The latest RICS Commercial Property Market Survey for Q4, 2017 reports generally solid conditions across the main sectors of the commercial property market, except for retail, where sentiment continues to weaken. Demand for industrial property has continued to rise in Q4, with office demand steady and retail demand continuing to fall back. On the supply front, conditions are steady, except in the retail sector, where shop property availability continues to increase.
Rent predictions were for further falls in the retail sector, stable conditions in the office sector, although landlord incentive packages have shown signs of increase, and industrial rents, both prime and secondary and expected to increase over the next 12 months. Demand for investment property shows a 6th consecutive rise in the face of falling supply of office and industrial investment property availability.
RICS Survey contributor, Andrew Kilpatrick of Kilpatrick & Co said “Swindon’s commercial market ended 2017 on a good note, but will not be remembered for any record take-ups in any of the 3 main sectors. For 2018, the market will inevitably reflect economic confidence as the deadline for Brexit gets closer. A good result would give a boost to the market, whereas as a fudge compromise could leave us bumping along for 2 more years”.
