AICPC
29 January 2020

AICPC News Article

 

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The Recovery Continues!

 

The Recovery Continues !

By Andrew Kilpatrick, BSc FRICS ACIArb IRRV,

Managing Director, Kilpatrick & Co, chartered surveyors

 

The RICS Commercial Market Survey for Q3 2014 reports the recovery in both the occupy and investment sectors retaining plenty of momentum, as demand for commercial property is increasing and availability decreasing.  The industrial sector is showing the strongest results, which bodes well for a continuation of the economic recovery.  The Survey reports that the gap between fresh demand and supply has widened over the quarter, with the disparity most pronounced in the industrial and office sectors.  Rents are expected to increase in both the office and industrial sectors at the fastest pace since 1998, although expectations are more muted for the retail sector.  The RICS Survey reports part of the decrease in the supply of offices is resulting from the introduction of Permitted Development Rights, allowing empty office space to be converted to residential.

 

In the investment market, enquiries are continuing to increase according to the RICS Survey across all sectors of the market.  There was also a notable reduction in the supply of investment property on the market, particularly in the industrial sector.  The Survey reports that capital values are expected to register strong growth in each sector over the coming quarter. 

 

RICS Survey contributor, Andrew Kilpatrick of Kilpatrick & Co says ‘with the increased demand and falling supply, there are already distinct shortages of certain types of property in Swindon in certain size ranges.  This is partly because of the lack of new building starts since the onset of the recession.  In Swindon there is very little Grade A office space available and no new development underway.  Swindon’s office supply is also being reduced by the conversion of office buildings to residential, which is a welcome initiative when it happens to old, functionally redundant, long empty town centre office buildings, but not so welcome when out of town office buildings, such as those at Westlea Campus and Delta Business Park are considered suitable for residential conversion.  The lack of suitable office buildings in Swindon could lead to a loss of economic activity from Swindon, if existing businesses are unable to find suitable relocation opportunities and so are forced to move out of town. 

 

Confidence in Swindon’s commercial property market has been boosted by the early sale of the new Regent Circus leisure investment in advance of completion at above the asking price, showing good investor demand for quality property.  Other recent investment deals in Wiltshire include Borough Parade Shopping Centre (87,000 sq ft) in Chippenham, Chippenham Retail Park (43,351 sq ft) and Three Horseshoes Walk Shopping Centre in Warminster (60,000 sq ft)’.m

 

 

 

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