Commercial Development Activity falls at new survey record pace, led by steep decline in private sector.

• In July, around 40% of commercial developers indicated a reduction in overall activity compared to one month earlier, while just 6.6% reported a rise.development.
• The resultant net balance – the Total Commercial Development Activity Index – fell to -33.8%, from  -32.4% in June. July’s reading was a new survey record low and signalled a sharp reduction of activity.
• Private sector development declined at a far steeper pace than public sector activity in July.
• Anecdotal evidence suggested that the ongoing global credit squeeze and falling economic sentiment were the main factors behind the latest drop in activity.

Read the full Savills article below:

Commercial Development Activity PDF