“Bullish” mood in East Midlands’ commercial market, says RICS
Demand for commercial property remained high in the East Midlands, while available office, retail and industrial space fell for the third consecutive period, according to the latest RICS Commercial Market Survey.
In the investment market, enquiries rose again with 44 per cent more surveyors in the East Midlands reporting an increase in prospective investors and as availability declined for the third consecutive quarter (23 per cent more surveyors seeing fewer commercial properties on the market), the tighter market conditions resulted in rental expectations edging upwards to the highest headline-level reading since 1998.
Over the next three months, the data shows the largest percentage of respondents expect a rise in rents in the Midlands than at any other time over the last 18 years with 35 per cent more surveyors anticipating rents to rise, rather than fall.
There were also reports of greater overseas buyer interest, with 36 per cent more respondents seeing more enquiries from overseas investors.
The full UK Commercial Market Survey will be available to download via the following link on the RICS website: