The latest RICS Commercial Market Survey for Q2 2021 reports an improvement in overall market sentiment, with 56% of surveyors sensing an upturn in conditions, compared to 38% in Q1.
However, there is a wide variation across the different market sectors, with continuing strong demand for industrials/warehousing at +63%, compared to +57% in Q1, with demand for offices recovering to -3% from -34% in Q1, but the retail sector remains challenging, albeit also showing a recovery from -55% in Q1 to -25% in Q2. The supply of retail and office space on the market is continuing to increase, but availability for industrials/warehousing has declined with shortages now becoming apparent.
RICS survey contributor, Andrew Kilpatrick of Kilpatrick & Co, said: “Swindon’s commercial market is gradually showing signs of more activity as lockdown has eased, even in the secondary retail sector. Demand for offices continues to be slack, but as yet there is no big increase in the supply of vacant properties. The industrial/distribution sector continues to be buoyant”.
