Investment Demand Continues to Recover

Economics

Q4 2016: UK Commercial Property Market Survey Investment demand continues to recover

• Investment enquiries rise across all sectors • Occupier demand flat for offices and retail, but the industrial sector continues to outperform • Expectations for rental and capital value growth slip back into negative territory in central London

The Q4 2016 RICS UK Commercial Property Market Survey Contributors were also asked whether or not they expect to results show investment demand continuing to pick-up see businesses moving from the UK over the next two years. following the volatility reported around the time of the EU At the national level, 39% thought it was likely that relocation referendum. Trends on the occupier side of the market are would occur (up slightly from 33% back in Q3) while the somewhat flatter, with only the industrial sector seeing a rise majority continued to think otherwise. However, over 50% of in tenant demand during Q4. Meanwhile, sentiment remains respondents in Central London, Northern Ireland and Scotland more subdued across London, with respondents (at an do believe firms will choose to move at least some part of their aggregate level) expecting rents and capital values to weaken business activity away from Britain as a result of Brexit. a little further in the near term. Focussing on the investment market, demand continued to Starting with the occupier market, demand from tenants recover for a second straight quarter with growth in enquiries increased modestly at the all-sector level for the second gaining momentum during Q4. Furthermore, all sectors were consecutive quarter. However, according to the feedback, reported to have seen a pick-up in demand, albeit the rise this was once again driven entirely by the industrial segment was only modest in the retail sector. Crucially, despite some while demand was flat in both the office and retail areas of of the concern surrounding potential relocation, demand from the market. With demand failing to rise in these two sectors, overseas buyers was up notably across all areas of the market, landlords were prompted to increase the value of incentive although the weaker exchange rate was likely an important packages on offer to prospective tenants. In the office sector, factor. At the same time, the supply of property for investment inducements have now risen in each of the last two quarters at purposes fell in both the office and industrial sectors, but was the headline level (the first time this has happened since 2013). broadly unchanged in the retail segment. Meanwhile, lack of supply continues to be a key feature of the Near term capital value expectations remain mildly positive industrial sector, with a net balance of 32% of respondents at the all-sector level, with 14% more respondents projecting reporting a further decline in leasable space during Q4. values to rise (rather than fall) over the coming quarter. Consequently, industrial supply, in net balance terms, has Over the next twelve months, respondents anticipate capital now fallen in eighteen successive quarters. Alongside this, values will increase across the majority of sub-sectors, led availability was unchanged in the office and retail sectors by growth in the prime industrial market. At the other end of at the national level. Near term rent expectations are now the spectrum, secondary retail assets are expected to see no pointing to strong growth in the industrial sector but very change in values over the coming twelve months. marginal gains across office space. Conversely, respondents are now envisaging modest declines in retail sector rents. Investment trends in London remain mixed. Industrial assets attracted a solid rise in investor interest during Q4 The regional breakdown shows London as the only area where while overall enquiries were flat in the office sector and occupier demand fell during Q4, thereby extending a run of declined modestly in the retail segment. That said, foreign negative readings in the capital into a third consecutive report. investment demand did in fact grow strongly across each What’s more, the drop in demand is expected to translate sector of the capital, with the sharp decline in sterling since into slightly lower rents in the office and retail sectors over June particularly prominent in enticing overseas demand. the coming twelve months. Even so, outright declines are Nevertheless, having stabilised during Q3, all-sector capital anticipated to be largely concentrated in secondary markets, value expectations slipped back into negative territory in with the outlook for prime locations more or less flat. London. Within this, secondary office and retail markets are projected to see the most significant declines while prime Members were again asked if they had seen any evidence counterparts are anticipated to prove more resilient. of firms looking to relocate away from the UK in response Britain’s decision to leave the EU. Nationally, only 18% of Across London as a whole, 62% of respondents are of the respondents reported seeing evidence of this (up slightly from opinion that the market is in the early to middle stages of a 14% in Q3). Therefore, a strong majority (82%) were unaware downturn (up from 44% in Q3). Although opinions remain of any businesses looking to shift part of their operations away varied, the feedback across the rest of the UK is much more from the UK. When disaggregated, Central London (32%), upbeat as a whole. When London is excluded, the majority of Northern Ireland (31%) and Scotland (29%) had the largest respondents (62%) feel the market is in the upturn phase of the proportion of contributors claiming to have seen firms looking cycle. Meanwhile, only 20% feel conditions in their local market to relocate. are consistent with a downturn.

To receive a free copy of this report on the day of release e: [email protected] rics.org/economics Q4 2016: UK Commercial Property Market Survey rics.org/economics

Commercial property - all sectors

Occupier Demand Availability Net balance % Net balance % 60 80

40 60

20 40

0 20

-20 0

-40 -20

-60 -40

-80 -60 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Rent Expectations Inducements Net balance % Net balance % 60 100

40 80

20 60

0 40

-20 20

-40 0

-60 -20

-80 -40 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Investment Enquiries Capital Value Expectations

Net balance % Net balance % 60 60

40 40

20 20

0 0

-20 -20

-40 -40

-60 -60

-80 -80

-100 -100 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016

2 © RICS Economics 2017 Q4 2016 Q4 2016: UK Commercial Property Market Survey rics.org/economics

Commercial property - Sector Breakdown

Occupier Demand Availability

80 Net balance % 80 Net balance %

60 Office 60 Industrial Office Retail 40 Industrial Retail 40 20

0 20

-20 0

-40 -20 -60

-40 -80

-100 -60 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 1999 2001 2003 2005 2007 2009 2011 2013 2015

