... many of the few new large commercial developments & large 'back to frame' refurb projects in the pipeline have been pushed back due to viability concerns (in turn due to concerns over demand & construction cost rises). (8/n)
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... the majority of the commercial sector is new large commercial developments (office towers, retail & mixed-use schemes) & large 'back to frame' refurb projects, & there are only a few now given the excess commercial space &... (7/n)
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3) In commercial construction, activity remains strong on small, high-quality refurb & fit-out of existing commercial space, changing the use from commercial to residential or industrial & new private health/biotech. However,... (6/n)
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... the PMI in February also reported less optimism than in 2024 as hopes of an improvement in underlying market conditions & lower borrowing costs were partially offset by subdued consumer spending & clients' risk aversion. (7/end)
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Business activity expectations in the PMI for February 2025 remained positive despite a steep decline in order books & concerns over a lack of new tender opportunities. However,... (6/n)
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The civil engineering PMI was 39.5 in February, a sharp fall in civils activity & its lowest since October 2020 whilst the commercial PMI was 49.0 showing a marginal decline in commercial activity in February & similar to January's fall. (4/n)
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