Commercial property take-up 'to show steady improvement'

Levels of commercial property take-up in the UK are set to improve slightly in the next few months, according to an expert.

Paul Guest, head of Europe, Middle East and Africa research at Jones Lang LaSalle, said occupiers are showing "greater freedom and willingness" to act in leasing markets.

However, he said take-up will be steady over the next two years, with volumes set to be stronger than last year but below long-term averages.

He added: "The majority of markets are likely to remain tenant favourable over the next 12 months; however, occupiers could be at risk of missing opportunities with some markets turning quickly as a result of the tightening supply pipeline from 2011."

Jones Lang LaSalle recently advised on the £68 million sale of Wolsey Place Shopping Centre in Woking.

IM Properties sold the site to Woking Borough Council in a deal which reflected a net initial yield of 8.2 per cent.