Rent Expectations Inducements

80 Net balance % 100 Net balance %

Office 60 80 Industrial Office Retail 40 Industrial 60 Retail 20 40

0 20 -20

0 -40

-20 -60

-80 -40

-100 -60 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Investment Enquiries Capital Value Expectations

80 Net balance % 80 Net balance %

60 60 Office Industrial 40 40 Retail

20 20

0 0 -20 -20 -40

-40 Office -60 Industrial -60 Retail -80

-80 -100

-100 -120 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016

3 © RICS Economics 2017 Q4 2016 Q4 2016: UK Commercial Property Market Survey rics.org/economics

Commercial property - Additional Charts

12 Month Capital Value Expectations 12 Month Rent Expectations

60 Net balance % 60 Net balance %

45 Q3 2016 45 Q4 2016 Q3 2016 Q4 2016 30

30 15

-15

0 -30 Prime Office Secondary Prime Secondary Prime Retail Secondary Average Prime Office Secondary Prime Secondary Prime Retail Secondary Average Office Industrial Industrial Retail Office Industrial Industrial Retail

Market Valuations Property Cycle

80 % of Respondents % of Respondents

70 Peak 6.8%

60 Early Downturn 18.6%

50 Q3 2016 Mid-Upturn 23.4% Q4 2016 40 Mid-Downturn 9.5%

30 Bottom of the Cycle 16.0% 20

10 Early Upturn 31.5% 0 Very Cheap Cheap Fair Value Expensive Very Expensive

Extra Question 1 Extra Question 2

Have you seen any evidence of firms looking to relocate away from the UK in Do you expect to see firms relocating away from the UK over the next 2 years? response to the Brexit vote? 90 70 % %

80 60

70 50 60

50 40

40 30

30 20 20

10 10

0 0 Yes No Yes No

4 © RICS Economics 2017 Q4 2016 Q4 2016: UK Commercial Property Market Survey rics.org/economics

Chartered Surveyor market comments

East Midlands Cameron Park, Barker Storey Mark Bielby, Miller Birch, Andrew Bastin, Bastin Matthews, Peterborough, cp@ Nottingham, mark.bielby@ Commercial, Norwich, andrew@ Ben Coleman BSc FRICS, bsm.uk.com - There is a distinct miller-birch.co.uk - Nobody bastincommercial.co.uk - The Ben Coleman Associates, lack of small industrial stock in can envisage how the Brexit Norwich markets remain fairly Northampton, ben@ the Peterborough area and we negotiations will affect the slow on the occupier side, bencolemandassociates.co.uk therefore anticipate a high level property market. However the though they are not as prone - Cheap funds have stimulated of speculative development market always responds badly to dramatic supply/demand the demand for freeholds. Good starting in this sector. to uncertainty. It creates inertia shifts as some other parts of interest in quality leasehold in the investment and occupier the ecountry. Rental outlook stock. David Moore, Harwoods, markets. We need to see what is therefore fairly stable, but Wellingborough, david@ type of deal we negotiate as occupiers and investors will Brendan Bruder BSc MRICS, harwoodsproperty.co.uk - The we exit the EU. This will also be glad to receive some early Abbey Ross Chartered market remains challenging. determine how foreign investors clarity of any economic plan from Surveyors, Kettering, brendan. However, despite concerns over view placing their funds in the Central Government, post-Brexit, [email protected] - Kettering the effects of Brexit, there is a UK. Once occupiers, especially to inform their medium term continues to struggle, although fair degree of optimism. office occupiers, can start to decision-making. A low interest some pre-let interest is being see stability ahead they will dust rate environment continues, reported in the logistics sector David Smith, Drake Commercial, off their expansion plans. The more immediately, to fuel cash- centered on the Buccleuch Northampton, dsmith@ industrial market will continue based investor demand for a Development at Pytchley drakecommercial.co.uk - to thrive on the back of a lack of diminished supply of appropriate business Park and also and Chronic lack of supply of readily supply. Distribution will continue stock. Cransley Park - both fronting available “market” stock in all to drive the development of large junctions of the A14. Kettering’s employment space. Conditions sheds as well as the smaller last Anthony Dean, HW Dean & town centre vacancy rates from development sector unlikely mile warehouses as Behemoths Son, Cambridge, anthony@ are holding steady with the to address this. Poor planning such as Amazon continue to hwdeanandson.co.uk - Supply is help of pragmatic landlords. system; funding difficulties; and expand. Retail will start to suffer still not keeping up with demand Finance availability and price competition from land hungry as inflation starts to rise and in most sectors. is somewhat hampering some and profitable uses such as big wages don’t keep pace. Retail freehold deals. box distribution. Therefore values sales will fall and secondary Ben Green FRICS, Barker likely to continue to rise to reflect property will start to suffer with Storey Matthews, Cambridge, Brendan Bruder BSc MRICS, the demand/supply situation. increasing vacancies. [email protected] - Supply and Abbey Ross Chartered demand has been steady across Surveyors, Daventry, brendan. Gilbert Harvey MRICS, Budworth Richard Sutton, NG Chartered all sectors of the occupational [email protected] - DIRFT ends Hardcastle, Northampton, Surveyors, Nottingham, market. The investment and the year in positive territory with g.harvey@budworthhardcastle. [email protected] - Locally development market remains a forward funding commitment com - Still relatively strong our market remains strong, particularly buoyant. on the latest speculative phase. demand in terms of quality there is an appetite to transact The town centre will finally see of enquiries but number of in the industrial and office James Taylor, Carter Jonas, some progress with Mulberry enquiries falling. Some caution sectors although availability and Cambridge, james.taylor@ place, although the scheme creeping back in. quality of stock on the whole is carterjonas.co.uk - The lack of is significantly smaller than disappointing. Developers are supply in Cambridge and the originally proposed. Daventry James Marshall, Kier, Lincoln, still reluctant or unable to bring wider Eastern Region and the values across the sectors are [email protected] entry-mid level sized product strength of Research, Science largely static with the notable - The market remains very to the market where there is and Technology sectors is exception of B8 logistics space. mixed. At the top end it would significant demand. 2016 has on helping maintain existing rental suggest things are very good the whole been a good year. levels. We expect to see pockets Brendan Bruder BSc MRICS, in the whereas at the bottom of rental growth in 2017. We are Abbey Ross Chartered things are looking rather bleak Sally Turner, Derby City Council, also still seeing good demand Surveyors, Northampton, which probably reflects the Derby, [email protected]. from hotel, restaurant and leisure [email protected] - uncertainties brought about uk - General uncertainty due to occupiers across the region. In Developers have been selected through Brexit and the Trump the current political situation in Q4 2016, Cambridge prime retail for the key Greyfriars site years to come. respect of Brexit. yields were among the lowest which will incorporate student in the country at 4.25%, while accommodation, care facilities, John A Smith, R Longstaff & Eastern office yields stood at 4.75%. cinema and a food offer. The Co, Spalding, jas@longstaff. Prime retail rents in Cambridge logistics sector in Northampton com - There has been buoyant Alan Matthews BSc FRICS, are at £280 Zone A whilst the remains strong and there is a activity in the commercial Barker Storey Matthews, latest office letting with the CB1 noted shortage of Grade A office market in this area with sales Huntingdon, [email protected] achieved a headline rent £37.50 space. Whilst Northampton is and developments starting on - The demand for offices is still per sq ft. Prime Industrial rents not generally recognised as a ‘Design and Build’ sites. weak which has resulted in are at £10.25. regional office location, there stagnation of values. Demand for is need for commitment from M Bedford, Derbyshire County industrial is good but stock levels Northampton borough Council/ Council, Derbyshire, mark. are low. Investment demand is Kier for the Phase I speculative [email protected] - also strong but the right stock is development at Four Riverside Marked upturn in demand for hard to find. comprising 60,000 sq ft at what industrial premises. would be a record rental for the town.

