Property Data Report 2014

Transcription

1 Property Data Report 2014

2 Property Data Report 2014

3 Introduction This document sets out some key facts about commercial property, a sector that makes up a major part of the UK economy in its own right, as well as providing a platform for virtually all the country s other major industries. It is a sector that plays a crucial role by providing places in which people can work, shop and enjoy leisure activities. Similar in size to banking and larger than the leisure, communications and transport sectors, commercial property is also a significant investment asset for the pensions industry, and so contributes to the financing of retirement. This latest Property Data Report has been fully updated and now includes, for the first time, information on the size of the private rented residential sector. Drawing on the detailed analysis presented in two 2014 IPF Research Programme reports, The Size and Structure of the UK Property Market 2013: A Decade of Change and The Size and Structure of the UK Property Market 2013: End 2013 Update, it also presents an overview of the value of the UK commercial property market and other comparative data. It has been produced by: The Association of Real Estate Funds; The British Council for Offices; The British Council of Shopping Centres; The British Property Federation; The Commercial Real Estate Finance Council Europe; The Investment Management Association; The Investment Property Forum; The Royal Institution of Chartered Surveyors; The Urban Land Institute. All nine bodies are members of the Property Industry Alliance, which seeks to achieve a more co-ordinated and effective approach from leading property bodies on policy, research and best practice issues. Property Data Report

4 1 Commercial property by comparison Commercial property is defined as including retail, offices and industrial premises (warehouses and most types of factory), plus other commercial types typically used for business purposes such as leisure (cinemas, fitness clubs and gyms, leisure parks, etc.), hotels, petrol stations and other miscellaneous types. The value of the UK s stock of commercial property increased to 683 billion in The 5% increase in value over 2012 mainly reflected lower yields (meaning that buyers paid more for a given rent) as there was little change in either the amount of floorspace or in rental levels. 2,500 2,000 1,500 1,973 2,307 1,000 1,525 1, * ** 0 End 2012 End 2013 * Revision to the estimate presented last year see Sources and Definitions for further details ** End-2013 = estimated Commercial property underpins a substantial part of business, retail and social activity, representing 27% of the national stock of non-residential fixed assets (infrastructure, plant, machinery and equipment, vehicles, non-commercial buildings, etc.). Its value is comparable to the country s stock of machinery, equipment and vehicles and is about 30% of the value of the UK s stock market and 45% that of government bonds. 2 Property Data Report 2014

5 2 Commercial property s size in the built environment Commercial property accounts for an eighth of the value of all buildings in the UK. Other non-domestic buildings mainly healthcare, schools, colleges and universities constitute a fraction of the value of commercial property. 127 bn 4,670 bn 839 bn 3,831 bn 1,365 bn 683 bn Commercial property Other non-domestic buildings Total residential Residential: owner-occupied and social housing Residential: private rented Residential property dominates the built environment, being almost seven times greater in value than commercial property. Within the residential sector, the private rented sector alone is of greater value than commercial property. Property Data Report

6 3 Commercial property sectors: a detailed look Retail, comprising shopping centres and out-of-town retail warehouses, as well as food and department stores and high street shops, is the largest single commercial sector, accounting for 45% of the total value of commercial real estate at the end of In the office sector, London dominates, with the capital s offices accounting for 63% of the sector s total value, but only 25% of the UK s office floorspace. Hotels are the largest part of the fast-growing other commercial property sector. distribution of all (owner-occupied and invested) commercial property in 2013 bn % of total RETAIL Shopping centres 61 9 Retail warehouses 48 7 Other retail (including foodstores) OFFICES London South Eastern 23 3 Rest UK 48 7 INDUSTRIAL London and South Eastern 49 7 Rest UK OTHER COMMERCIAL 58 8 Hotels 26 4 Leisure 15 2 Miscellaneous other commercial 17 2 TOTAL COMMERCIAL PROPERTY London Overall, London accounts for 35% of the total value of UK commercial property, compared to its 23% share of GDP. London s share of commercial property has grown from 26% in 2003, mainly because its property prices have risen by more than half, whereas prices in the rest of the country have remained flat. 4 Property Data Report 2014

