About 29% of commercial developers recorded a fall in activity in August
Commercial development activity fell at its sharpest rate for 11 months during August, according to Savills’ commercial development report.
The research found that public sector activity had declined at its fastest rate since March, while private sector development decreased for the first time in five months.
About 29% of commercial developers reported a fall in activity
About 29 % of commercial developers recorded a fall in activity during August, while 17% reported an increase.
Public sector work was hardest hit, although the private sector didn’t escape losses. Refurbishment and private new build saw marginal expansion, up 6.2% and 1.6% respectively.
Within London, activity was up by 11.7%, although the rest of the South-east saw a drop of 4.1%, and there was a 3.5% fall over the rest of the UK.
Savills believes the data indicates a negative three-month outlook for commercial development. However, the index tracking expectations signalled only a marginal deterioration in confidence.
Of the survey’s respondents, 18% expected a fall in activity over the next three months, citing economic fragility and concerns over the level of