5 © RICS Economics 2017 Q4 2016 Q4 2016: UK Commercial Property Market Survey rics.org/economics

Chartered Surveyor market comments

Julian Haywood Smith, Simon Beeton, Derick Wade Ian Harding, Bowyer Bryce, Nick Haywood, Sbh Page Read, Whybrow, Colchester and Waters Ltd., Harlow, scb@dww. North London, ian/harding@ London, nick@sbhpageread. Surrounding Area, julian. co.uk - Demand from owner bowyerbryce.co.uk - Shortage of co.uk - Demand within the haywoodsmith@whybrow. occupiers remains strong but supply for offices and industrial secondary office sector has net - Continuing strong demand is price sensitive. PD has had in North London/North M25 is seen a downturn following for small/nursery light industrial a signficant (and unforeseen) fueling increases in rents and the Summer, albeit this is not units, particularly freehold, impact on office supply - time freehold prices on the one hand. necessarily Brexit related. The which are in very short supply. put the breaks on this less On the other hand, there is an industrial market has seen a Larger town centre offices still considered policy. Steady as underlying fear that Brexit 2017 similar dip in enquires, however transacting with PD rights for she goes is where we see the will have a potential dampening rental values remain robust due conversion to residential use. market. This is time for those effect. primarily to the lack of supply. High Street retail supported by who know what they are doing. The loss of industrial land and change of use and occupation by Jonathan Shuttleworth, Brecker buildings within the inner London leisure and restaurant operators. Tom Nichols, Everard Cole, Grossmith, London, jonathan@ area ie within the North and Secondary retail needing Cambridge, tom@everardcole. breckergrossmith.co.uk - We South Circular, to residential increase in incentives. co.uk - Cambridge is still in have just celebrated our 60th development continues to cause growth and demand from anniversary as a business real problems for occupiers Mike Phoenix BSc MRICS, occupiers, tourism, business and and like many were assessing and is perhaps the single most Brown & Lee, Stevenage, mike. education. Demand is having what impact on the commercial direct cause in the rise in rents [email protected] a direct correlation to rising property markets that the Brexit on the remaining stock in these - The market continues to be values in all sectors, including vote would have. However, locations. dominated by a lack of supply in residential. we are continuing to see all sectors. exceptionally strong levels of Nick Pemberton, Allsop, London London occupier demand for both retail West End, nick.pemberton@ Philip Woolner, Cheffins, and office space in Central allsop.co.uk - Despite the Cambridge, philip.woolner@ Andrew Cohen, Amshold Group London. subdued first half to 2016, cheffins.co.uk - Transaction Limited, London, andrew@ investment volumes in London levels fell during the second amsprop.com - Currently Kim White BSc MRICS, Kinney West End are set to exceed half of the year, due to a subdued. Hopefully demand will Green, London, k.white@ £7bn, down on 2015 record combination of lack of stock pick up as the year progresses. kinneygreen.com - A degree of volumes of £9.3bn but still ahead and thinner demand across caution ‘wait and see’ has crept of 10 year average. all sectors. Rental levels are Anthony C Bianchi, Bianchi in. Occupiers anticipate a softer being maintained due to supply Chartered Surveyors, Greater market in 2017. Nick Richardson, Montagu shortage. Investment demand is London, bianchisurveyors@ Evans LLP, London, nick. strong across all sectors. gmail.com - The market in all Mark Cutting, Atacama Europe richardson@montagu-evans. sectors is in perceived turmoil. AM Litd, London, mcutting@ co.uk - There is a polarisation Robert Alston BSc MRICS, Adept property investors are atacamainvest.com - There is emering.For prime, long-income Robert Alston Ltd, Cambridge, taking advantage of market short term volatility and limited and secure investment stock, [email protected] panic. It is a dealers feeding uncertainty but overall the where investor competition is - The Cambridge commercial ground. economy remains stronger than intense, pricing is surprising property market is performing expected and the future offers on the upside. And, with the very strongly. You only need to Christopher Hamp, London, significant opportunities. macro-economic and political count the tower cranes across christopher.hamp@hotmail. uncertainty set to continue, I the city to see this and also the co.uk - I don’t think it is possible Michael Whitson BSc MSc see yields in this sphere of the traffic congestion. for anyone to say with any FRICS FCIArb, Michael Whitson market hardening as investors conviction where we will be in & Co., London City, mike@ continue to search for defensive Sam Kingston, Roche Chartered six or twelve months’ time given michaelwhitson.co.uk - The stock. The secondary end of Surveyors, Norwich, sam. what is happening both politically effect of Brexit is still largely the market is more challenging. kingston@rochesurveyors. or financially. Anyone purporting unknown. 2017 will be a bumpy However, there is such a co.uk - The market has remained to know what will happen after ride. weight of money from private resilient post the Brexit vote. that is simply a charlatan. equity and core plus investors, There has been increased Nicholas Ridley, Art of the Office many of which are trimming activity in the industrial market Christopher Wagstaff, Marcol Limited, London, nicholasridley@ their return requirements to and the investment market International Asset Management hotmail.com - There is a get money invested and this is remains strong, which is Ltd, London, chris.wagstaff@ movement towards alternative currently providing a floor to the fundamentally down to the low marcol.com - I think there will be use classes - student housing secondary market, sometimes at interest rates. The office market a worsening of market conditions and PRS for example. This trend pricing that appears above where remains challenging, but stock over the next 12 months as the will accelerate and broaden. the fundamentals truly justify. levels are now at an all-time low, true impact of the Brexit vote in due to Permitted Development. terms of uncertainty comes to the fore.