7 4 Commercial property trends Since 2000, the value of the UK s commercial property stock has grown at an annualised rate of 2.3%, which is less than the rate of inflation. The value of the residential stock, having recovered strongly after the recession, has grown substantially faster at 6.3% per annum. Both residential prices and the amount of housing have increased more quickly than those in the commercial property sector over the last 10 years, and over the last five in particular. Other non-domestic buildings mainly education and health have grown at a marginally faster rate than commercial. The value of machinery, equipment and vehicles in the UK has also grown at a faster rate than commercial property. 250 Nominal value, index 2000 = Commercial buildings (2000: 506bn, 2013: 683bn) Other non-domestic buildings (2000: 84bn, 2013: 127bn) Residential buildings (2000: 2106bn, 2013: 4670bn) Plant, machinery, vehicles, etc. (2000: 479bn, 2013: 771bn) Inflation (RPI) Property Data Report

8 5 Renting versus owning Over half of the UK s commercial property is rented by occupiers, in contrast to residential property, where almost two-thirds of the stock is owner-occupied. With many businesses increasingly reluctant to commit capital and management time to the owner-occupation of their property, and with investors having a healthy appetite for the acquisition of commercial buildings, renting grew significantly during the last decade. The proportion of commercial property that is rented, however, has stabilised since the late 2000s downturn in the economy. Proportion of total (%) Rented 2003 Rented 2013 Commercial (by capital value) Residential (by number of dwellings) The renting of homes declined until the early 2000s but since then the volume has grown, reflecting, in particular, a doubling in the proportion of those who are renting privately. Privately rented housing now accounts for 18% of the value of the UK s housing stock, according to the IPF s The Size and Structure of the UK Property Market: End-2013 Update (2014). 6 Property Data Report 2014

9 6 Renting commercial property: leases The average length of a new lease, of 4.5 years, is substantially lower than 10 years ago. Four out of five new leases are for a term of five years or fewer, compared with 63% in average length of new leases (years)* 2003 Mid All Retail Office Industrial SMEs ** Large companies ** Proportion of new leases 1-5 years duration 63% 81% Proportion of new leases with break clauses 22% 31% *** Average rent-free period (months) * Excluding exceptional and short leases ** 2011 data *** 2012 data Larger tenants, occupying bigger units, hold relatively long leases, although these have shortened significantly over the last decade. In addition to becoming shorter, leases have become more flexible. Many tenants benefit from rent-free periods at the commencement of a lease and the length of these rentfree periods has extended. Furthermore, break clauses are more prevalent than 10 years ago. Property Data Report

10 7 Commercial property as a business cost Rents account for a relatively low share of business costs. Office rents, at 14 billion per annum, are proportionately very low (7%) relative to occupiers staffing costs. The rental costs of retailers, at 18 billion, are a third of the level of staff costs and represent a small fraction (about 5%) of their turnover. 189 Total costs, bn Offices Retail Business rates Rent Employment costs Business rates add around 40% to the cost of renting retail and office property and have become a more significant property cost in recent years, as described in Section 8. 8 Property Data Report 2014

11 8 Commercial property as a business cost: inflation Rents in both the retail and office sectors have increased at a much slower rate than other business costs over the last 10 years and well below the rate of retail price inflation. In contrast, business rates have increased at a much faster rate than rents and, on average, in line with inflation. The big divergence in the retail sector between muted rental growth and the rise in business rates reflects the substantial uplifts in their rateable values in the revaluations introduced in 2005 and, most recently, Similar considerations apply to offices outside London year average change per annum (%) Offices Retail Rent Earnings Business rates RPI The 10% per annum rise in the cost of utilities over the last 10 years has far outstripped all other measures. Property Data Report

12 9 Commercial property lending Most investors (other than the institutions) and many occupiers buy commercial property using a combination of debt and their own capital. The volume of debt finding its way into the commercial property market grew rapidly in the 2000s until the recession. De Montfort University s (DMU) most recent survey suggests about 170 billion of debt is secured on commercial property investments (including commercial development but excluding residential and non-commercial development). This implies that around 44% of the value of commercial investment property is financed through debt. Historically, UK banks and building societies were the principal lenders. Since the financial crisis, the lending market has changed, with a broader range of debt providers (such as insurance companies and debt funds) competing alongside UK and overseas banks bn, end Total value of commercial investment property Debt secured on commercial investment property (DMU) Both the DMU and data from the Bank of England show a significant decline in the amount of outstanding debt since 2009 and, in particular, a decline of 10-15% in The volume of debt supported by commercial property is overshadowed by home-owner mortgage borrowing, which is approximately six times as great. 10 Property Data Report 2014

