INDUSTRY NEWS

Commercial property shows shoots of recovery

The fall in commercial property building work has slowed, according to new market analysis, Reuters has reported.

A survey has found that developers and contractors were the least negative since September about future prospects.

"This month saw a marginal net balance of increasing private new-build activity and that may well be the first daffodil of spring," said Mat Oakley, head of commercial research at Savills, the authors of the report.

Its Total Commercial Development Activity Index showed a net balance of minus six per cent in February, compared with minus 14.5 per cent from the previous month.

The lessening decline was seen across the country but not in London. Peter Smith, non-executive chairman of Savills said: "2008 will be a challenging year for the property industry worldwide. However, not all segments and geographies will be affected equally."

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