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Commercial R&M work plummets

Spending on repair and maintenance of commercial property has fallen by the sharpest amount for 50 years, according to research.

Analysis of Office of National Statistics figures by commercial property consultancy NB Real Estate showed that R&M on commercial property plunged by 22 per cent from in 18 months to 30 June 2009.

It fell from £4.12 billion in Q4 2007 to £3.2 billion in Q2 2009 as the value of commercial properties was hammered by the credit crunch.

NB Real Estate building consultancy director Bob Cooke said: “With the pressure on cash flow and the continuing reluctance of banks to lend, tenants are becoming less diligent with property maintenance.”