EPMR: Economic & Property Market Review, Q4 2012
Report Authors: GVA
Report Summary:
The latest RICS UK Commercial Market Survey reflects the weak economic backdrop, with surveyors reporting an overall fall in occupier demand in Q3 (a net balance of -9%, compared with -7% in Q2). It also suggests that supply has continued to increase throughout the first three quarters of this year, although at a noticeably slower rate than in 2011.
Development activity for the UK as a whole remains historically low. The value of new construction orders (a proxy for development activity) is shown in the first chart. This suggests that overall across the UK there has been little change in activity over the last two years.
In contrast to the national picture, activity in central London is relatively strong and rising. 10.3 million sq ft of office space is under construction as at Q3, compared with 6.3 million sq ft a year ago.
About the Author:
GVA’s award winning Research team provides high quality research and analysis to the business and its clients. Our market commentaries, thought leadership pieces and consultancy advice drive industry debate, distinguish GVA from its competitors, and add value for our clients.