13 10 Investors in commercial property Investors account for 385 billion of the 683 billion commercial property in the UK. The amount invested directly in property has increased by more than a third over the last 10 years. This is greater than the underlying increase in the overall stock of commercial property, reflecting a shift away from owner-occupation but also moves by investors into previously untapped commercial property sectors such as hotels, petrol stations and car showrooms. Overseas owners holdings have increased substantially over the last 10 years (particularly in 2013, when sovereign wealth funds were significant investors). This group now owns almost a quarter of all commercial investment property. This proportion is still well below their 53% stake in the UK equity market. Three-quarters of their commercial property is located in London. holdings in commercial property by investor type bn 2013 % change % of total Overseas investors UK institutions (insurance companies and pension funds) UK collective investment schemes UK REITs and listed property companies UK private property companies UK other UK traditional estates/charities UK private investors TOTAL Ownership by collective investment schemes (managed funds, property unit trusts, limited partnerships, etc.) has also grown substantially, reflecting increased interest from smaller institutional and retail (individual) investors and overseas institutions, as well as a shift in personal savings habits towards unit trusts. Property Data Report

14 11 The UK s institutional investors and commercial property UK commercial property accounts for about 4% of the 2.8 trillion invested by insurance companies and pension funds. The allocation to commercial property has fallen over the last three years, mainly due to stronger performance of the equity markets. While insurance company allocations to property are lower than 10 years ago, pension fund property investment strategies have been more resilient. insurance company and pension fund exposure to property in relation to total assets Total assets (equities, bonds, property, etc.) 2013 % of total bn assets 2, Directly-owned UK property Investments in collective investment schemes Total property UK and overseas property company shares Most large pension funds invest directly in property, although only a small proportion of the smaller ones do. However, the exposure to property amongst smaller funds has grown as investing has become easier, for example through collective investment schemes, which now account for over a third of institutional investment in commercial property. 12 Property Data Report 2014

15 12 Commercial property investment performance Directly-owned commercial property returns accelerated to 10.6% in 2013, from 3.3% in 2012, which was still less than in the buoyant equity market but far better than the weak UK government bond market (i.e. gilts). The performance of property company shares has been a lot more volatile than directly owned property, with their strong performance in both 2013 and 2012 offsetting negative returns during the height of the financial crisis Annual average total return (%) Number of years to Dec 2013 UK direct property FTSE all-share UK property shares UK gilts Over the longer term, commercial property s performance averaging 10.7% per annum since 1971 (IPD s earliest data point) sits between those of gilts and equities. This ranking is in line both with surveys of investors longer term expectations and the historic pattern of risk commercial property being less volatile than equities but more volatile than gilts. Property Data Report

16 13 Commercial property: economic contribution The commercial property industry directly employed over 900,000 people in 2013 and contributed about 54 billion to the UK s economy, accounting for 3.8% of the national total. This is comparable to the combined size of the country s telecommunications and transport industries, highlighting its importance to business and people s daily lives. The rental values generated by commercial property portray a similar contribution 3.6% of the UK s total Gross Value Added (GVA). commercial property industry gross value added 2013 Whole economy 1,419 bn Commercial property 54 bn 6 bn 3 bn 1,365 bn 54 bn 22 bn Property investment Transacting, financial and professional services Management and care of buildings Construction, development and repair of buildings 23 bn Most activity involves the construction, development, repair, care and management of buildings. The property investment sector (primarily investment and fund managers, REITs and property companies) is a small but high value added part of the industry, and the largest in Europe. It generates around 330,000 value added per employee almost eight times the average for the economy as a whole. 14 Property Data Report 2014

17 14 Commercial property: change in economic contribution The commercial property industry has been amongst the worst affected by the recession, shedding almost 200,000 jobs since December 2008, and recording a relatively large fall in its GDP. Only publishing and civil engineering have seen comparably proportionate falls in employment. Commercial property construction was worst affected by the downturn, with a 32% loss in jobs. Research on behalf of the Investment Property Forum found that the UK economy is extremely sensitive to changes in commercial construction, a consequence of which has been that the deep recession in the commercial property sector has dampened the national recovery. employment in the commercial property industry 1, Employment ( 000) December December 2013 Property investment Transacting, financial and professional services Management and care of buildings Construction, development and repair of buildings Activity and employment in the commercial property industry picked up in 2013 from the low levels recorded in All parts of the industry benefitted, although activity in the construction industry was much less buoyant than the commercial property industry as a whole. Property Data Report

