The commercial development outlook improved this week after UK architects issued their highest workload forecast since 2009. The news comes in the October Future Trends Survey, from the Royal Institute of British Architects (RIBA), which also shows that the level of work currently in progress is at its highest since the beginning of the financial crisis.
Practices in all regions returned positive forecasts, suggesting that the growing optimism in medium term work flows is widespread. Welcoming the results RIBA Director of Practice, Adrian Dobson, said that the survey indicates that the “lengthy recession in the market for architectural services is finally coming to an end.”
He continued: “The overall balance of reporting suggests steadily growing confidence, with many practices reporting a notable increase in enquiries and dormant projects springing back into life.”
Demand for housing is driving the upturn, with the workload balance figure in this sector rising from +25 in September to +34 in October.
There is also welcome news for the commercial sector which recorded a rise from +17 in September to +18 in October. The survey notes that this modest rise bodes well for the prospects of future growth in, what it describes as, a key sector.
Although it may take a more sustained economic recovery before regional speculative development resumes in earnest, the survey demonstrates that demand is rising and developers are feeling increasingly optimistic about the future of the market.
Previous Post
Wearside Low Carbon Complex Will Be European First
