December 10, 2008
Office space loses value
Story link: Office space loses value
Office space used to be a lucrative investment in the past, probably because it was fairly priced, but lets face it, the last few years have seen an excess in the increase of marketed value, over inflated pricing, which has evidently led to the collapse here.
In the latest sign of the severity of the economic slump, the Royal Institution of Chartered Surveyors (RICS) warned that the scale of the commercial property slump now dwarfed any other in recent memory.
It coincides with news of more disappointing high street sales and a warning from business lobby group the CBI that worse is to come for Britain’s services sector, which is set to inflict “significant job losses” on the workforce.