South East: CBRE to handle major property survey

A major study is underway to review the impact of the credit crunch on development in the South East. The research, which will be carried out by CB Richard Ellis (CBRE), has been commissioned by the South East England Development Agency (SEEDA) and will make practical recommendations on how the public and private sectors can lend momentum to a recovery.

Industry experts will put forward recommendations for action that will be debated with regional and national stakeholders at a SEEDA Conference, to be held in conjunction with CBRE, in London on March 25.

The project will explore four key themes over the short term (12-18 months), medium term (2-3 years) and longer term (5-10 years):

• What will the property market and its key stakeholders look like?

• What might the new financial and delivery models be?

• What action should the public sector be taking now and in the future?

• What does this mean for delivery skills in the region?

SEEDA chairman Jim Brathwaite said: “We want to understand the impact of the global credit crisis on the region’s property market and what this means for our housing and commercial property sectors. Crucially, we want to map out actions to ensure that development gets back on track as soon as possible. This study comes at a critical time and is not just a one-way process but a discussion to develop new ideas and provide practical solutions for meeting the challenges.

“The current challenging climate requires fresh approaches, actions and responses from both the development industry and the public sector, needing new skills and behaviours on the part of both. We need a better understanding of the ways in which the public and private sectors can work to deliver quality schemes and support recovery across the region. It should also deliver lessons and messages of wider significance for the recovery in the national development market.”

Sarah Whitney, managing director of the Regeneration and Development team at CBRE, said: “CBRE is proud to be leading this work which will require significant consultation with many of the parties that have a vested interest in maintaining and strengthening the economy of the South East. There is a very real possibility that the downturn in the property market is more than just a short-term cyclical shock. It may well have significant structural effects that will cause profound change in the medium and longer terms and this study is aimed at addressing those structural changes.

“How will the downturn and recovery impact on the commercial and residential markets in different parts of the South East? What will the future capacity and composition of the house-building sector look like and what does this mean for attitudes, relationships and ways of working between the public and private sectors? These are some of the key questions we are exploring as part of the research.”