Commercial development activity has risen for the first time in nearly two years according to research from estate agent Savills
August data from Savills shows the first month-on-month increase in activity since October 2007. About 21% of firms reported a rise in August, compared with 13% that signalled a fall.
Commercial developers were also optimistic about the three-month business outlook in August, with about twice as many (23%) firms expecting a rise in activity than those anticipating a fall (12%). This was the strongest degree of optimism for two years.
Business outlook was most positive for industrial/warehouse and retail and leisure activity, while sentiment regarding office development remained relatively subdued.
Meanwhile, the economic tracker put together for Building by Experian Business Strategies showed improvements in most sectors.
In July, Building revealed that one of London’s biggest clients, Land Securities, was in discussions with contractors to restart £240m worth of work on three projects in the capital: the £100m Park House on Oxford Street, the £100m Selbourne House and the £40m Wellington House, both in Victoria.