New Internet research

Citation

(2001), "New Internet research", Property Management, Vol. 19 No. 2. https://doi.org/10.1108/pm.2001.11319bab.025

New Internet research

New Internet research

Keywords: Commercial property, Internet

Hartnell Taylor Cook, leading commercial property agents, unveiled research that shows that despite the current hype, the property world will not feel the full effects of the Internet revolution for several years to come.

The conclusion is based on a survey of over 200 leading commercial property agents carried out by Hartnell Taylor Cook over the last three months. The survey asked for agents' views on the impact of the Internet and the sector and questioned them about their thoughts for the future.

A total of 54 per cent of those questioned believed that it would be at least five years before commercial property transactions over the Internet became commonplace, with just 30 per cent of respondents currently offering commercial property marketing services, such as sales and purchasing, online. However, 59 per cent of those asked indicated that they would consider offering such services in the future.

The survey backed up the widespread belief that the retail and shopping centre markets will be most heavily affected by the Internet. Almost half of respondents believed that capital values would decrease as a consequence, while over one-third stated that both yields and vacancy rates would increase due to the growing influence of the Internet.

Martyn Guess, head of Hartnell Taylor Cook's London office, explained: "There is widespread agreement within the sector that the Internet will change the commercial property world but it is clear that there is still some way to go. Our findings demonstrate that the majority of property agents are keen to promote online services on company Websites but, so far, most are yet to commit the necessary budget and resources".