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Savills: Commercial development continues to fall

Commercial development fell for a fourth consecutive month in November, driven by a sharp contraction in public sector activity.

Approximately 24 per cent of commercial developers recorded a fall in activity during November compared to 18 per cent indicating a rise, according to figures from the Savills Commercial Development Activity Report for November.

Decreases in public sector commercial activity have now been recorded for nine consecutive months, although the latest contraction is the weakest since July.

Savills head of building consultancy Michael Pillow, said: “Developers continue to battle against the headwinds of public sector austerity and economic volatility.

“Looking forward to 2011 we expect to see improving levels of activity in the refurbishment and private sector development indices, but projects for public sector clients will continue to reduce.”

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