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With high unemployment levels, households have cut down sharply on discretionary spending, resulting in a considerable fall in retail sales. To improve the situation, several governments issued debt and implemented stimulus packages in 2009 to boost the economy. However, amid the prolonged recovery, government debts have mounted, with the level rising to over 70% of GDP in several countries. Despite the generally subdued economic environment, prime retail space continues to exhibit high occupancy rates and stable rents. Similar to retail buildings, demand for high-quality office space is still strong in prime locations of major cities. Office space demand usually exceeds supply, as developers have been reluctant to invest in office space based on speculative demand. The commercial construction market is projected to contract by 0.2% in 2013 and recover thereafter to record a CAGR of 1.79% between 2013 to 2017.
The residential construction market across the region is among the worst affected, and has contributed substantially to the bleak financial situation facing countries Spain, Ireland and Greece. Property prices rose across the region in the pre-crisis years, leading to a construction boom in countries such as Spain and Ireland, while activity in other countries such as the UK, Belgium, Germany and France was more subdued. Governments across the region also invested heavily in infrastructure development before the economic crisis.
Construction activity over 2013 and 2014 is expected to move at a very sluggish pace. Austerity measures adopted by different countries to control the rising level of public debt are expected to hamper growth in all construction sectors. Of the few positive factors, inflation in the region has been fairly stable and nearer to central banks’ targets of 2%. High unemployment rates in the region have also kept labor costs under control. Relative stability in input costs has also provided some respite for the construction industry. It is expected that the Western European construction industry output value US$2.0 trillion in 2017 and record a CAGR of 1.79% between now and that time.
Reasons to buy
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