David Brooks Wilson, Noble Wilson Ltd, London, dbw@ noblewilson.co.uk - On verge of recovery.

6 © RICS Economics 2017 Q4 2016 Q4 2016: UK Commercial Property Market Survey rics.org/economics

Chartered Surveyor market comments

Per Andersson, Martin Slowe Sharon Cawthorne, Blue Lemon North East Kevan Carrick, JK Property Property Services Ltd, London, Property Limited, London, Consultants LLP, Newcastle pandersson@martinslowe. [email protected] Alex Wannop, PD Ports, upon Tyne, kevan@ com - Some regional areas are - I do think the rating revaluation Middlesbrough, alex.wannop@ jkpropertyconsultants.com - showing signs of growth, but will be a huge factor affecting pdports.co.uk - We have seen More demand from occupiers is the growth is not evenly spread. the market which has not been the port locations going from needed to help fuel the markets There is still demand for local mentioned in this survey. Brexit strength to strength in terms Funding from foreign sources is retailers taking space in local seems to be mentioned and not of inward investment which more readily available but there shopping areas, away from rating. is driving rental growth and is little appetite for speculative supermarkets, and seeking to creating jobs in the region. The development. The rejection of maintain community focussed Simon Barratt, JD Wetherspoon new MGT Power Station at Tees devolution and the fragmented shopping facilities. plc, sbarratt@jdwetherspoon. Port is a prime example of this. approach to marketing the co.uk - There is a greater Longer term leases remain the region, linked with an economic Peter Balfour, LF Real Estate demand and keener yields trend amongst our tenants who report that the North East region Partners International, London, for long term strong covenant bring significant investment will be the lowest growth over the [email protected] - There investments (such as our leases) to the site. This unfortunately next two years is worrying. is a high degree of uncertainty since Brexit. is not largely reflected in the regarding what will happen in surrounding areas which are Neil Thomas, Thomas : 2017 and beyond. Brexit and Will Staniland, Rumsey and showing some signs of life i.e. Stevenson, Middlesbrough, various elections in Europe will Partners, London, will@ small increases but are largely [email protected] cause volatility which will not rumseyandpartners.co.uk unchanged. The Port sites are - Thin market demand across help decision making. Many - Private investors showing certainly the prime areas in all sectors. Increasing supply overseas investors see the increased interest in sub £1m the region. If we look further of offices as a consequence current market as an opportunity lots as they appear to be moving north there is a lack of supply of regional relocations and to invest. It will be interesting from residential to commercial. of high quality commercial and consolidation in professional to see what impact the lagged Strong industrial demand across office properties in the areas of services. reaction of the occupational all product types. Overseas County Durham and Newcastle. market to Brexit will have on investors expressing caution Supply seems to have fallen Nick Atkinson, HTA Real Estate, overseas investor’s sentiment. about political and economic behind demand. I think its Newcastle upon Tyne, nick@ uncertainty and concern about certainly evident that investment htare.co.uk - Industrial shortage Philip Walker, Philip Walker overpricing, notwithstanding in infrastructure linking the of supply grade A and grade B. Consulting Limited, London, benefits of exchange rate North East to the rest of the UK Office shortage of grade A but [email protected] - Although changes. Strong focus on long is pivotal to the success and oversupply of grade B out of the London market is showing leases ( 10 years plus ) and rejuvenation of the area with HS2 town. some resilience post referendum, quality covenants from funds and stopping short of the area. I believe this will be short-lived propcos. Trader/ active propcos Paul Green, WYG, Newcastle and that by June 2017, signs holding off. Still general caution Colin Vance, Sunderland upon Tyne, paul.green@ of distress in the occupational and uncertainty related to article City Council, Sunderland, wyg.com - As a Property markets will be visible. Over the 50 impacts primarily outside of [email protected] Manager responsible for a next three years, I am confident London. - Am expecting a slow recovery national portfolio of office that the market will more than in the market depending on the accommodation I have seen make up losses but there will overall effects of Brexit. an increase in availability be significant volatility over this of property and significant period. David Downing, Sanderson investment from landlords to Weatherall LLP, Newcastle upon achieve greater value in their Richard Grillo, Grillo Europe Tyne, [email protected] - assets. Incentives continue to Limited, London, dg@ Lack of supply in the prime office be offered but some landlords grilloeurope.com - Market is at and industrial sectors in the NE are seeking phased incentives to the top and Brexit negotiations are causing upward pressure provide an early income stream. will knock occupier and investor on values. Loss of office confidence as the negotiations development sites to student North West progress and uncertainties housing has caused a significant increase. Potential recovery as pipeline problem. Antony Hill, Antony Hill Group, and when the future is clearer. Southport, antony@ahgroup. David Jackson, Jackson & net - Low supply of investment Rupert Parker, GVA, London, Partners, Darlington, david@ properties although buyers are [email protected] - Signs jackson-partners.co.uk - there. Retail poor in town centre. of an early downturn due to Generally the market remains Suburbs are much more active. an unsettled 2016 with further positive with reasonable levels of uncertainty ahead. enquiries but the supply of new Brent Forbes, Petty Chartered premises is a concern. Surveyors, Manchester, [email protected] - A shortage generally of industrial/ warehouse accommodation. Slightly improved office demand for good quality offices, secondary still slow. Secondary retail still difficult.

