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Commercial Property Activity Increased in November

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London  Savills  retail  Total Commercial Development Activity  Commercial Property Outlook 

Commercial Property Activity Increased in November

By - Tuesday 18 December 2012

Property investment continued its momentum in November but the speed of growth slowed somewhat, according to research from Savills. The Total Commercial Development Activity Index posted a 9.1 per cent rise last month. However, this was down from 11 per cent recorded in November, which was a seven-month high. While private sector activity increased, public sector work fell.

Nevertheless, the outlook for finishing 2012 on a positive note remains positive. Survey respondents told Savills that there has been an increase in confidence in the market, which, combined with the future release of government funds to help the sector, bodes well. The private sector has also helped to drive growth, with office activity posting a 5.3 per cent rise in November. New builds recorded a 10.1 per cent rise as well, compared to the 4.1 per cent contraction in the public sector. 

Industrial and warehouse market segments were among the top performers, recording a net balance of +14.4 per cent. This is the fastest increase since March. Furthermore, refurbishment activity has also been on the up, registering the fastest rate of growth in 28 months in November at 14.9 per cent. Despite stagnation in October, office fit-out activity also jumped, increasing by 3.6 per cent last month.

However, the picture across the entire commercial sector wasn't entirely positive, with contraction noted in several markets. Public sector office activity shrank by 12.3 per cent, while the retail and leisure market, both public and private, experienced a drop in activity, finishing November with a reduction in net balance of 3.1 per cent. Nonetheless, this is still less than that recorded in October, when the market contracted by 13.4 per cent.

Despite this, November was a positive month overall, with regional and London markets performing well. As expected, London experienced the strongest expansion of all three monitored regions, registering a seven-month high. Across the board, the south east noted the smallest amount of growth. Taken together, these figures paint a positive picture for 2013 and the continued recovery of the commercial property market.

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