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Commenting on today’s Autumn Statement, Jon Neale, Head of UK Research at Jones Lang LaSalle, said: “The Chancellor’s announcement adds further evidence to the growing health and prospects of the UK economy. It should also build on the confidence already present in many business sectors, further encouraging them to invest for the future. Decisions in areas such as additional or alternative office space, that have been put off while the economic situation looked uncertain, will increasingly be made. Consequently 2014 should be a very strong year for commercial property markets, although supply – particularly for grade A space – could become more of an issue as the year progresses, not just in London but also in the main regional cities. Rents could begin to rise accordingly.
“However, we need to remain cautious. Interest rates are still at an historic low rate of 0.5%, and much of the improvement we have seen so far has been driven by a growth in consumer credit, accompanying rising confidence about the housing market and the wider economy. This need not be a problem as long as the business sector begins to respond with investment.”
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