The estate agents said the latest figure highlights robust growth of commercial work, despite remaining below the average observed for the year to date.
And Duncan Kreeger, director of West One Loans, said that despite the dip it is important to look at the positives.
He said: “Commercial activity remains robust and you only have to glance around most towns to observe a vista of cranes and construction.
“The rate of growth has tailed off slightly as we head towards the end of the year, but is still streets ahead of where we were a few years ago, so it’s important to focus on the positives.
“Private sector growth still underpins much of this overall improvement, although the rate of growth of public sector projects has also improved of late.
“Developers remain positive about the outlook for the coming months, although the strength of this confidence is beginning to waver slightly.”
He pointed to London and the South East as leading the commercial activity charge but said other areas need to catch up to maintain growth.
He said: “London is once again leading the charge, with the South East and the rest of the UK posting more modest net balances.
“This is often the case and you can barely move in the City for construction vehicles at present, but it is encouraging that the rest of the UK is posting the quickest rate of growth.
“If commercial activity is to continue to rise across the nation then the capital can’t be solely responsible for future growth.”
