Impending recession further dampens commercial property
Monday, November 10, 2008
The balance of surveyors reporting demand for commercial property in Q3 has fallen at the fastest pace in a decade, says RICS’ Commercial Property Survey published today (3 November 2008).
52% more Chartered Surveyors reported a fall than a rise in demand compared to 50% in Q2 2008.
All sectors remain firmly in negative territory for the fourth consecutive quarter with the industrial and office sectors dropping to the lowest balance in the survey’s history.
The worst hit area continues to be the retail sector with 59% more Chartered Surveyors reporting a fall than a rise in retail demand, a slight improvement from 63% in Q1.
The continuing financial turmoil and a slowing housing market is clearly weighing upon both retailer and consumer confidence.
The net balance of surveyors reporting new occupier enquiries in Q3 declined at the fastest pace in the survey’s history.
Read more at the RICS newsroom
52% more Chartered Surveyors reported a fall than a rise in demand compared to 50% in Q2 2008.
All sectors remain firmly in negative territory for the fourth consecutive quarter with the industrial and office sectors dropping to the lowest balance in the survey’s history.
The worst hit area continues to be the retail sector with 59% more Chartered Surveyors reporting a fall than a rise in retail demand, a slight improvement from 63% in Q1.
The continuing financial turmoil and a slowing housing market is clearly weighing upon both retailer and consumer confidence.
The net balance of surveyors reporting new occupier enquiries in Q3 declined at the fastest pace in the survey’s history.
Read more at the RICS newsroom
Labels: commercial mortgages, credit crunch, property prices, RICS
