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Commercial property sector 'in readjustment period'
The commercial property sector is currently experiencing "an unprecedented period of readjustment", according to the chief executive of Land Securities.
In the company's third quarter interim management statement, Francis Salway said that the property industry is presently "facing one of the most challenging periods in generations".
According to Land Securities, the rate of deterioration within the sector will eventually ease, but growth will continue to be negative.
"We maintain a cautious outlook in the belief that property will continue to be affected by the weakness of the wider economy," Mr Salway stated.
In its statement, Land Securities said that retail tenants in administration accounted for 4.8 percent of annual rental income as of the end of December, compared with 2.9 percent three months previously.
The company owns and manages about 7.6 million sq m of commercial property and offers property services to over 2,500 clients in the public and private sectors.
In the company's third quarter interim management statement, Francis Salway said that the property industry is presently "facing one of the most challenging periods in generations".
According to Land Securities, the rate of deterioration within the sector will eventually ease, but growth will continue to be negative.
"We maintain a cautious outlook in the belief that property will continue to be affected by the weakness of the wider economy," Mr Salway stated.
In its statement, Land Securities said that retail tenants in administration accounted for 4.8 percent of annual rental income as of the end of December, compared with 2.9 percent three months previously.
The company owns and manages about 7.6 million sq m of commercial property and offers property services to over 2,500 clients in the public and private sectors.
21 January 2009.
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