In a major relief to property investors in the UK, the Royal Institution of Chartered Accountants (RICS) has found out through its Commercial Property Market Survey (July-September 2016) that the commercial property sector is showing signs of recovery post the exit from the EU.
The occupier demand increased during the third quarter of the year with 12 per cent of the respondents of the survey indicating a rise in demand at a sector level in the UK. Interestingly, 27 per cent more respondents reported an increase in demand for industrial properties, which led the recovery path.
The number of investment enquiries also increased in the third quarter with 9 per cent of the respondents reporting a rise in investment demand. The demand is fueled by inquiries from both domestic and international investors.
The growth in overseas investment enquiries in Central London outpaced all other areas during the third quarter, indicating an enhanced interest level among international investors to acquire properties in Europe’s financial capital.
According to the survey, the market sentiment has turned positive, as capital value expectations recovered. For the next one year, prime industrial and office markets are expected to witness strong gains.
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This change is mostly driven by the industrial sector, with 27% more respondents reporting a rise in demand for industrial property across the UK.