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DEMAND FOR UK COMMERCIAL PROPERTY IS INCREASED IN LONDON

DEMAND FOR UK COMMERCIAL PROPERTY IS INCREASED IN LONDON

Published: 27/05/2015

In the first part of 2015 the UK saw its 10th consecutive quarterly acceleration of demand for commercial properties, with 46% more defendants seeing greater interest, the commercial market report from the Royal Institution of Chartered Surveyors (RICS) shows.
Demand for commercial property in the UK is growing close to its fastest pace since 1998 and, along with a surge in investment, reflects the widening economic recovery, according to the latest survey.

In the investment market, enquiries also developed significantly, with 49% more surveyors seeing more prospective investors, continuing the trend of rising demand which began towards the end of 2012.

The survey also reveals that availability is falling with 38% more surveyors seeing fewer commercial properties on the market and RICS says that the impact of these tighter market conditions on rental expectations has resulted in them edging upwards to the highest headline level reading since 1998. This is particularly apparent across the industrial and office sectors, while retail rental opportunities continue to lag behind.

Observing ahead respondents expect, the office sector to perform most strongly with London leading the way despite increasing concerns over the valuation of prime property in the capital. Significantly, there is also growing confidence that the more upbeat mood will influence on secondary space with rents and capital projections positive in all locations.