Commercial sector grew for 31st consecutive month and at its fastest rate this year in March, according to Savills
UK commercial building activity grew at its fastest rate so far this year in March, according to the latest Savills Total Commercial Development Activity Index.
On balance +14.7% of developers reported an increase in commercial activity in March, up from +14.2% in February.
The index indicated the strongest rate of expansion since last December, and was the 31st successive month developers have reported an increase in activity.
Developers attributed the expansion to improved client confidence, low interest rates and better economic conditions, and developers expect activity to also increase over the next three months.
Developers reported a faster increase in public office projects than private ones.
The strongest rate of expansion was in industrial and warehouse work, the fastest expanding sub-sector for the third consecutive month.
Public retail and leisure activity was the only sub-sector not to report expansion.
Commenting on the latest figures, Simon Collett, head of building and project consultancy at estate agent giant Savills, said: “Improving economic conditions across the UK was mirrored in an acceleration in both rate of expansion and future optimism in March suggesting the possible uncertainty associated with the upcoming Election is yet to materialise the development market.”