31.10.2012 - UK commercial real estate sector not set to recover until 2023
Despite latest GDP figures confirming that the UK is officially out of recession, the countryís construction industry still faces a challenging trading climate. A major new study published today (Tuesday) has revealed that Britainís commercial real estate market will not return to pre-crisis levels until 2023, having experienced a staggering £13 billion drop in output values since 2007. The Castles in the Air report, released by RSA, the UKís largest commercial insurer, and the Centre for Economics and Business Research (Cebr), is a unique study of the future of UK commercial real estate (CRE) construction. It shows that the recession has led to a peak-to-trough decline of 42 per cent in CRE construction output, which closely follows GDP...............................................Full Article: Source
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