Leading global property consultant CBRE is today (Wednesday, 28 March 2012) hosting a seminar that will provide a candid assessment of key national and regional issues affecting the property market.
Held at the Scottish National Gallery in Edinburgh, the 2012 Scottish Market Insight Briefing is to be attended by representatives from local authorities and regeneration agencies, along with bankers, solicitors, accountants, investors and developers.
Speakers include Douglas Smith, Executive Director and chairman of CBRE (Scotland), who is due to discuss some of the real estate financing issues in the UK regions; Andrew Marston, research director of CBRE who will be providing an overview of the latest property market trends with CBRE’s latest forecasts; and Dave Anderson, Director of City Development at The City of Edinburgh Council. Dave will be giving a presentation on the development prospects for Edinburgh.
Speaking ahead of the seminar, Douglas Smith said:
“This is a period of massive change in the financing of commercial real estate. We are moving into a part of the cycle where capital for both development and investment will be coming from new sources and we will be looking to share with our clients our experience operating amongst the new players who will increasingly become important to those who are active in the Scottish marketplace.
“Andrew will bring an insight into the wider UK regional markets and the economic context for them whilst Dave Anderson will expand on the future strategic direction for the City of Edinburgh, timely given the new Scottish Cities Strategy launched late last year by the Scottish Government.”
Andrew Marston, research director, CBRE, giving further insight into the market, added:
“There is no doubt that 2012 will be another challenging year for commercial property markets in the UK and particularly in Scotland. Nevertheless, business confidence appears to be holding up during the first quarter of 2012, although the risks to the UK from problems in the Eurozone remain a significant risk in the short term.
“Scotland’s office markets are likely to reach a pinch point during 2012, whereby the amount of available, Grade A supply reaches particularly low levels. This is already the case in Aberdeen, and to a great extent in Glasgow. The Edinburgh market is also moving close to this position, particularly in the wake of the first space being taken at Atria on Morrison Street. Occupiers have traditionally had the ability to pick good quality space, on flexible terms and at reasonable rents. The ability to tick all three of these boxes will become increasingly difficult.”
Dave Anderson, director of City Development at The City of Edinburgh Council, commented:
"Edinburgh is at an exciting juncture, made even more so in the tough current market conditions. Our strategic approach to taking Edinburgh through this difficult time and growing for the future consciously takes a long term view of development opportunities. Our focus on Strategic Investment Zones aims to build on the city's assets through a proactive approach to planning and place making. We are in a privileged position and have a lot to offer new investors, including attractive support packages. We are focusing our efforts to bring new investment and developers to make the most of our development potential in areas such as Quartermile, The Haymarket and Fountain Quay. Edinburgh has an excellent reputation for business friendliness and quality of life and we have a strong foundation to build upon."
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.