The latest RICS Commercial Property Market Survey for Q3, 2017 reports a strong industrial/distribution sector nationally and a struggling retail sector. Occupier demand for Q3 increased to +5% from -2% in Q2 for industrial/distribution property, which was the best sector for occupier demand, with stable demand apparent in the office sector and continuing falling demand for retail property. The supply of available property on the market fell again in Q3 in the industrial/distribution sector, but changed little in the office and retail sectors. Investment enquiries continued to increase nationally, as did interest from overseas buyers in the UK property investment market.
RICS Survey contributor, Andrew Kilpatrick of Kilpatrick & Co said “Swindon’s commercial market is seeing activity pick up slowly after the summer holiday period. Whilst the retail sector continues to be challenging, the summer has at least seen work start on the new Metro Bank building at the entrance to The Parade, and work underway to convert the former British Home Stores ready for Wilko’s to move into. 80% of the former BHS properties are still vacant after receivership, so Swindon is ahead of the game! The Parade’s successes has also seen Greggs to relocate to larger premises and Smiggle open in The Parade. Elsewhere in the town centre, planning permission has been granted for the redevelopment of the former tented market to provide 4 new restaurants, 1 shop and 101 residential apartments, in a new 8-15 storey building”.
