The RICS Commercial Property Market Survey reports investment enquiries rising across all sectors, but flatter demand from occupiers for offices and retail property, but stronger demand for industrial/warehouse properties. This has led to an increase in incentives available to tenants in the office and retail property sectors for the last 2 quarters, for the first time since 2013. In the industrial sector, the shortage of available properties is the dominant factor, with supply having fallen for 18 consecutive quarters. Demand for investment properties has continued to recover since the Referendum, with the growth in enquiries gaining momentum during Q4. In London, investment trends remain mixed with foreign demand particularly prevalent. Only 18% of RICS survey respondents reported seeing any evidence of firms looking to relocate away from the UK in response to the Brexit decision.
RICS Survey contributor, Andrew Kilpatrick of Kilpatrick & Co said “Swindon’s commercial property market has ended the year with a good post Brexit bounce back, with recovering occupier demand in all 3 main sectors and a growing shortage of high quality property becoming increasingly apparent. The new food hub currently under construction in the Brunel Centre, Swindon, has 5 restaurant operators signed up already for its proposed new 16,000 sq ft food court. Already open is the 14,000 sq ft Buzz gym, providing 24/7 gym and fitness facilities in the town centre. Whilst 2017 will come with plenty of challenges, we are cautiously optimistic for Wiltshire’s commercial property market.”