7 © RICS Economics 2017 Q4 2016 Q4 2016: UK Commercial Property Market Survey rics.org/economics

Chartered Surveyor market comments

Chris Breakey BSc MRICS, Mike Redshaw MA Cantab Martin McDowell, Osborne King, Gavin Anderson, Montagu Breakey and Nuttall, Oldham - FRICS, Nolan Redshaw, Belfast, martin.mcdowell@ Evans LLP, Glasgow, gavin. The commercial property market Rochdale mike@nolanredshaw. osborneking.com - NI has been anderson@montagu-evans. in the Oldham area has remained co.uk - The market appears to be the slowest recovering region co.uk - Market conditions are fairly buoyant and active with healthy with a steady take up at of the UK following the global challenging at the moment. The good levels of demand and sensible level. recession. 2016 started positively current economic outlook isn’t enquiries continuing. However, but the Brexit vote stalled activity looking great and consumer this is still very price sensitive. Paul Nolan BSc FRICS, in its tracks. However, we may spending on the high street is Nolan Redshaw, Bury, paul@ yet benefit from spin off/back feeling the effect of growing fears Charles Fifield, Fifield Glyn, nolanredshaw.co.uk - This year office functions associated with about the economy. Hopefully, Cheshire, charles.fifield@ has ended with a noticeable the influx of investment into the anticipated reduction in the fifieldglyn.com - Demand increase in enquiries. The local Dublin. Uncertain times though. Rateable Value of retail premises continues at a steady pace, market is eagerly anticipating from April 2017 will act a catalyst in some areas & sectors the the forthcoming Chamberhall Nick Rose, RHM Commercial to help retailers’ profit margins supply of commercial property is Scheme once contracts are LLP, Belfast, nick@ across their shop portfolios and starting to dry up. We are seeing exchanged. rhmcommercial.com - The increase their confidence to the general size of requirements Belfast office market is going expand and take more stores increasing. Simon Adams FRICS, Peill & through a period of rental growth next year. Co, Kendal, [email protected] at present due to the lack of James Leech, Fisher - Continued strong demand in supply of Grade A space and Ian Donald, Allied Surveyors Wrathall, Lancaster, james@ South Lakeland from industrial/ this situation is likely to continue Scotland plc, Glasgow, ian. fisherwrathall.co.uk - Increasing trade counter occupiers with little in the short to medium term donald@alliedsurveyorsscotland. level of owner-occupier demand new development available due with very little new space under com - The market displays little for all property types as more to lack of employment land. construction. confidence that the governments businesses aspire to own of Scotland and the UK have got property, with little supply. Simon Isherwood, Sidev Ltd, William Reilly, Pollock to grips with factors adversely Manchester, [email protected] Commercial LLP., Omagh, bill. affecting confidence of business, Malcolm Brymer BSc MRICS, - Steady as you go with healthy [email protected] - The investors and consumers. Corporate Property Partners, demand particularly in the B1/ market is still suffering from the Consumer debt continues to Warrington, malcolm.brymer@ B2/B8 markets. Lack of supply of 2007 downturn, negative equity disguise the real pressures corprop.co.uk - Awkward times. new build will push rents. and distressed sales. Banks are on productivity and there are Demand high, bank base rates reluctant to lend having been therefore no signs of anything lows, stock market high, imports Northern Ireland badly affected by the downturn. other than bumping along the expensive, tax rises starting A very difficult market. bottom for the foreseeable future. in 2017, and the population Brian Turtle, O K T, Belfast, experiencing financial pressures. [email protected] - The Scotland Mark Jones, Cushman & In my opinion, these factors market for commercial property Wakefield, Edinburgh, mark. do not sit well together. I hope continued to bump along with Alasdair Humphery, JLL, [email protected] - 2016 that any ‘adjustments’ are well some signs of recovery. The Edinburgh, alasdair.humphery@ proved to be another robust year planned, with seemingly gentle limited availability of funding eu.jll.com - Post Brexit demand for take up and there are several market movements and not from the main banks is still an has stayed firm but cracks large lettings under offer that headline catching negatives. issue as are the concerns about appearing and little development will boost H1 2017 take up. In Brexit. The star performer is the confirmed. The spectre of Scotland, Brexit didn’t impact on Martin Andrew Walton BSc industrial sector which has had Brexit also brings uncertainty occupational activity as much as FRICS, Waltons, Tameside, a big boost based on currency over a second independence initially expected but the question [email protected] - Very movements resulting in a scarcity referendum in Scotland. for 2017 is how occupational patchy growth in rental and of warehouse and manufacturing sentiment will affect the market capital values. Very difficult space in most areas of the Eric Shearer, Knight Frank, once Article 50 is triggered. to predict due to conflicting Province. Current interest Aberdeen, eric.shearer@ influences on the market. rates have resulted in good knightfrank.com - Worst market South East demand for modest investment I have seen in Aberdeen for 30 Mike Redshaw MA Cantab opportunities from high net worth years. Alison Owen, Martine Waghorn, FRICS, Nolan Redshaw, Bolton individuals. However, there is Maidstone, ako@martinewghorn. [email protected] - very limited supply. Ewan Mackay, Ewan Mackay co.uk - Interest remains strong, Market seems to have remained Property Consultants, Glasgow, but supply is restricting activity. relatively stable. Henry Taggart, OKT, Coleraine, [email protected] - Tenants are realising rents have Northern Ireland, henry. Prime is getting primer and risen, but there continues to be Mike Redshaw MA Cantab [email protected] - Demand secondary retail is difficult. a squeeze on overheads. Banks FRICS, Nolan Redshaw, Wigan locally for commercial property in have again tightened loan to [email protected] - terms of sales and lettings whilst value ratios. Take up levels have remained improving can still be somewhat strong and market is reasonably sporadic. However with the Andrew Archbald BSc MRICS, buoyant. gradually increasing level of Keygrove Chartered Surveyors, transactions, comparable trends Southampton, ada@keygrove. are at last able to be determined com - Strong demand for for useful input into valuations freehold property plus a general and when advising clients on lack of available property. marketing strategies.

