Developers and contractors report increase in commercial work after weaker growth in August
Growth in commercial development activity bounced back strongly in September after hitting a fifteen month low in August, a survey by estate agent Savills has revealed.
The Commercial Development Activity Index recorded a reported a net balance of 24% of developers and contractors reporting a growth in activity in September, up from 12% in August.
The sharpest rise in activity was in the private new build market which recorded a net balance of 25%.
However, public office activity fell to a net balance of -5% down from -3% in August.
Simon Collett, head of building and project consultancy at Savills, said the 鈥渟trong rebound鈥� from the 鈥渟ummer lull鈥� was 鈥渆xpected鈥�.
He added: 鈥淥ffice activity, particularly outside the South East, reported the strongest rebound as occupational demand and developer appetite continues to pick up pace.鈥�
When asked about the prospect for the future however developers and contractors were less optimistic than they had been for 15 months.
A net balance of 16% of respondents reported that the expected commercial work to increase in the next three months, down from 19% in August.
No comments yet