Revenue growth slowed over the three months to June in the local operations of commercial real estate agency CBRE as chief executive Phil Rowland pointed to rising rents and weakening transaction volumes.
Mr Rowland said the commercial property sector was not highly indebted and had good cash buffers, which would make many companies resilient in the changing conditions.“At a property level, rents have accelerated quicker than we had expected, and occupiers have broadly elected to upgrade their space, although we are mindful that some occupiers may look to rationalise cost structures in an inflationary environment,” Mr Rowland said.
Transaction volumes and values in CBRE’s local investment properties business, which includes office, hotels, retail and agricultural property, weakened.
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