Over the last twenty years the private sector has assumed the role of the predominant supplier of buildings in Britain. In 1977 roughly half (49%) of construction new orders were made by the private sector; by 1998 the private sector accounted for more than three-quarters (79%) of all new construction orders (Henneberry and Rowley 2000). In parallel with the increase in the relative importance of private property development there has occurred a similar growth in the rented sector of the non- residential property market at the expense of the owner-occupied sector. Callender and Key (1996) estimate that around 45 per cent by value of the UK commercial and industrial property stock may be held by investors of which about half (24 per cent of the stock) is held by UK institutions.