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Commercial Property Development in the registry Rate Falling Activity Di Savills Savills

November index of business development activities shows monthly decline in a row 13 />
sector the UK commercial property continued to deteriorate at an ever faster pace last month, new research from Savills has shown.

Your Total Commercial Development Activity Index fell in November in month number 13 in a row, with the rate of decrease slightly more pronounced than in October.

As the credit crunch began to bite, weakening occupier demand led to a decline unprecedented new series in development activities.

Almost 58% of respondents to the survey Savills commercial property saw a drop in activity, compared with only 7% increased signaling.

The index showed a net balance resulting from -50.3% in November, down from -49.7% in October.

The fastest reduction in activity was privately built. Office development was particularly affected. For the fifth time in 2008, however, less marked fall of the activity was shown by the restoration.

November survey also found widespread pessimism about the prospects for three months of activity, with the degree of negative sentiment lowest since the survey began in March 2003.

Commercial developers said they remained concerned about the extent to which lower the central bank’s rates may ease the crisis in the sector in the short term as a result of the continued lack of credit availability, and clients’ reluctance to commit to new projects.

Commenting on the survey in November, Mat Oakley, head of Savills’ commercial research, said the negative outlook was surprising: “The survey this month was surprising in the fact that expectations for the future developers continued to drop.

“While the lack of available debt is clearly a drag factor on the market, is expected in November 150bp cut in the base rate could developers some confidence that the slowdown in occupier demand would be shorter and shallower than it might have been, “he added.

On the UK Business Property

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