Commercial property

Politics hits demand for commercial property

Written by Peter Davison.

Andrew Kilpatrick

 

Demand for office and retail space has declined while the clamour for industrial and warehouse property is waining, according to the latest Commercial Market Survey for RICS, the Royal Institution of Chartered Surveyors.

The Brexit impasse has become increasingly detrimental to market activity, along with challenges to the retail sector, says the report.

Investment is also in decline, with demand from overseas investors weakening, presumably due to the political uncertainty, said the report.

Commercial property specialist and survey contributor Andrew Kilpatrick, of swindon-based Kilpatrick & Co, said: "There is currently a lack of confidence in the market due to the Brexit debacle and the ever-increasing uncertainty is holding back demand in Swindon, as elsewhere.

"Three new lettings of 26,000 sq ft have been achieved at Hillmead, showing industrial and warehouse demand remains buoyant. However, more shop closures have hit Swindon town centre."