Demand strong for UK commercial property
A recent survey from RICS has indicated growth and stability in demand for commercial property in offices. And, especially since Covid restrictions have lifted. The commercial and industrial sector are looking to have an upturn as trends and studies suggest. If you are interested in commercial property trends, take a look at the survey and global commercial property monitor.
Demand for UK commercial property remains strong despite the political and other challenges the market appears to be facing in the months ahead.
According to Cushman & Wakefield’s latest Capital Markets Report, London remains the world’s most popular city for global real estate investment, having outstripped the likes of Amsterdam, Paris and Hong Kong as the most popular destination for commercial property for nine of the past ten years.
The report notes that long-term investors in Britain’s commercial property market are “concerned” about Brexit, but confident that the market will remain robust.
It adds that in London in particular, investment has largely been dominated by overseas buyers, who continue to pump money into Britain’s capital. Specifically, Asian investors in South Korea, Hong Kong and Japan remain very keen to snap up City office space.
However, separate research from real estate group JLL indicates that London is far from the only UK city attracting a lot of attention when it comes to commercial property.
JLL’s latest report reveals that Glasgow’s office market welcomed bumper investment in the third quarter (Q3) of 2018, while the Scottish capital, Edinburgh, transacted more than 300,000 square-ft of office space during the same period.
Elsewhere, data from Savills has revealed that all across the country, demand remains strong for commercial property among domestic investors, who pumped some £18.8 billion into the market in the 12 months to September.
Source article: Written by Nick Davies - Partner at Mackrell Turner Garrett
Nick is the Head of Property in our London office, having joined in the firm in 2005. His expertise covers a wide range of real estate transactions, with cases including both residential and commercial property deals, shops, pubs, restaurants, development sites, offices, lease renewals, enfranchisement, litigation and corporate support.
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Posted on: 4 December 2018