18 15 Taxes paid to the national exchequer The commercial property industry is taxed directly and indirectly in a variety of ways. The direct contributions from some of these taxes including Stamp Duty Land Tax, VAT, PAYE and National Insurance contributions can be calculated with reasonable accuracy and are illustrated below. Such taxes amounted to almost 14 billion in 2013, accounting for a quarter of the commercial property industry s GVA. Proportionately, this is a greater tax burden than on the economy as a whole, exacerbated by the taxation of property transactions through Stamp Duty. Relative to their values, commercial property is taxed much more heavily than residential property % 1% bn/% of GVA bn 4.8 bn 9% 6% 0 Tax paid by commercial property industry bn Stamp Duty Land Tax VAT PAYE and NICs 6.5 bn 12% 17% Taxes paid by commercial property as % of its GVA Taxes paid in the whole economy as % of its GVA Other taxes directly paid by the industry, ranging from Corporation Tax to rates on empty property and the Community Infrastructure Levy, are much harder to assess. In addition, occupiers of commercial property paid 20 billion in Business Rates, some of which, effectively, will be borne by property owners as a result of the lower rents achieved due to this burden. 16 Property Data Report 2014

19 16 The commercial property industry: regeneration The commercial property industry on average adds about 50 million square feet of new space every year. This has a value of around 10 billion and contributes almost 1% to the UK s GDP. Average annual completions since the start of the recession have fallen by about a half in the retail and industrial sectors and by a third in the office sector. 30,000 25,000 26,893 20,000 m/'000 sf 15,000 10,000 12,660 13,408 5, ,801 3,901 1,706 Offices Retail Industrial Completions ('000 sf, 10-year average) Value m (2013 prices) Activity picked up marginally in 2013; for example, estimates by Property Market Analysis show a rise in completions in both the retail and office sectors from their very low levels in Property Data Report

20 17 Energy consumption Commercial property accounts for about 9% of the UK s energy consumption. Other non-domestic buildings, mainly schools, colleges and hospitals, and the heating and lighting needs of factories, bring the total used in non-residential buildings to 16%. By contrast, almost a third of the UK s energy consumption occurs in the home. Energy consumption increased in both 2012 and 2013 in all types of buildings as a result of colder winters, while the stronger economy and business activity levels also led to greater consumption in commercial buildings. energy consumption by end user, million tonnes oil equivalent Activities in commercial property (excluding industrial) Activities in other non-domestic property Industrial buildings heating and lighting Industry industrial processes, etc. Domestic consumption Transport Other Shops, whilst the largest consumer of energy in the commercial property sector, tend to be more efficient, having better than average Energy Performance Certificates (EPCs) according to a recent Government report. Overall, about a third of commercial property buildings have an A to C EPC rating. 18 Property Data Report 2014

21 18 CO 2 emissions About 11% of CO 2 emissions are directly and indirectly (i.e. emitted in the production of power) associated with commercial property, with another 3% accounted for by the heating and lighting of industrial buildings. Retail outlets, in line with their higher energy consumption, are the biggest emitters within the commercial property sector, but domestic buildings and transportation are by far the largest sources of CO 2 emissions in the UK. million tonnes co 2 emissions by building type/ end use Retail, office, warehousing and other commercial buildings (excluding industry) Other non-domestic buildings Industrial buildings (excluding industrial processes) Industry - industrial processes, etc. Domestic buildings Transportation Residential and, to a lesser extent, commercial and public sector buildings represent one of the most important untapped potential sources of energy savings and reduced greenhouse gas emissions. However, the underlying trend since 2009 shows little change in the level of emissions from buildings, once the effect of variations in winter temperatures are taken into account. Property Data Report

22 Definitions Commercial property is primarily made up of the core sectors of retail, office and industrial (warehousing and factories) that dominate investors portfolios. Cinemas and leisure parks, hotels, pubs and restaurants, and garages and petrol stations are also defined as commercial property. Commercial property activity covers those whose main business is the construction, development, design and care and management of buildings, the fund, investment and asset management of investment property and transacting (e.g. investment and letting agency). The contributions made to commercial property by the legal and property banking sectors are also included. All forms of residential property and activity are excluded throughout from the measures of commercial property. 20 Property Data Report 2014

