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Having been asked by RICS to comment on their recent Commercial Market Survey in their press activity, I thought it would be an opportunity to share the results which certainly make welcome reading for the industry.
By Brent Forbes, director, Petty Chartered Surveyors.Top line notes show:
- Tenant demand for retail space increases for the second consecutive quarter
- Fall in availability of space compounded further by Permitted Development Rights
- Strength of investment enquiries points to further material gains in capital values
Development statistics across the region are beginning to improve, with more surveyors reporting a slight increase in the development of new offices and industrial property. However, more new commercial property across all sectors is needed in the region.
Similarly in the occupier market, expectations remain generally buoyant. Despite a slight fall in tenant demand for industrial property over the last quarter (from 51% in Q3 to 40% in Q4), 32% more respondents expect rents for industrial space in the region to increase over the next three months.
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