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11/11/2011

October’s commercial development contraction worst since February 2009

The rate of commercial property construction in October contracted at its fastest rate for over 30 months, according to a report from Savills

 

Figures from the Total Commercial Development Activity Index – a measure of the overall performance of the commercial property sector – fell to -16.1 percent in October, down from -10.5 percent in September.

The numbers paint a picture of an industry where 34 percent of commercial developers surveyed experienced a fall in activity over the past month, while only 17 percent experienced a rise. Moreover 28 percent expected the situation to continue in a downward trend for the next three months.

Though falls have been experienced across the commercial development industry, the recent contraction in activity has been compounded by the significant fall in public sector development where government works contracts are now becoming scarce.

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