Dearest followers – let’s see what’s happened in the commercial property market this week.
Commercial property funding has dried up – Eurohypo & Soc Gen have closed their doors to any new business amid fears of further Eurozone problems. Arcadia Group, owners of Bhs, Dorothy Perkins, Topshop, Wallis, Evans and Burton, plan to close 250 stores next year as retail condition remain tough. Gemstone Retail has filed a notice to appoint administrators to their struggling business. Restaurant group, Chex Gerard, has been placed into administration. Jones Lang LaSalle, one of the worlds leading surveying firms, are to shed over 100 people due to difficult market conditions.
Need I say anymore?
The commercial property market is no way near the bottom of the ocean but when it does eventually reach its destination, where it will stay for quite some time, the journey back to the top will be long and hard and far from straightforward.
To stay abreast of the latest commercial property market news, visit Jason Werth’s sell my commercial property blog