Recession 'evident in Western Corridor commercial property market'

A new report has suggested that evidence is emerging that shows the recession is impacting on commercial property in the Western Corridor.

The study by Jones Lang LaSalle found that the economy is set to have a negative impact on the take-up of such buildings by cutting occupier activity.

It is expected that occupiers will not exercise breaks in order to avoid capital expenditure, while they are also expected to be hesitant about committing to space.

James Finnis, head of south-east office disposals at Jones Lang LaSalle, said: "Corporates are close to reaching the bottom of the cost cutting curve.

"This will put more occupiers in a position to take advantage of market conditions, resulting in recovery to the market."

Paul Guest, head of Europe, Middle East and Africa research at Jones Lang LaSalle, recently said the commercial property market has bottomed out in investment terms.