Scottish consumers driving commercial property growth | 28 January 2014
The improved fortunes of consumers in Scotland are slowly but surely providing a boost to the country’s retail property market, scotsman.com reports.
According to the Royal Institution of Chartered Surveyors (RICS), the number of surveyors reporting increases in retail property enquiries has risen by 46 per cent. There was also significant growth in the demand for offices and industrial space towards the end of last year.
In its report on the final quarter of 2013, RICS also predicted that the upturn would continue during the next few months, with more retail deals expected to be completed.
RICS director Sarah Spiers was quoted by stv.tv as saying: “The more upbeat picture is even beginning to filter through to rents and investment, although the improvements are still tentative at this stage.
“Should the economic momentum continue to gather pace we would expect the recovery in the commercial property market to gain further traction, particularly if interest rates remain on hold.”
Despite the optimism, there are still concerns about the gap between supply and demand. Around a third of the surveyors asked as part of the study said there weren’t enough commercial properties available. This shortage was put down to a drop in the number of development projects taking place over the last few years..
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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