20/05/2024
News
Comment on the RICS Q1 2024 UK Commercial Property Monitor
The RICS has recently published its first quarterly UK Commercial Property Monitor for the year whose headline reads, ‘Early signs of recovery evident, although the outlook remains relatively cautious’.
In reviewing the trends, statistics and agents’ sentiments in the latest monitor, Simon Burton, Director, Bury St Edmunds, confirms that they, broadly, reflect that of Eddisons’ regional agency experience in the Easten region and across the UK in the first months of 2024
He said, “The RICS summary of sentiment in each sector reflects that of ours too. Industrial remains steady, office is patchy and very much dependent on location. Our Cambridge office will testify that offices, where supported by laboratory and R&D facilities, remain in demand.
“Our agency offices covering Bury St Edmunds, Stamford and Lincoln all report good interest in prime retail in these ‘hot-spot’ historic centres.
“In Bury St Edmunds, we note a slight upturn in retail investment demand too.
“What strikes a chord in the headline results of the Q1 monitor, in particular, is the view that ‘[the] Majority of respondents feel the market has either reached a floor for this cycle or started to recover’.
“We can only hope to build on that for the rest of the year in looking for domestic and international political uncertainties to move towards a resolution.”
