Economy and sustainability key issues for region’s property sector

MORE than 200 property professionals have gathered in Yorkshire to address key issues surrounding the industry including sustainability and the current state of the economy.

The annual Property View conference was co-hosted by Pinsent Masons and The Royal Bank of Scotland and was held at Rudding Park near Harrogate.

Key themes throughout the day included discussions about bank lending – which is not expected to return to the levels previously enjoyed by the sector and environmental issues.

Jeff Pearey of Jones Lang LaSalle commented that sustainability would be a critical business issue for 84% of corporate occupiers. 

He argued that the issue of sustainability is becoming just as much employee as employer led.

Ross Walker, UK Economist in Global Banking & Markets at RBS, gave a speech on the economic outlook.

Mr Walker said: “The UK economy is now in recession and faces the most challenging environment for almost two decades. Few sectors, or regions, of the economy will be immune from the slowdown and businesses and investors need to plan accordingly.

“The shock waves from the London-centred financial sector have only recently begun to be felt in Yorkshire. Policy-makers have some leeway – further interest rate cuts and tax cuts expected in Monday’s Pre-Budget Report should provide some cushion.”

The controversial removal of empty rates relief was also discussed.

The widely held view was that opportunities would rise for cash buyers over the next nine months.

Jonathan Riley of Pinsent Masons gave the planner’s view. He stressed that planning authorities need to be realistic in their expectations of contributions by developers to affordable housing and infrastructure, if they want to keep buildings going up – and market confidence in their area maintained – in the current climate.

Arthur Lovitt, partner at Pinsent Masons (and organiser of the conference with Richard Thomas at RBS) said: “It is vital that professional advisors to the Real Estate Sector both understand the issues their clients are facing and help them address the challenges presented. In the current climate those issues and challenges are extreme. This is the eighth Property View we have held and the fact that we had 30% more delegates this year demonstrates its ability to inform and help the Real Estate Sector find solutions.”