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Commercial Property News
Rics: Commercial property demand fell in Q2
A drop in commercial property demand was noted during the previous quarter, according to the Royal Institution of Chartered Surveyors (Rics).
In its Commercial Market Survey for the second quarter (Q2) of 2010, the organisation found there had been less need for business properties - particularly in London - than during the first three months of the year.
And this is the first time there has been a negative reading in activity since Q1 of 2009, with 7% more members reporting a fall than a rise in tenant demand over the past three months.
London was particularly affected, with 38% more surveyors reporting a fall rather than a rise in demand for offices.
Oliver Gilmartin, Rics' senior economist, said: "Surveyors have indicated that uncertainty as to the detail of Budget cuts are weighing on firms' investment decisions with respect to their property requirements."
Chancellor of the Exchequer George Osborne recently outlined the coalition government's emergency Budget, which will attempt to reduce the country's large deficit.
Posted by Sarah Smith
In its Commercial Market Survey for the second quarter (Q2) of 2010, the organisation found there had been less need for business properties - particularly in London - than during the first three months of the year.
And this is the first time there has been a negative reading in activity since Q1 of 2009, with 7% more members reporting a fall than a rise in tenant demand over the past three months.
London was particularly affected, with 38% more surveyors reporting a fall rather than a rise in demand for offices.
Oliver Gilmartin, Rics' senior economist, said: "Surveyors have indicated that uncertainty as to the detail of Budget cuts are weighing on firms' investment decisions with respect to their property requirements."
Chancellor of the Exchequer George Osborne recently outlined the coalition government's emergency Budget, which will attempt to reduce the country's large deficit.
Posted by Sarah Smith
Thu, 22nd Jul 2010