GVA Grimley, one of the famous property consultants in the UK conducted research on the current market trends. The report stated that there will be greater importance given to renovating commercial building properties than constructing new buildings.

Most of the new office space constructions in London city have been stopped as there is a huge financial crisis and there is some issue about investor interest in renting properties at the moment. The demand for commercial spaces has exceeds the ability to supply; this is due to the fact that most businesses are now making their way back to the city. Also new projects are on a halt and this has led to lack of commercial space especially in prime locations within the city. Various businesses are expected to suffer due to this property crisis.

The price of renovated desk space will increase as property owners and those into property development will need to look at ways to offer high end commercial spaces in a short span of time.

Don Hodge, the person in charge of the GVA Grimley office in Leeds stated that the West Yorkshire market is already beginning to see a high demand for office spaces. He also mentioned that only 30% of the proposed 1,250,000 sq. ft. of their property in Leeds will be completed by 2012. This means that 70% of their property will be short as the project will not be completed on time.

Renovating older properties is a better option for most landlords. Not only will properties be available faster, there will be lower amounts of waste which in turn will reduce cost of waste disposal. It will also lower cost of materials. The city will benefit from renovating buildings as those older buildings will bring life to an unpopular business area. Renovations will also have high returns for tax relief.