The expansion in total commercial development activity last month was stronger than it has been for two years.
The research, conducted by Markit Economics for estate agent Savills, found that approximately 25% of commercial developers recorded an increase in overall activity in the month, compared to 12% indicating a decline.
The Total Commercial Development Activity Index, a net balance monitoring the overall performance of the UK commercial property sector, registered +13.1% in March, up from -3.6% in February.
Savills head of building consultancy Michael Pillow said: “With development activity rising at its strongest rate for two years it is clear that developers are anticipating a demand-side improvement. Encouragingly, this recovery appears to be broad-based and not just London-focused.”
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