8 © RICS Economics 2017 Q4 2016 Q4 2016: UK Commercial Property Market Survey rics.org/economics

Chartered Surveyor market comments

Charles Stevens BSc MRICS, David Robinson, Karrison Martin Trundle, Hnery Adams, Russell Mogridge, Hughes Ellard Maple Burton LLP, Slough, Property, Sevenoaks, david. Chichester, martin.trundle@ Ltd, Southampton, rmogridge@ charles.stevens@mapleburton. [email protected] - henryadams.co.uk - 2017 should hughesellard.com - Loads of com - Sense of maintaining ‘up’ Activity levels remain subdued, be another good year if the potential in Southampton, with a cycle. Notwithstanding concerns but rents continue to rise due to momentum of 2016 continues. proactive City Council. A dearth over Brexit/Trump/Middle East. a lack of supply. The effects of The uncertainty around Brexit of office supply is seeing rent How long can it last? PD office to residential combined will start to bite during 2017 and increases; a number of office with lack of any development/ it may become clearer where the refurbishments will be quoting Chris Ridge, London Clancy, refurbishment now being felt UK is heading. I expect a good over £20 psf this year. Most Southampton, chrisridge@ with record rental levels being year. industrial estates are full , which londonclancy.co.uk - Continued achieved on quality office stock. has triggered 3 speculative problem of shortage of stock for Potential issues for tenants with Mr Ian B Sloan, Bankier Sloan, industrial schemes to start. industrial and offices causing lease events over the next 12-24 Banbury, reception@centre-p. rents to rise. Also shortage of months where rents were set 3 or co.uk - The industrial market Tom Holloway, Holloway Iliffe & investment opportunities to 4 years ago. in North Oxfordshire was fairly Mitchell, Portsmouth, tom@hi-m. purchase. Weight of private strong in 2016 and I have no co.uk - Still a major shortage of capital seeking commercial Graham Jacobs, Trafalgar reason to believe this will change office and industrial stock on the investment opportunities. Property Consultancy, as the New Year begins. There south coast. This is fueling price/ Occupier demand remains Portsmouth, graham@ remains a lack of land for local rent rises and making off market steady for now. trafalgarpropertyconsultancy. companies to expand to, and deals more prevalent. co.uk - We have seen older stock as a result, demand for older Colin Brades, Cluttons LLP, taken out of the office market industrial units is continuing to South West Brighton, brighton@cluttons. under the PD planning rules, increase, along with rentals. com - The secondary retail this will ultimately place upward Traditional town centre retail Alistair Edgcumbe, Larkman sector in Q4 has been very pressure on the rents and values locations will continue to struggle edgcumbe, Taunton, ae@ buoyant with multiple bidders due to lack of stock and should as the out-of-town stores larkmanedgcumbe.co.uk - Once and rental growth clearly evident. see commercial developers start become even more dominant. Christmas is done with, we Competition has ‘capped’ tenant to speculatively develop. foresee a general upturn in the requests for rent free periods Paul Baker, Austin Baker, market. Locally, rentals are and break clause options. Iain Steele, Park Steele, Teddington, paul.baker@ still subdued but the level of Farnham, [email protected] - austinbaker.co.uk - Market is enquiries is up and with supply Colin Brades, Cluttons LLP, There remains a lack of supply in pretty stagnant at the moment. remaining static, it is a matter of Hove, colin.brades@cluttons. all sectors. Demand for freehold time before values start slowly com - Q4 has seen relatively little offices continues to be strong Richard Burkmar, Burkmars, rising. activity in all major commercial although we are starting to see Southampton, richard.burkmar@ sectors. occupiers outbid PD purchasers burkmars.co.uk - Promising. Andrew Hosking BSc MRICS, for certain types. Stratton Creber Commercial, David Martin BSc FRICS, Richard Waple, Lovelace Exeter, andrew@sccexeter. Stiles Harold Williams, Hove, James Waghorn FRICS FCIArb, Homes Limited, Guildford, co.uk - Shortage of commercial [email protected] - Limited Martine Waghorn Chartered [email protected] - land, particularly for industrial availability of stock in all sectors Surveyors, Maidstone, jaw@ There is still much hesitance development, is severely has pushed rents upwards which martinewaghorn.co.uk - It is and uncertainty in the market hampering the market. may encourage new office very much business as usual stemming from the aftermath and industrial development, since the EU Referendum. Once of the banking crisis and Andrew Hosking BSc MRICS, depending on what route is taken again the industrial sector leads Brexit. However, the impact Stratton Creber Commercial, by the government on Brexit. the way with record high capital of the revisions to SDLT, on Barnstaple, andrew@sccexeter. values and rising rents fuelled the residential sector and co.uk - Reasonable demand by strong demand and lack of particularly the 3% surcharge across the board provided the supply. should not be underestimated. property is correctly priced. Funding remains challenging and Jeremy Braybrooke, Osmond expensive. Procedable demand Andrew Hosking BSc MRICS, Brookes, Southampton, jeremy. is thin and those buyers available Stratton Creber Commercial, braybrooke@osmondbrookes. are discerning and require good Torbay, [email protected] co.uk - I believe that Brexit value for money. - Despite ongoing uncertainty actually delayed a potential over ‘Brexit’ the market continues downturn in the commercial Russell Mogridge, Hughes Ellard largely as it was before June market for the second half of Ltd, Portsmouth, rmogridge@ 2016. 2016, but also think that there hughesellard.com - Northwood are signs of uncertainty and Investors, Lakeside , North delay creeping into the market Harbour has seen continued now, as anticipated. A gentle success with 100,000 sq ft let downturn, totally unconnected across their 3 office buildings. to Brexit, will take place during Portsmouth City Centre is losing 2017 before turning up again, office buildings to PDR & student leaving us where we are now in 2 development. - 3 years’ time. Life goes on.

