Commercial property market divided, says Rics

Posted 27/07/2011

Many enterprises may wish to seek professional advice regarding commercial property and leases given the current state of the market.

New figures from the Royal Institution of Chartered Surveyors (Rics) show there is a widening demand gap between premises in London and the rest of the UK.

In the north of the country, it is believed fewer enterprises are looking for office space due to the economic downturn, which increased availability during the three months to June.

However, this contrasts sharply with London where availability remained stable with a net balance of +2 per cent.

Furthermore, Rics revealed many surveyors are “pessimistic” about rent expectations, despite an upturn in demand for commercial space.

Chief economist at the organisation Simon Rubinsohn said that in many parts of Britain, “the icy winds of recession are continuing to bite”.

He also noted recently that although there are new high-profile commercial developments taking place in London, they may not satisfy overall demand for space.

Ashtons Legal can offer advice to any enterprises on the subject of commercial property.