The survey questioned firms on the effects of the crunch. Its report stated: “Unsurprisingly, by far the greatest impact is being felt in the financial services sector. As well as a reduced ability to borrow money and delays to projects, firms said key effects of the credit squeeze were to be seen in impacts on property disposal and acquisition.”
Only 1% of firms questioned said that the Crunch offered them opportunity to derive value from their portfolio. GVA Grimley's Director, Howard Cooke said: "The impact of the credit squeeze, while acting as a drag on the economy as a whole, is still mostly making itself felt in the financial services sector. Nevertheless, at times like these, firms in all sectors need to be thinking of ways they can manage their property better. Much can be gained by restructuring a lease, reducing your rent, or paying to break a contract. Currently, firms appear unaware that the credit squeeze presents opportunities as well as threats."