Commercial development activity has risen for the first time in nearly two years according to research from estate agent Savills
August data from Savills shows the first month-on-month increase in activity since October 2007. About 21% of firms reported a rise in August, compared with 13% that signalled a fall.
Commercial developers were also optimistic about the three-month business outlook in August, with about twice as many (23%) firms expecting a rise in activity than those anticipating a fall (12%). This was the strongest degree of optimism for two years.
Business outlook was most positive for industrial/warehouse and retail and leisure activity, while sentiment regarding office development remained relatively subdued.
Meanwhile, the economic tracker put together for ¾«¶«Ó°ÊÓ by Experian Business Strategies showed improvements in most sectors.
In July, ¾«¶«Ó°ÊÓ revealed that one of London’s biggest clients, Land Securities, was in discussions with contractors to restart £240m worth of work on three projects in the capital: the £100m Park House on Oxford Street, the £100m Selbourne House and the £40m Wellington House, both in Victoria.
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