 per cent, comparing very favourably with a market average of just 85 per cent.
While many retailers suffered during the recession those who survived are now thriving due to less competition and lower rents.
The company's chief executive David Atkins said that although the retail environment remains challenging, Hammerson's ability to grow revenue streams is key to its progress.
"Although the outlook remains uncertain, our markets are recovering from recession and actions being taken especially in the UK to address structural economic issues will be, I believe, ultimately beneficial to us," he added.
Agent CB Richard Ellis recently claimed that the global commercial property recovery is showing strong growth.
Posted by Tess Nelson.
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