Practolo Blog

Saturday, February 6th, 2010

Demand for Business Property Rising in Wales

The requirement for business property in Wales has increased, suggests a new research conducted by the Royal Institution for Chartered Surveyors (RICS).

According to the survey, the fourth quarter of 2009 saw a rise in the demand for industrial property and office space, while the demand for retail space maintained a downward slide. Out of the all three, the need for office space improved the most in the fourth quarter.

Almost 25per cent of the chartered surveyors who carried out the study found that the requirement for desk space had risen in the final quarter, although 29 per cent discovered that the third quarter of 2009 had been quite opposite - the demand for office space had fallen. The availability of office space shrank in the last quarter of 2009, unlike quarter three when office space was amply available.

The desk space rental market may now heave a sigh of relief as surveyors forecast the drastic fall in rates to get over soon. The rents may still fall but this dip will not in anyway be as severe as what took place earlier.

The study also found that there had been an increase in the number of new office developments since work on very few projects stopped.

Even as the study shows bright prospects for the office space market in Wales, the retail space still seems to be suffering with the jolt of the recession - the overall demand for space is still far from satisfactory. This is all the more borne out by the study, which saw 25 per cent surveyors reporting that there was a huge drop in occupier inquiries in the fourth quarter of 2009 compared to the third quarter where the figures were significantly better.

This entry was posted on Saturday, February 6th, 2010 at 11:35 am and is filed under Ads, Real Estate Hall, Your Business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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