23 Sources and methodologies 1 The estimate of commercial property value is from the Investment Property Forum s (IPF) The Size and Structure of the UK Property Market: End-2013 Update (2014), undertaken as part of the IPF Research Programme The estimate is made by updating the latest April 2008 rateable values to end-2013 market values using Investment Property Databank s (IPD) rental growth and capitalising these by IPD yields adjusted to reflect the more secondary nature of average property (full details are available in the IPF report); note that the estimates for 2012 in last year s report have been re-stated in light of the new IPF research. Plant and machinery from the Office for National Statistics (ONS) Blue Book 2013, 2013 figure unavailable at time of preparation so updated to 2013 by Paul Mitchell Real Estate Consultancy Ltd (PMRECON), government bonds from the Debt Management Office, and equities from the London Stock Exchange. 2 Commercial property, residential property, and private rented residential sector from the IPF s The Size and Structure of the UK Property Market: End-2013 Update (2014); the estimates for 2012 in last year s report have been re-stated in light of the new IPF research. In making these estimates, total residential is based on the 2012 figure in the ONS Blue Book 2013 updated to 2013 by PMRECON. The private rented residential sector is calculated from the product of the number of private rented residential dwellings (from the Department of Communities and Local Government [DCLG]) and the average value of a private rented dwelling (full details are available in the IPF report). Other non-domestic property is a PMRECON estimate made by updating the latest April 2008 rateable values to end-2013 market values and capitalising these by yields, which are assumed to be 200 basis points below those of average commercial property. 3 All estimates from the IPF s The Size and Structure of the UK Property Market: End-2013 Update (2014) (see 1 and 2 above for further details). 4 Commercial property from the IPF s The Size and Structure of the UK Property Market: End-2013 Update (2014), are PMRECON estimates using the same methodology as the IPF report. Residential property is from The Size and Structure of the UK Property Market: End-2013 Update (2014)/the ONS Blue Book 2013 as described in 1 above. Other non-domestic property are PMRECON estimates made by updating the April 1998, 2003 and 2008 based rateable values to the relevant year s market values and capitalising these by yields, assumed in 2013 to be 200 basis points below those of average commercial property and, in previous years, are assumed to be 75% of the average commercial property yield. Inflation (RPI) is from the ONS. Property Data Report

24 Sources 5 Commercial property is based on the IPF s The Size and Structure of the UK Property Market: End-2013 Update (2014) with the commercial owner-occupied stock estimated as the residual of the total stock and the investment stock; note that previous estimates have been restated in light of the new IPF report. Housing is from the DCLG s Table 101 Dwelling Stock by Tenure, other than 2013, which is a PMRECON estimated update to end-2013 using the latest available DCLG figures for April British Property Federation: IPD Annual Lease Reviews and IPD Lease Events Report Rental payments based on the rental value estimates in the IPF s The Size and Structure of the UK Property Market: End-2013 Update (2014) (note that retail is adjusted to exclude pubs and restaurants). Business rates are based on the total receipts presented in the Office for Budget Responsibility s March 2014 Economic and Fiscal Outlook (and estimated to be 26.5 billion for calendar 2013), pro-rated according to retail and offices shares of total rateable value (estimated at 28% and 23% respectively note that it is assumed that any reliefs are distributed proportionately across sectors). Employment costs derived from the ONS (retail relates to SIC(2007) 47 less non-store trade, offices to SIC(2003)s J and K). 8 Rental growth from IPD Ltd Business rates are derived on the basis described in 7 above. For 2003, total business rate receipts of 18.4 billion are pro-rated according to retail and office rateable value shares (estimated at 26% and 23% respectively). To control for the effect of floorspace growth on business rate receipts, changes in business rates between 2003 and 2013 are calculated on a per square foot basis. Earnings are derived from the ONS Monthly Wages and Salaries Survey. RPI from the ONS. 9 Debt secured on commercial property is from De Montfort University s (DMU) The UK Commercial Property Lending Market 2013 Year End report and has been adjusted by PMRECON to exclude both private residential and social housing and other non-commercial property types; includes the DMU s estimate of CMBS, pro-rated by PMRECON to exclude private residential and social housing and non-commercial property types. 10 All the estimates are from the IPF s The Size and Structure of the UK Property Market: End-2013 Update (2014), which in turn drew on data from IPD, ONS, Property Funds Research, and RCA/Property Data, and analysis by PMRECON; further details are available in the IPF report. 11 Insurance company and pension funds direct property are as estimated in 10 above; indirect and listed property exposures are PMRECON estimates drawing primarily on the research undertaken for the IPF s The Size and Structure of the UK Property Market 2013: A Decade of Change (2014). Total insurance company and pension fund assets (long term) are derived from the ONS s MQ5: 22 Property Data Report 2014

