The latest RICS Commercial Market Survey for Q2 2010 reports that activity in the commercial property market slipped back in Q2 2010, after a positive first quarter of 2010. Tenant demand declined for the first time in a year and most sharply in the London market, with more surveyors reporting a fall in enquiry numbers over the period. Confidence in future letting activity also fell back for the first time since Q2, 2009, with confidence in retail lettings remaining subdued everywhere, except in London. The quantity of floor space available for occupation increased nationally, particularly in the North and the Midlands, but with a reduced increase in the South.

The RICS Survey also reports a slowdown in investor demand with a fall in Q2, 2010, the first since Q2 2009, with a slackening of interest in retail and industrial investment property, but stabilisation in interest for office investments.

RICS Survey contributor, Andrew Kilpatrick BSc FRICS ACIArb IRRV of Thompsons says, “Whilst the improvement in enquiry levels in Q1, 2010 has fallen back in Q2, possibly partly due to the political uncertainty during the General Election and the aftermath of the hung Parliament, Swindon's commercial market has been boosted by a series of announcements, ranging from Morrisons' commitment to a new supermarket at the old College Site, John Lewis at Home's commitment to a 59,000 sq ft outlet at Mannington Retail Park and B&Q's interest in a 796,000 sq ft distribution centre at G Park, all subject to planning, but providing clear evidence that Swindon is very much still open for business”.

Copies of the RICS Commercial Market Survey may be obtained from the RICS on 020 7222 7000.

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