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Demand For Office Space Is Falling Fast

While the commercial property market in the UK has been a thriving industry for many years it seems that the ongoing economic slowdown is starting to hit home. The Royal Institution of Chartered Surveyors (Rics) has announced that 50% more members have reported a slowdown in business in the first quarter than those seeing business rise. Is this the start of a major fall off for the sector?

It seems that business really is falling off the edge of a cliff in many areas of the country with London seemingly bearing the brunt of the slowdown. As the economy slows we are seeing more and more companies reduce the office space they have been renting and less new entrants coming into the market. The next phase of this move will be a reduction in rental values which will see the finances of those in the industry pushed to the limit.

Even those who currently have long term tenants will not be protected from the downturn with more and more likely to offer short term financial assistance to tenants in trouble. Much like the domestic property market, the commercial office sector has grown massively over the last few years. However, the next couple of years promise to be among the more testing for sometime.

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