Property market told not to ''talk itself down'' - commercial mortgages

22 February 2008

Those involved in the commercial property market - which may include investors with commercial mortgages - have been warned not to talk themselves into a prolonged slump.

Property consultancy Lambert Smith Hampton has told operators in the market in Yorkshire that their "mood of panic and fear" must stop.

Head of research at the firm Dr Arezou Said commented: "If the commercial property market takes the time to analyse current and historical market data, it''ll find its present fear will turn to educated caution."

He added that the present downturn is like the early 1970s dip, rather than the 1990s crash.

"Educated and informed" activity in place of panic will help the market rise out the storm, he concluded.

A recent report from CB Richard Ellis showed that the uptake of commercial office space in Leeds grew from 494,741 sq ft in 2006 to 598,165 sq ft in 2007, the Yorkshire Post reported this week.