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RICS Commercial property survey

July 21, 2009

The RICS Commercial property survey for Quarter 2 09 has just been released.  Their press release says:

“Tenant demand fell in the second quarter of 2009 although the pace of decline eased back. In fact, nationally the net balances for new enquiries and confidence were the least negative since the start of the downturn in the third quarter of 2007 according to RICS’ Commercial Property Survey published today (21 July 2009).

The moderate pace of decline in tenant demand points towards a mild improvement in the lettings market particularly in the office sector where nationally the net balance actually turned positive for the first time since the third quarter of 2007. In the East Midlands, there was a nine percent decrease in the number of Chartered Surveyors reporting a fall rather than a rise in demand for office space – 44 percent more reported a fall rather then a rise this quarter (Q2) compared to 53 per cent last quarter (Q2).

New enquiries to occupy business space in the East Midlands improved slightly, although the net balances for office, industrial and retail space remained negative. 50 per cent more Chartered Surveyors reported a fall rather than a rise in occupier enquiries this quarter in the East Midlands office and industrial sectors and 22 per cent reported a fall rather than a rise in the retail sector.

This was in contrast to the national picture where new enquiries for office and industrial space turned positive for the first time since the downturn got underway. Enquiries for retail space remain depressed with the Central London market the weakest performer.”

The full report can be downladed here:  RICS Commercial Market Survey Q2 2009

For further information please contact:

Lisa Davidson,  RICS East Midlands,  Tel: 01223 470570 Ldavidson@rics.org

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