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06/11/2008
Commercial property demand crashes |
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Demand for commercial property in quarter three fell at the fastest pace in a decade.
That is according to the Royal Institute of Chartered Surveyors (Rics) commercial property survey published on Monday (November 3rd).
The survey revealed that 52 per more chartered surveyors reported a fall than a rise in demand compared to 50 per cent in quarter two of 2008.
Commenting, Oliver Gilmartin, Rics senior economist said: "The ongoing drag from the credit crunch is permeating through rental sentiment across all regions and sectors, especially in the central London office market where recent worry over the health of the hedge fund industry is only adding to the sense of pessimism."
Although all sectors in the commercial property arena are not performing well, the worse hit area is retail. Some 59 per cent more chartered surveyors reported a fall than a rise in demand.
However, this was a slight improvement on the figure of 63 per cent from quarter one.
Rics recently published its valuation and sale price study which detailed figures from France, Germany, the Netherlands and the UK.
The report revealed that the average absolute differences recorded between valuation and sale price were lowest in the UK. |
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