RICS Commercial Market Survey UK
No one has mentioned the RICS Commercial Market Surveys on one of our blog pieces before but with my colleague Lance highlighting a recent survey by Aviva of SME’s I thought some comment on one of the most respected market surveys, carried out by the RICS would be a good idea.
The latest, Q4 2013 survey carried out by the RICS has just been published. This quarterly survey is a useful and important guide and measure for “how the market of property professionals is feeling”.
The RICS survey gives reflective thoughts on what has been happening and what is forecast to happen.
So what did the Survey say?
The survey confirmed what many have been saying, that the improvement in both the occupier and the investment markets is continuing. Is it a “feel good factor” or a “feeling better factor”, perhaps both.
The survey reports that in the occupier segment demand rose for the fifth quarter in succession whilst the availability indicator declined for the third successive quarter. This gives back up to our feeling that there are now some property stock shortages. Higher rents are now expected to follow on and the investment market has improved enquiries, all of this is helping to drive projections for increased capital values.
The report reckons that over the next 12 months’ rents are forecast, by the survey’s respondents, to rise by just under 3% in the office sector, roughly 5% in the industrial sector and just over 2% in the retail sector. Capital values are reported to potentially increase by broadly similar amounts.
From our perspective we are now looking to increase our stocks of property to market. If you have commercial property where you need disposal advice or even if you need to acquire space then contact one of the agency team at Harris Lamb.