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Property Confidence Takes a Knock

LONDON-Occupier demand for commercial property fell sharply in the third quarter of 2001, according to a new report from the Royal Institution of Chartered Surveyors.

By Graham Parker | Updated on October 19, 2001

LONDON-Potential occupiers are reluctant to make new property commitments, according to the latest quarterly survey from the Royal Institution of Chartered Surveyors. Occupier confidence is now at its lowest level since the survey began seven years ago.

The survey had already charted declining confidence during the second quarter of the year but this has accelerated in the third. In the latest quarter, 25% more chartered surveyors reported a fall in business occupation than reported a rise, against 16% in quarter two,

London has been hardest hit with 73% more chartered surveyors reporting a fall in office demand than a rise. The RICS report said this reflects continuing weakness among the technology and telecommunications sectors, and the recession in the manufacturing sector is now affecting the service sector. RICS economists believe the downturn is likely to accelerate towards the end of the year.

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