IInvestors should seriously consider taking advantage of the pricing crash for good secondary assets, CB Richard Ellis's head of EMEA research Nick Axford said today at Expo Real.
Speaking at the global property conference in Munich, Axford said that in terms of the "clever money" now may be the time to get into secondary assets where value can be added.
He said: "There are going to be fantastic value add opportunities out there, opportunities to manage properties or to manage the tenants within those properties where there is some risk apparent at the moment.
"These are not prime properties, these are secondary, the area of the market that people are quite wary of at the moment.
"That means that, as and when they feel the time is right, there is going to be some good attractive pricing in there.
"I think that there is perception there is still a lot of uncertainty and there is still a lot of risk out there, but we are seeing people entering those areas, certainly in the UK and we expect to see it more in France and Germany, and indeed in Spain, as we go through the next 12 months.
"It is absolutely the time to be looking into those areas in the market."