AICPC
29 January 2020

AICPC News Article

 

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RICS COMMERCIAL MARKET SURVEY Q1 2013

 

By Andrew Kilpatrick, BSc FRICS ACIArb IRRV,

Managing Director, Kilpatrick & Co, chartered surveyors

 

 

The latest Commercial Market Survey for Q1 2013 has just been published by the RICS.  It reports tenant demand generally subdued across all sectors of the market, albeit edging up slightly in the first 3 months of 2013.  However, the supply of available property increased at a slightly faster pace during the same period.  Rental expectations are generally flat, but inducements being offered by landlords are still edging upwards, slightly.   

 

Across the 3 main sectors, retail remains weakest with falling tenant demand, rising floorspace availability and rental expectations are negative.  The industrial/distribution sector was the strongest performer with the most positive reading for tenant demand alongside broadly stable levels of floorspace availability.  As a result, rental expectations are positive for the first time in nearly a year.  In the office market, conditions are generally stable with the market assisted by the prospect of reduced supply, resulting from Government policy to relax the need for planning permission to change use from offices to residential.  In the investment property market, however sentiment has risen significantly, with investment enquiries showing its highest increase for 3 years.  Surveyors also expect investment transactions to rise in Q2 2013 and beyond.

 

RICS Survey contributor, Andrew Kilpatrick of Kilpatrick & Co says " Swindon’s commercial property market remains challenging, particularly in the retail sector, where the supply of vacant shops seems to creep up each quarter.  However, the former Woolworths is at last fully relet with Peacocks joining Pound World.  Work on the long awaited redevelopment of the old Swindon College site is due to start in May, bringing a new supermarket, cinema and restaurants to the town centre, which are greatly needed”.

 

Copies of the RICS Commercial Market Survey may be obtained from the RICS on 020 7222 7000.  Kilpatrick & Co may be contacted at Curtis Court, 73A Commercial Road, Swindon, SN1 5NX. Tel: 01793 643101; email post@kilpatrick-cpc.co.uk

 

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