Occupier Demand in Wales climbs for Seventh Consecutive Quarter

Posted on 2 February, 2015 by Jodee Redmond

Occupier demand for commercial property in Wales has risen across all sectors for the seventh consecutive quarter, according to figures in the latest RICS Commercial Market Survey. The figures show 38 per cent more Welsh surveyors reporting higher levels of interest.

The combined effect of low levels of new development and an ongoing period of rising investment demand has resulted in the highest level of UK-wide capital value expectations for the next quarter since 2008, with 46 per cent more surveyors expecting prices to increase.

In the occupier market, expectations are generally positive throughout Wales. A total of 27 per cent more respondents expect commercial rents will rise.

According to RICS, office and industrial rents have remained a little firmer than ones for the retail sector which has been a little slower to benefit from the turnaround in sentiment.

Richard Baddeley, RICS Wales commercial spokesperson, said recently that while demand across all sectors is “encouraging,” there are shortfalls in required space which will not be able to be met in the “short to medium term.”

Mr. Baddeley went on to say that office occupiers, in particular, are targeting town centres instead of business parks, despite the fact that rents in business parks are less expensive than comparable space in town centres.

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