King Sturge
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NOT-SO SECRET MILLIONAIRE’S INVESTMENT UNDERLINES BRISTOL’S STRATEGIC IMPORTANCE
King Sturge
23/02/2010
RECOVERY MAY BE STALLED BY LACK OF SUITABLE PROPERTY, WARNS KING STURGE
King Sturge
28/01/2010
SOUTH WEST TO OUTPERFORM OTHER REGIONS AS UK EMERGES FROM RECESSION, SAYS KING STURGE
King Sturge
28/01/2010
STAND BY FOR A HIGH STREET REVIVAL
King Sturge
28/01/2010
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SOUTH WEST TO OUTPERFORM OTHER REGIONS AS UK EMERGES FROM RECESSION, SAYS KING STURGE
But unemployment will remain high until 2012 or beyond, says firm‘s national head of research
The South West may have officially come out of recession but it will take at least two years for unemployment to fall noticeably in the region, according to a leading property expert.
Dr Angus McIntosh, partner and head of research at King Sturge, told the firm‘s annual media briefing in Bristol that the South West would emerge stronger and faster from the downturn than many of its regional rivals.
He said the South West economy would grow by 1 per cent this year, slightly above the national average, before accelerating to 2.4 per cent growth in 2011 – a figure only surpassed by London.
But he warned that it could be 2012 before the jobless figures returned to normality, with unemployment remaining high despite the more benign economic environment.
“As of yesterday we are officially out of recession, which of course is good news,” said Dr McIntosh.
“But it needs to be stressed that the economy will take some time to return to where it was in 2007. We are growing off a very low base and I do not see unemployment dropping drastically for at least two years. It will stay at a high level until 2012 or beyond, and one of the consequences of this will be low demand for commercial property.
“Apart from anything else, we have not seen any real public sector cuts as yet and those will inevitably come after a General Election. That said, the likes of Bristol and Bath are fortunate in that they are strong in industries such as financial services and high-tech, and so less reliant on public sector jobs than are many other large regional centres.”
Dr McIntosh said sustainability must remain at the top of the agenda for office and industrial occupiers who need to make the most efficient use of their buildings.
“Using your building as efficiently as possible saves money and helps save the planet,” he said.
“Our firm is a good example of this, having reduced our energy consumption and carbon footprint in the Bristol office by 33 per cent, just by taking simple measures such as ensuring lights, printers and computers are turned off overnight and every night.”
ENDS 27th January 2010