LONDON-The UK commercial property market has shown a significant slowdown, according to a new survey from agents GVA Grimley and the Confederation of British Industry.
The regular GVA/CBI survey has registered a reduction in the growth of demand for the first time since 1998 as the market starts to respond to the economic slowdown. And companies' expectations for their property holdings over the next six months suggest a continuing slowdown.
Of the companies questioned, 29% said they had increased their property holdings over the last six months while 17% said they had reduced their holdings. The balance of plus 12% compares with plus 27% in the last survey in November 2000, and is the lowest figure since April 1997.
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