AICPC
29 January 2020

AICPC News Article

 

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RICS Commercial Market Survey Q2 2012

 

The latest RICS Commercial Market Survey for Q2, 2012 reports a further modest reduction in occupier demand for commercial property, coupled with increasing available floorspace. Consequently, further softening in rents is expected and increased incentives from landlords. The impact of the ongoing euro area crisis and the domestic "double dip” recession have combined to weigh on confidence amongst occupiers, who are clearly still very cautious when it comes to renewing leases. According to RICS surveyors, retail is the sector most under pressure, with demand for space continuing to slip alongside a rise in the supply of vacant properties.

In the investment sector, purchaser enquiries were generally flat over the quarter with activity expected to slip back over the next quarter. Economic uncertainty and the lack of available finance is expected to continue to impact adversely on capital values outside London, whilst new commercial development declined for the fifth successive year.

RICS''''''''s survey contributor Andrew Kilpatrick BSc FRICS ACIArb IRRV of Kilpatrick & Co said "conditions in Swindon''''''''s commercial property market remain challenging, with vacant property increasing, thanks to recent receiverships involving Game, La Senza, Millets, Clinton Cards, etc, creating abnormally high shop vacancy levels in Swindon town centre. That does at least mean ample new opportunities for retailers wanting shops in the town.

In Swindon''''''''s office sector, the largest deal achieved so far in 2012 is a £10,400 sq ft letting on Delta Business Park. In the industrial/warehouse sector, conditions are fairly static, despite a number of new lettings in the pipeline. Investment in new speculative development remains non-existent. Conditions are expected to remain challenging for the remainder of 2012”.

 
 
Copies of the RICS Commercial Market Survey may be obtained from the RICS on 020 7222 7000. Kilpatrick & Co may be contacted at Istabraq House, 42-44 Commercial Road, Swindon, SN1 5NX. Tel: 01793 643101; email post@kilpatrick-cpc.co.uk.

 

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