Savills commercial ahead 60%

Savills has reported its commercial business continued to perform strongly with third quarter revenue more than 60 percent ahead of the same period last year. The real estate advisor said in an interim management statement that it expected commercial property would continue to perform well through the last quarter of the year although with limited growth against the last year’s strong comparative period.

Its UK and Asia Pacific businesses continued to outperform since June and its European and US businesses had performed in line with the company’s expectations while continuing to face “challenging” market conditions.

The company said it was clear that transactions in the prime London residential business had continued at a healthy level, although the fourth quarter, as anticipated, would see lower volumes than the exceptional fourth quarter of 2009. Hong Kong was expected to turn in a record year and, overall, Savills expected adjusted profit for the entire business for the year to the end of December would be more than £40m.