This document sets out some key facts about commercial property, a sector that makes up a major part of the UK economy in its own right, as well as providing a platform for virtually all the country’s other major industries. It is a sector that plays a crucial role by providing places in which people can work, shop and enjoy leisure activities. Larger than the banking, leisure, communications and transport sectors, commercial property is also a significant investment asset for the pensions industry, and so contributes to the financing of retirement.
This latest Property Data Report has been fully updated but now includes, for the first time, additional information on the economic and fiscal contribution of commercial property to the overall economy and national Exchequer. This builds on the inclusion last year of new sections on the level of property debt and the sustainability of the commercial property sector, thus helping to provide a more rounded picture of the industry.
It has been produced by the Association of British Insurers, the Association of Real Estate Funds, the British Council for Offices, the British Council of Shopping Centres, the British Property Federation, the Investment Property Forum, the Royal Institution of Chartered Surveyors and the Urban Land Institute. All eight bodies are members of the Property Industry Alliance, which seeks to achieve a more co-ordinated and effective approach from leading property bodies on policy, research and best practice issues.