INDUSTRY NEWS

Surveyors reveal commercial falls

Commercial property demand has fallen at its fastest for six years, the Royal Institution of Chartered Surveyors (Rics) has claimed.

Its research found 30 per cent more chartered surveyors reported a fall in demand rather than a rise for commercial property in the first quarter of this year.

"The underlying softness in the market will not have been helped by the ending off the tax relief granted for empty property," noted chief economist, Simon Rubinsohn.

Activity fell across all sectors and was not helped by the ending of the tax relief granted for empty property, he noted.

"However, while commercial property is likely to remain under some pressure for a while to come, from an investment standpoint yields are now approaching levels where they are beginning to offer some value."

The data from Rics shows there is a vast amount of choice available – it showed space rose in the office sector for the first time in nearly five years and retail and rental space rose at their fastest.

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