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Warning over Olympic affect on property market

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A leading property expert has warned that the vast Olympics construction project is likely to have a negative effect on the commercial property market.

John Forrester, director of consulting firm DTZ Holdings, has said that the size of the 2012 scheme will force up construction costs due to labour costs.

Demand for skilled site workers in East London could leave large construction projects in places like the City of London floundering.

Many projects currently planned for the Square Mile will be competing directly with the Olympics for tradesmen.

Forrester told the Bloomberg News Agency that this could damage the commercial market.

He said of athletics facilities competing for construction workers against office tower projects, 'it will lift construction costs significantly'.

by Ed Dorrell

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