Prices for 'secondary' commercial property across Europe are falling amid rising interest rates, Aubrey Adams, chief executive of Savills, said yesterday in a trading statement. Financial Times
Transactional demand for 'prime' assets remained strong in the first half, but yields on secondary property were rising.
Adams added: 'Investors are being increasingly selective, focusing on strong opportunities for upward rental growth.'
Shares in Britain’s biggest property companies are down by 20% or more since January amid fears that rising debt costs could prompt broad falls in the value of shops and offices.
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