Overall

Savills Commercial Development Activity Index hits lowest ever last month, with the private work the hardest hit.

development of the business declined in October, the economic environment has deteriorated, showed new data from Savills.

Over 55% of developers reported a decline in overall activity over the previous month and only 6% reported an increase.

The result, the commercial development of the overall activity index fell to 49.7%, lower than 40.7% in September, its lowest level since the survey began in March 2003.

employment in the private sector also fell at a rate much faster than the development of the public sector, mainly due to a slowdown in investment in the private sector.

The developers have also found that worsening economic conditions led to a significant decline in demand occupation.

commercial developers said they were very pessimistic about the prospects in October to three months of activity, with business confidence fell to historically low levels,

on about the survey in October, said Mat Oakley, head of Savills commercial research. “Will be performed this month’s survey before the recent massive fall in the rate base of the United Kingdom, it is too early to say whether this has an influence on the confidence of the developers had

But he added: “. Although we do not expect a recovery in the positive area in the next month, the fact that the swap rates and Libor are both in steady decline should be good news for developers to provide.

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Commercial Real Estate