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Industrial Property Demand in the UK Has Risen
According to a Royal Institution of Chartered Surveyors commercial property survey, the industrial property recorded its strongest increase in demand for five years in contrast to the retail property market which continues to decline despite a recent recovery in sales. Retail property demand has fallen for the sixth consecutive quarter.
The demand for industrial space was particularly noticeable in the North West and Wales while London experienced a more moderate rise. Activity was fairly stagnant in most other regions with the exception of the Midlands and the Eastern region. In the North-east, the industrial and commercial market is more stable than the overall national picture. According to spokesman for RICS North East, Kevan Carrick: "The North-east generally does not have the same supply of industrial property as other parts of the country. “However…..the take-up has also been very good, mirroring the national picture."
Demand for industrial space rose at the fastest pace in over five years, boosting surveyor confidence in the South East to the highest levels in just over six years. Rising output and export demand is prompting manufacturers to take on more space and increase investment.
The serviced office sector has also been buoyant and demand in the market accelerated at the fastest pace in the survey's history with 26 percent more.
RICS attributes the continued demand for office space to the increased rise in activity despite financial market turbulence and was driven by the London market. The annual growth in office rents have increased.
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