Commercial property firms at their busiest in over two years

Marion Dakers
COMMERCIAL property developers in Britain have enjoyed their busiest month in more than two years, according to research out today.

Public sector work has expanded for the first time since February 2010, while private sector developers posted their first growth in nine months, figures compiled by Markit for Savills showed.

Around one in four commercial developers recorded a rise in overall activity in March, compared to 12 per cent who said that work was in decline.

“Encouragingly, this recovery appears to be broad-based and not just London-focused,” said Michael Pillow, head of building consultancy at Savills.

A net balance of 18.6 per cent of developers outside London and the south east reported a rise in activity, the research said.

Industrial properties and refurbishment jobs were the fastest-growing sectors, with a net 17.2 and 13.6 per cent reporting growth respectively.

A net balance of seven per cent of firms working on public sector office space, by contrast, reported a dip in activity in March.

This is the best reading since April 2010, however, and an improvement on a negative balance of 20.5 per cent in February.