Chartered Surveyor market comments

Andrew Kilpatrick, Kilpatrick Samantha Hill, Humberts, Wales Jason Thorne, Lambert Smith & Co, Swindon, a.kilpatrick@ Salisbury, samantha.hill@ Hampton, Swansea, jthorne@ kilpatrick-cpc.co.uk - Swindon’s humberts.com - There are Adrian Denning, Swansea lsh.co.uk - The final quarter commercial property market investors and developers with Council, Swansea, adrian. of 2016 has been extremely has ended the year with a good money to spend in our area but [email protected] - active. Almost making up for post Brexit bounceback, with there is a lack of property stock Significant public sector financial the inactivity in the 3rd quarter. recovering occupier demand in generally for sale or to rent in intervention is required to kick Companies are getting on with all 3 main sectors and a growing all three sectors. We have been start redevelopment. business as normal. Activity is shortage of high quality property busy in the past few quarters extremely high in the acquisition becoming increasingly apparent. with redevelopment sales of Chris Sutton, JLL, Cardiff, market. The lowering of interest The new food hub, currently former office or D1 buildings, [email protected] - The rates have refocused savers on under construction at the Brunel however at present there is very decision to locate a 280,000 making their money work better Centre Swindon has 5 restaurant little available. sq ft public sector office hub in through other sectors. This has operators signed up already for the Central Cardiff Enterprise resulted in increase in activity in its proposed new 16,000 sq ft Simon Greensdale BSc MRICS, Zone will be a welcome boost the smaller end of the investment food Court. Already open is the Stratton Creber Commercial, to the Welsh property market. market. Banks also continue 14,000 sq ft Buzz Gym, providing Exeter, [email protected] - This is particularly the case to lend to good quality owner 24/7 gym & fitness facilities in Over the past six months, supply following the EU referendum. occupiers. 2017 will see further the town centre. levels have significantly dropped. The Brexit vote had caused gaps appearing in the market. some uncertainty with respect to The shortage of supply of David Palmer, Workman LLP, Simon J Pontifex FRICS, S investment decisions, although freehold commercial property will Bristol, david.palmer@workman. P A (Chartered Surveyors), the resultant fall in sterling has push up capital values for quality co.uk - Certainly the secondary Cheltenham, simonpontifex@ led to increased investment buildings. Competition for quality offices I am involved with in spacharteredsurveyors.com enquiries from overseas commercial investments will also Bristol city centre have less voids - Stock availability is in short investors. The industrial market see values for well let premises than they did 18 months ago. supply but demand is tempered. has gone enjoyed a strong year. increase. I don’t think the banks Brexit uncertainty and negative Aldi’s 454,000 sq ft distribution are ready to lend for speculative Dean Speer, Myddelton & sentiment in some quarters is unit in Wentloog, Cardiff, was development outside Cardiff, Major, Salisbury, deanspeer@ not helping. Money is cheap and completed, illustrating how but we will see an increase myddeltonmajor.co.uk - A solid may never be as cheap again. bespoke logistics demand drives in design and build projects. year with improving demand new development. Redevelopment of older property generally. Good demand from Tim Wright, RMW Knight, Yeovil, will also be the focus. investors and compressing [email protected] - Market Gareth Williams FRICS, BA yields. conditions remain stable. The Commercial Gareth Williams, Martin Phillips, DLP Surveyors, industrial sector continues to North Wales, gareth.williams@ South Wales, martin@ Michael Oldrieve, Vickery be the most buoyant with good bacommercial.com - 2016 dlpsurveyors.co.uk - We operate Holman, Exeter, moldrieve@ levels of enquiries. Retail and enjoyed a slowly recovering in an area where the trickle-down vickeryholman.com - Steady as office sectors are slower but market and despite ‘Brexit’ economy does not reach. We she goes with an expectation there are signs of improvement. this was more apparent in the have a local market that is little that January will be busy. The 2017 rating revaluation second half with the number influenced by national economic should help those towns worst hit of completed transactions now factors. Michael T Ripley FRICS, during the downturn. encouraging and, of course, the Stephen & Co, Weston-Super- investment market ‘on fire’. This Michael Bruce MRICS, DLP Mare, michael.stephenand.co.uk is led by secondaries, retail may Surveyors, Cardiff, michael@ - Weston College redevelopment be turning a corner. dlpsurveyors.co.uk - The of Winter Gardens into a law past 3 months have seen centre. Development of Dolphin a definite increase in the Square for leisure purposes number of completed industrial will enhance central areas of transactions, and in parts of Weston-Super-Mare, hopefully South Wales we will shortly leading to positive activity be experiencing a shortage of throughout the area. available good quality (industrial) stock. However rents are Paul Hobbs, GVA, Bristol, paul. still not at a level to justify or [email protected] - Build costs encourage speculative industrial and escalating land prices will development away from the hold back the new development immediate Cardiff area. market and make second hand space look good value. That will Peter Graham BSc FRICS, be the driver of values. Gerald Eve, Cardiff, pgraham@ geraldeve.com - Keen investment demand.