25 Investment by Insurance Companies, Pension Funds and Trusts latest estimates for 2012, updated and estimated to 2013 by PMRECON. 12 IPD Ltd 2014, FTSE. Commercial property returns exclude Residential Specialist Funds. 13 PMRECON estimates mainly based on the ONS data on employment and Gross Value Added (GVA) as at 1 August General approach is to apportion employment and GVA in property as a whole between commercial and non-commercial. The two main industry sectors are Construction (SIC(2007) Section F) and Real Estate Activities (SIC(2007) Section L, but excluding the imputed rental value of owner-occupied housing) for which GVA is available from ONS s quarterly national accounts series. For construction, the ONS s Output in the Construction Industry Tables 4 and 5 indicate that around 25% of construction output is related to commercial property sectors, so this factor is implied to Construction GVA to derive the amount relating to commercial property. For the Real Estate Activities sector, the indicators used vary according to the specific sector (for example, commercial property s share of total property transactions is applied to SIC68.31 Real Estate Agencies ); overall, 45% of the Real Estate Activities sector (excluding the imputed rent of owner-occupied housing) is estimated to be commercial real estate. After the analysis for the 2013 PIA Property Data Report was completed in mid-2013, ONS substantially revised its estimates of GVA in Real Estate Activities (SIC(2007) Section L; this has led to a correspondingly significant upgrade in the latest estimate of commercial real estate GVA. Part of SIC(2007) Section K (Finance and Insurance Activities is incorporated for commercial property, this covers property banking, fund management, REITs, stock broking, insurance companies and pension funds). For these areas, estimates of employment relating to commercial property are mainly derived from a survey of company accounts and from fund managers websites (grossing these up to the industry as a whole through the relationship between employment and funds under management). GVA for REITs, fund managers, etc., is also based on company information relating to employment costs and profits defined to be consistent with the national accounts measures of GVA SIC(2007) Section M (Professional, Scientific and Technical Activities, mainly relating to legal services, architecture, and quantity surveying), and SIC(2007) Section N (Administrative and Support Service Activities, mainly relating to facilities management). In these sectors, commercial property s share and size tends to be small. 14 As above. 15 Draws on the approach outlined in the IPF s The Role of Commercial Property in the UK Economy (2013). Based specifically on HM Revenue & Customs (HMRC) Tax Statistics and relating to the Property Data Report

26 commercial property industry as defined in section 13. Total taxes derived from July 2014 HMRC receipts. PAYE, NIC and VAT for commercial property estimated from the corresponding HMRC estimates by broad industry, pro rated according to commercial property s share of these industries. VAT for commercial property and all-economy relates to Home VAT only (i.e. excluding VAT on imports). SDLT estimated by pro-rating HMRC estimates for non-residential according to the PMRECON s 2013 estimate of commercial property s share of non-residential property transactions. 16 PMRECON estimates derived from estimates of 10-year average floor space completions generously supplied by Property Market Analysis, and also DCLG data and from 2013 investment values of completed development. 17 PMRECON estimates derived from the Department of Energy and Climate Change s (DECC) statistics on energy consumption by final user 2013 and earlier data published by Building Research Establishment. 18 PMRECON estimates derived from the DECC s provisional estimates for 2013 of emissions of carbon dioxide and 2013 end-user estimates presented in the Committee on Climate Change s Meeting Carbon Budgets 2014 Progress Report to Parliament. Note that the basis of calculation changed since previous editions of the Property Data Report, reflecting in particular the use of the Committee on Climate Change s data. 24 Property Data Report 2014

27 Acknowledgements Data compiled and estimated by PMRECON ( The estimates of the total stock of commercial property and the amount in investment portfolios draws heavily on The Size and Structure of the UK Property Market: End-2013 Update (2014), which was undertaken as part of the IPF s Research Programme Supporting property market data generously supplied by IPD, Property Funds Research, Property Market Analysis and Real Capital Analytics/Property Data, none of whom bear any responsibility for the estimates in this document. ONS data is used directly or adopted under the Open Government Licence v.2.0. Property Data Report

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