UK Commercial Property Market Sentiment Languishes Ahead of Emergency Budget
Market sentiment in the UK’s commercial property sector is suffering from uncertainty ahead of the Government’s Emergency Budget according to a nationwide survey of property surveyors and agents by Reorb, a networking website dedicated to commercial real estate.
London, United Kingdom, June 16, 2010 --(PR.com)-- The survey – sent to users in major towns and cities around the UK – requested views and comment regarding market sentiment during the first half of the year. Whilst there were variations in confidence relating to specific local factors, the uncertainty regarding the possible impact of the Emergency Budget on the commercial property market was a concern of the majority of respondents.
The comments of Craig Powell, from Chesterton Humberts in Southampton, was typical of those received: “Since the general election the market seems to have slowed as the realisation of substantial cuts in public spending, and the impact this may have on the wider economy, are taken onboard by companies looking to relocate. Occupiers are reluctant to commit to new premises until they know the outcome of the Emergency Budget.”
This view was echoed by William Creedon of Black & Creedon Chartered Surveyors in Cardiff, who commented: “The election created uncertainty about the value and demand for commercial space. A lot of investors and companies, we believe, did not want to speculate on who the new government would be and therefore stayed in the sidelines until the result was known. However, we now have further uncertainty over the emergency budget and we expect this will curtail current activity in the market place for the time being.”
Cuts in Government funding for redevelopment and regeneration projects were also expressed by respondents, including Richard Corby of Edward Symmons in Leeds who commented: “The expected public sector spending cuts are bound to impact upon the activities of some occupiers. Major infrastructure and enabling works are at risk from the reorganisation or scrapping of the Regional Development Agencies, which will delay or sink some much needed schemes.”
Tom Inglis of Reorb says: “The response from our members around the country reveals some interesting regional variations in rental levels and investment yields but the uncertainty surrounding the emergency budget and public spending cuts is impacting on market activity across the nation.”
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Notes for editors:
Reorb is the professional networking website dedicated to commercial real estate in the UK with over 3,000 registered users. The site provides an online platform for networking and collaboration and provides users with a library of property research.
For further information please contact:
Andrew Barber 020 7280 9608
Revolution Public Relations
andrew@revolution-pr.co.uk
www.revolution-pr.co.uk
Tom Inglis 0131 208 3707
Reorb
tominglis@reorb.com
www.reorb.com
Digital copy of this news release: www.revolution-pr.co.uk/reorb_research
The comments of Craig Powell, from Chesterton Humberts in Southampton, was typical of those received: “Since the general election the market seems to have slowed as the realisation of substantial cuts in public spending, and the impact this may have on the wider economy, are taken onboard by companies looking to relocate. Occupiers are reluctant to commit to new premises until they know the outcome of the Emergency Budget.”
This view was echoed by William Creedon of Black & Creedon Chartered Surveyors in Cardiff, who commented: “The election created uncertainty about the value and demand for commercial space. A lot of investors and companies, we believe, did not want to speculate on who the new government would be and therefore stayed in the sidelines until the result was known. However, we now have further uncertainty over the emergency budget and we expect this will curtail current activity in the market place for the time being.”
Cuts in Government funding for redevelopment and regeneration projects were also expressed by respondents, including Richard Corby of Edward Symmons in Leeds who commented: “The expected public sector spending cuts are bound to impact upon the activities of some occupiers. Major infrastructure and enabling works are at risk from the reorganisation or scrapping of the Regional Development Agencies, which will delay or sink some much needed schemes.”
Tom Inglis of Reorb says: “The response from our members around the country reveals some interesting regional variations in rental levels and investment yields but the uncertainty surrounding the emergency budget and public spending cuts is impacting on market activity across the nation.”
###
Notes for editors:
Reorb is the professional networking website dedicated to commercial real estate in the UK with over 3,000 registered users. The site provides an online platform for networking and collaboration and provides users with a library of property research.
For further information please contact:
Andrew Barber 020 7280 9608
Revolution Public Relations
andrew@revolution-pr.co.uk
www.revolution-pr.co.uk
Tom Inglis 0131 208 3707
Reorb
tominglis@reorb.com
www.reorb.com
Digital copy of this news release: www.revolution-pr.co.uk/reorb_research
Contact
Reorb
Andrew Barber
+447989553903
www.reorb.com
Andrew Barber
+447989553903
www.reorb.com
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