The past six months saw North West firms cut their property holdings at a lower rate than the rest of the UK, the latest CBI/GVA Grimley Corporate Real Estate Survey reveals today.
The twice-yearly survey, conducted between 26 August and 16 September 2009, shows that while 12% of North West firms increased their occupied space in the last six months, 14% reduced it, giving a balance of -2%. This was slightly less negative than the expected balance of -13% and going forward, for the next six months, occupiers in the North West are looking to expand at +13% against the UK figure of -15%.
The sharpest decline in the next six months is expected to once again be in the financial services sector.
Mark Rawstron, senior regional director of GVA Grimley, said: "Firms throughout the whole of the UK have continued to reduce property holdings in the past six months but it is encouraging to see that this is due to change significantly in the North West in the coming months.
"Yet again, most firms feel some impact from the recession, with slightly more blaming tighter credit conditions than six months ago."
According to the survey's figures, there has been a significant change in attitude in the North West over the last six months, from one of reducing output, to an expansion mode. But this is not mirrored in employment levels, the survey predicts continued reduction in people employed in the North West.