| The latest RICS (Royal Institution of Chartered Surveyors) global commercial property survey shows falling of tenant demand at a faster pace in the developed world in the second quarter of 2008. Tenant demand fell across all property sectors in the developed world. The retail market seeing the weakest tenant activities in the developed world, a pattern mirrored across most developing markets outside Emerging Asia where demand strengthened. Transaction volumes and capital values plummeted as the commercial property market suffered under financial liquidity constraints, says the RICS Global Commercial Property Survey, published today (31 July 2008).
Over 17% chartered surveyors reported a fall than a rise in tenant demand across the globe as the effect of the credit crunch deepened. The worst hit areas were North America, Australasia and Western Europe and to a lesser degree Developed Asia. In Western Europe, the net balance of surveyors reporting a fall in tenant demand fell to -27 percent from -22 in Q1, while in Australasia and North America it fell to -35.5 and -36 respectively. All sectors suffered with the retail market the most depressed area and the office sector dropping to a further low.... Full press release: Source
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