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News Release

Birmingham

Jones Lang LaSalle’s Birmingham Research Seminar predicts outlook for region's investment market



Birmingham, 25th March 2009 – In Birmingham today, Jones Lang LaSalle outlined the prospects for UK’s economy and the region’s investment market at the first in a programme of seminars entitled Jones Lang LaSalle’s UK Research Seminar Programme 2009.
Speaking at the event Ed Gamble, head of Jones Lang LaSalle’s National Investment team in Birmingham, said: “"With the competitive bidding situation seen on 5 St Phillips, this is a good sign that we are close, if not at the bottom for prime well let assets.”

Simon Dicken, head of Jones LaSalle’s Residential Development and Investment team in Birmingham, added: “Regionally, we expect this year to remain troublesome for the Midlands housing market largely through the region's dependence on employment from the manufacturing industries, which have seen significant job losses in the last 12 months.”

Simon added; “Although the headline rates of price reductions will be skewed by a high proportion of distressed city centre sales in Birmingham, we still envisage a reasonably robust market for traditional housing stock in good quality locations. We forecast average house price falls of 12-15% in the Midlands against falls of 14-20% in Greater London and the South East by the end of 2009, which will slowly stabilise in 2010."

Paul Guest, head of EMEA Research concluded: "The economic outlook is one of the most challenging the commercial property market will have faced. Occupational conditions are deteriorating as defaults rise and business sales fall, while job cuts will bring second-hand space back on to the market, creating a further downdraft. Credit conditions are slowly levelling and though the recovery will be a gradual one.  This will create opportunities for savvy investors and occupiers able to take advantage of these conditions.”
In what will be a challenging and uncertain year for developers, occupiers and investors, the importance of up-to-the-minute, quality intelligence is paramount. Throughout the year, Jones Lang LaSalle will be holding a series of events across the UK, analysing the outlook and the risks for the principal areas of the UK property market.  
At these seminars Jones Lang LaSalle will draw on the work of our industry leading research team and the market knowledge of our business practitioners, as well as inviting other participants from the relevant markets. We hope to provide you with the most up-to-date view on current trends and themes, and arm you to face a rapidly changing market.

For further information please log onto 
www.joneslanglasalle.co.uk/UnitedKingdom/ENGB/Pages/UKResearchSeminarProgramme2009.aspx