Insurance News Archive

Maintenance spend by commercial property insurance holders falls

The amount that commercial property insurance holders are spending on maintenance is falling, according to the latest figures.

New research published by the Office for National Statistics has revealed that the amount spent on work on commercial properties has fallen by 22 per cent since the fourth quarter of 2007.

According to the statistics, commercial buildings insurance customers are spending far less on projects such as roof maintenance, with only 3.2 billion spent in the period between April and June this year.

This is in contrast to the £4.12 billion which was spent by commercial property insurance customers in the fourth quarter of 2007 on repairs such as brickwork, guttering and drainage.

Commercial buildings insurance customers received good news recently, when a new Jones Lang LaSalle report showed that total returns reached 4.5 per cent in the third quarter of the year, which is the first positive return since the second quarter of 2007.

By Dan Winters

28 Oct 2009