The commercial property industry makes up a significant part of the UK economy. According to the British Property Foundation (BPF), it is six times larger than the agriculture sector, more than twice the size of the oil industry and larger than each of the banking, leisure, transport and communications sectors.
BPF stated in their 2009 budget, the UK’s commercial property stock was worth over £450 billion at the end of 2008 and has grown to over £480 billion in 2011. BPF believes the commercial property sector contributed around £62 billion to the UK’s GDP in 2008, representing some 4% of the country’s GDP.
The BPF budget continued: ‘Commercial property employs many hundreds of thousands of people (chiefly in the construction, development and management of buildings, letting and other transactional work and investment management sectors).’
It is perhaps with these figures in mind that Trevor Beattie, the chairman of the Land and Society Commission, has urged the commercial property sector to support local communities. He believes the strength of the commercial property sector should not be undermined and is encouraging businesses to take note of the government’s drive for increased localism and to take on some responsibilities in their local area.
Beattie said: ’Professions have much to learn from communities as well as much to share with them. Early and active community engagement is good for business and good for communities. Developers and planners should not fear greater community involvement and accountability since this can speed up the planning and construction process, reduce risk, and add considerable commercial value.’
‘The Commission’s report, which is the result of a series of evidence sessions, workshops and consultations, contains 24 direct and practical recommendations. We now invite RICS and other professional bodies, as well as central and local government, to respond positively to our proposals to create new ways to deliver development in the interests of communities and businesses throughout England.’
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