Commercial market ''waiting for direction'' - commercial mortgages

13 November 2007

Despite the credit crunch there remains a not inconsiderable amount of money within the commercial property sector, with many firms now taking more time before selecting an investment area, Great Portland has implied.

Speaking in an interview with Thomson Financial News, company chief executive Toby Courtauld has said that there has not been a great deal of evidence of "financial distress" seen in London.

Mr Courtauld added that his firm was looking to capitalise on opportunities brought about by investors, such as those with commercial mortgages, who are looking to leave the market.

"I think most investors are sitting on their hands at the moment, waiting to see what happens in the markets generally," Mr Courtauld told Thomson.

"There is quite a lot of money swishing around on the edges of the market, waiting to come in when it finds value -- it''s slightly directionless at the moment," he added.

The London market continues to attract interest from both investors and tenants, according to a recent pan-European report.