The latest RICS Commercial Market Survey for Q3 2013 reports further improvement in both the occupier and investment markets, comments Andrew Kilpatrick of Kilpatrick & Co.
In the occupier market, demand increased across all sectors, whilst available space on the market contracted for a second consecutive quarter. Whilst demand was exceptionally strong within the London area, the Survey also reports significant rises in tenant interest in the regions. Even the retail sector, particularly weak in recent RICS Surveys, is now showing signs of some improvement.
Meanwhile, the industrial sector continues to strengthen, with increased demand and reduced availability being reported. RICS surveyors forecast that rents over the next 12 months will rise by 2% in the office sector, 3.4% in the industrial sector and 0.5% in the retail sector. Meanwhile, in the investment market, a higher level of purchaser enquiries are expected to produce higher capital values and increased activity.
RICS Survey contributor, Andrew Kilpatrick of Kilpatrick & Co said “Tentative signs of recovery in Swindon’s office and distribution sectors continue, with some significant new lettings imminent. The retail sector is still struggling, particularly in Swindon town centre, where temporary Christmas lettings will be welcomed.”
