Commercial property activity on the up
Great news for office movers as the commercial property market sees activity boosted
If you’re planning on moving office it certainly helps to be familiar with the commercial property market and the climate of the area you intend to lease. Positive news has emerged courtesy of a Total Commercial Development Activity Index released by a UK property sector agency detailing an improvement in the amount of commercial property activity.
July data reports positively on the current status of the commercial property market in the UK and outlook for those involved in the sector is bright. An area showing particular increase is in private office sector activity, which is showing a surge of growth. Approximately 19 per cent of those surveyed reported an overall increase in total activity. Conversely, public sector development in the office market is showing signs of decreasing over the previous month of July.
Consultant Michael Pillow said of the results, “A general collapse in expectations for the UK economy on the back of public sector austerity has clearly washed over into the development market. We expect to see further caution about the future until the full details of the spending review are announced in October.”
Statistics covering commercial activity have seen a slight reduction in June and an increase in the following month, showing renewed willingness of sources to invest in the UK office market post-recession.
