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Commercial Property News
Savills report commercial property development at all time low since survey began.
In July,according to the monthly report from Savills,40% of commercial property developers had indicated a reduction in overall activity compared to one month earlier, while just 6.6% reported a rise. This represented a record low for the survey.
The report said: ‘Private sector development declined at a far steeper pace than public sector activity in July. Anecdotal evidence suggested that the ongoing global credit squeeze and falling economic sentiment were the main factors behind the latest drop in activity.’
Commenting on the July report, Mat Oakley, Head of Savills Commercial Research said, "Negativeity continues to be rife amongst commercial property developers. While slight easing in the degree of pessimism about the future might be a sign that the end of the current downturn may be in sight, we do not expect activity or confidence to improve dramatically until the credit crunch starts to ease"
The report said: ‘Private sector development declined at a far steeper pace than public sector activity in July. Anecdotal evidence suggested that the ongoing global credit squeeze and falling economic sentiment were the main factors behind the latest drop in activity.’
Commenting on the July report, Mat Oakley, Head of Savills Commercial Research said, "Negativeity continues to be rife amongst commercial property developers. While slight easing in the degree of pessimism about the future might be a sign that the end of the current downturn may be in sight, we do not expect activity or confidence to improve dramatically until the credit crunch starts to ease"
Tue, 12th Aug 2008