UK Property- a safe bet?

I was very interested to read this article on the PropertyWire website (http://www.propertywire.com/):

http://www.propertywire.com/news/europe/uk-commercial-real-estate-201210317098.html

The crux of the article states that the UK commercial property sector will not recover until 2023. This does somewhat contradict other articles I have read which argue that the UK's commercial Real Estate sector remains resilient due to the UK's perceived 'safe haven' status. There are clear reasons for this- an independent currency, stable governance, prime assets (particularly student accommodation and landmark skyscrapers) in the City of London. Undoubtedly, the market remains below pre-recession levels. Rents will probably continue to grow, in the London market, throughout 2013.

However, the most important part of the article that struck me was the fact that:

'High vacancy rates are set to become a huge issue for the commercial real estate and construction industries as recovery remains elusive, threatening profits and presenting new risks associated with empty sites and buildings. Adequate security and regular checks are recommended for property owners in this situation to mitigate the increased risks of burglary, arson and water damage. However, despite vacancy issues and the growing trend of ‘mothballing' developments to save ongoing costs, there is still an appetite for the right kind of development. The City skyline is a prime example of that, with builds such as The Shard in London demonstrating that certain projects, particularly mixed use developments, are still going ahead.'

As explained before, empty properties are a nightmare for the commercial Landlord. They are sitting there- not making profit and attracting empty property and business rates. However, should the situation occur it would prudent for a Lawyer to advise their Landlord client to make sure their property is secured and is regularly checked.  The Landlord should have an up to date Insurance policy. The property should have an alarm (ADT etc) and any front gates should be locked. The Landlord should visit the property at least once a week. If the Landlord client has an empty property, which is then burgled and damaged, this could result in extra expense. It is the Lawyer's job to save their Landlord clients a few pennies!

The article also shows the attractiveness of prime assets in the central London market- the Shard, the Cheesegrater, the Walkie Talkie etc. Whilst activity remains depressed, in other parts of the UK, central London will continue to see growth. A safe bet after all!

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