Property demand hit

Nov 3 2008 by Henryk Zientek, Huddersfield Daily Examiner

DEMAND for commercial property has fallen at its fastest rate for a decade, a survey revealed today.

A poll by the Royal Institution of Chartered Surveyors showed that 52% more members reported a fall in demand than an increase during the third quarter of the year against 50% in the previous three months.

The worst hit sector was retailing with 59% more chartered surveyors reporting a fall than a rise in demand.

Members in Yorkshire reported a rise in demand, confidence and occupier enquiries in the retail sector during the third quarter.

In the office market, 58% more members in Yorkshire reported a fall than a rise in office demand – an improvement from 67% in the second quarter.