The larger project management instructions are few and far between but there is still considerable activity in the smaller refurbishment sector where many occupiers appear to be down sizing, with the breadth of work stretching from feasibility studies to small fit outs.
Across all the sectors of the commercial property market, there has also been a substantial increase in dilapidations instructions; however, unlike the period where the commercial property market was growing strongly, the focus of dilapidations has changed a lot more to that of an asset management tool. We have certainly found that where occupiers are definitely moving out, cash settlements are much more common and very few landlords are using dilapidations settlements to carry out the works.
Recent activity within the professional sectors of building surveying has been extremely busy, with a substantial increase in instructions relating to smaller transactions and a number of acquisition surveys for occupiers and private investors. We have also recently carried out a greater proportion than normal of reinstatement cost assessments (fire insurance valuations) for clients as the cost of insurance has risen and a number of high profile losses have resulted in landlords scrutinising their insured values to ensure that these are correct.
Within the rural sector, all of our teams continue to be very busy with a wide variety of premium quality rural and residential instructions together with increasing amounts of involvement within the agricultural sector.
Although significant changes have occurred in terms of the type of instructions conducted, our building surveying teams are extremely active and there is no sign of this changing in the short term. In the commercial sector, much will depend on the recovery of the economy and the property market in general.
To discuss your building surveying needs, please contact Martin Cassels on 0131 240 6992, email firstname.lastname@example.org.