Comment on the latest RICS UK Commercial Property Monitor Q2 2024

The RICS has recently published its latest quarterly UK Commercial Property Monitor (Q2, 2024).

In responding to the monitor, Matthew Hunt, Associate Director, Huntingdon, concurred with the sentiments expressed in the monitor in relation to his agency experience in the second quarter of the year.

Commenting on the RICS data, he said, “Overall, I think it’s fair to say that all sectors, locally, slowed down in a quarter in which we knew the General Election was still pending at some point in the year. There was a long run-up to polling day once the date was known too.

“The market paused during this time in anticipation of the result. This, paired with the ongoing ripple effects of interest rates and wider geopolitical events, have caused an element of uncertainty.

“In terms of specific sector performance, industrial was - and remains - the front runner so far this year for number of transactions.

“It’s the most resilient of the sectors in our agency experience due to the geography of our location, and also the broad use class that this sector encompasses.

“In commenting on Q2, we echo the point made by Simon Burton on the RICS’ Q1 monitor, when it comes to local sentiment and ‘hot spot’ historic centres in the Eastern region.

“There is an underlying confidence in our region of the country and, more locally, in the areas covered by Eddisons’ Huntingdon & Peterborough agency teams, there is a series of new developments underway or coming soon.

“The commercial market here is very much open for business and receptive to those looking to relocate, grow or develop.

“With the General Election under our belts just as Q3 got underway and the Bank of England now nudging down base rates, there’s a degree of certainty as we face the autumn market and the final quarter of the year.”