London commercial property market 'leading the recovery'

London is leading the recovery which is being seen in the commercial property market, according to new figures.

The Royal Institution of Chartered Surveyors' (Rics') latest Commercial Property Survey revealed that a positive majority of respondents are reporting rising enquiries and lettings activity for the first time in around two years.

Such movements were most common in London over the third quarter of this year, with markets seeing tenant demand rise at more than double the pace of the previous survey period.

Oliver Gilmartin, Rics senior economist, said "the veil of pessimism" towards rents is "slowly lifting".

He added: "In the investment market, the reflationary climate coupled with a reduction in the pace of job shedding and a weaker pound is quite clearly stimulating a return of investor interest at the prime end of the commercial property market."

Last week, figures from Jones Lang LaSalle revealed that commercial property investment returns improved over the third quarter of this year.