Revo, previously the British Council of Shopping Centres (BCSC), has released the Property Data Report 2016.
Commercial property is the physical platform for virtually all the UK’s major industries and enterprises, as well as providing places in which people work, shop and enjoy leisure activities.
It comprises office blocks, buildings for shops and other high street businesses, warehouses and industrial units, as well as other types of buildings, such as cinemas, gyms, hotels, petrol stations, car parks and the like.
This latest Property Data Report has been fully updated to cover the period to the end of 2015. Amongst its detailed statistics, this report shows:
• The value of the UK’s commercial property stock reached an all-time high of £871 billion in 2015, representing 10% of the UK’s net wealth.
• The commercial property industry contributed around £68 billion to the UK economy in 2015 – 4.1% of the total UK economy.
• Commercial property accounts for 13% of the value of the built environment in the UK.
• Rents have increased at a much slower rate than inflation, turnover and other business costs over the last 10 years.
• Investors own £483 billion of the UK’s commercial property, with as much as 28% of that accounted for by overseas investors.
• Direct and indirect exposures to commercial property account for £178 billion of UK insurance company and pension fund investments that support the nation’s savings.
• The commercial property industry directly employs almost one million people – one in every 35 jobs in the UK.