Time for property to market to “look up”
Tim Garratt, director at commercial property agent Innes England, said that he is confident that the cyclical nature of the industry will see the market return.
Talking to Insider, Garrett said: “We have plenty of vacant shops in the peripheral parts of Nottingham – and they don’t look as though they are filling up any time soon.”
He continued: “We have empty offices too, most of which are in ageing stock. We are working in a different way to that of ten or 20 years ago. Those changes are likely to continue. However, our industrial market is holding up pretty well – the market is much more in balance.”
However, Garratt says he is neither “nervous” nor “depressed” about the market in 2011.
He added: “A year ago, I was contemplating the very same question and at the time we were worried about the General Election and the aftermath, but we somehow survived it.
“The one thing we can predict with absolute certainty is that the property market is cyclical. It naturally goes up and down. It always has and always will.
“There were actual deals done. Sure, the deals look different from the peak of the market in 2007, but they completed.
“Perhaps what we need to do is stop looking down. Look up – maybe things aren’t as bad as you think.”
