Commercial property market up, says RICS
Demand for commercial property in the West Midlands rose strongly during the first three months of 2011. That's according to the latest RICS UK commercial market survey.
Thirteen per cent more surveyors in the West Midlands reported increases rather than falls in demand over the 12-week period.
Demand for industrial space in the region grew at the fastest pace, said RICS.
However, 15 per cent more surveyors reported available space increased rather than decreased during Q1 2011. Office space in the region showed the greatest increases in available commercial space.
Ashley Hudson, head of the Birmingham office at Knight Frank and RICS spokesman, said the survey "encouragingly suggests" that demand to take up space is growing in the West Midlands, particularly for the industrial sector.
He added: "In the investment market, though secondary stock continues to struggle, there is significant demand for prime, core stock with most UK institutions having requirements for well-let product. In addition, UK and overseas private buyers are actively competing for assets providing a strong income stream."