Chartered Surveyor market comments

Richard Harris, Brinsons, Robert Blyth, Rob Blyth Carl Wright, Jack Lunn Cardiff, richard.harris@brinsons. Consulting, Birmingham, (Properties) Ltd, Leeds, carl. co.uk - Flat market with subdued [email protected] - [email protected] - The demand and supply. Economic Considerable uncertainty as effect of Brexit remains unclear uncertainty means that a result of Brexit. Anticipation due to the ongoing issue noticeable upturn in 2017 looks that once article 50 has been regarding article 50 and quite unlikely. triggered then businesses will be how the exit will work in practice. more prepared to make property Richard Ryan BSc FRICS, decisions. Graeme Haigh MRICS, Fletcher Morgan, Cardiff, Bramleys, Huddersfield, richard.ryan@fletchermorgan. Simon Beedles, Barbers, graeme.haigh@bramleys1. co.uk - Notable caution due Shrewsbury Telford, s.beedles@ co.uk - More stock please. to Brexit uncertainty among barbers-online.co.uk - There The market is currently being developers, occupiers and has been no discernible change frustrated by a lack of available investors. However, property in the market this quarter. stock, particularly on a freehold continues to produce good There is a sense that investor basis. With market preference returns due to low interest rates. buyers are looking but finding shown by occupiers to buy Increased purchasing activity nothing to give a reasonable rather than rent and limited by equity funds is producing return. Small business owner stock, inflationary pressures are some compression in yields, occupiers are prepared to pay building. hence increased capital values. slightly increased figures to Meanwhile rents and occupier secure deals. Tenants still want Richard Corby BSc MRICS, demand remains even. to squeeze the deal and in most Lambert Smith Hampton, Leeds, cases landlords will agree to fill [email protected] - We need to West Midlands their vacant properties. Deals are maintain confidence throughout still taking an age to complete the Brexit period otherwise Anthony Rowland FRICS, but getting there eventually. confidence will fall and the Timothy Lea & Griffiths, Overall there is more activity development pipeline will dry Evesham, tony.rowland@tlgea. but hard work is needed to bring up - at a time when all the other com - Property deals are slightly deals to completion. fundamentals are positive. on the up but Brexit is not helping. Yorkshire & Humberside

David Butterfield, Andid Ltd, Andrew McBeath, McBeath Stoke-On-Trent, david@andid. Property Consultancy, York, co.uk - Lot of uncertainty but andrew@mcbeathproperty. deals are being done, less co.uk - Locally we are frustrated speculation and more user focus. by lack of development and poor master-planning by local Jonathan Moore MRICS, government. Shortland Penn + Moore, Coventry, jonmoore@ Barry Crux, Barry Crux and spmcommercial.com - Company, York, barry@ Development appetite is strong barrycrux.co.uk - The last and there is hope in 2017 for quarter has seen very little some movement in this sector, improvement in market activity. but still against a backdrop of an Activity remains subdued. There overly tight supply of commercial has been a flurry of completed development land. transaction in December being deals that were agreed months Leon Shutkever, Leon Shutkever ago but some urgency brought & Co Ltd, Birmingham, to the process by the looming [email protected] year end. Arranging finance - Pleased to see an increase in is still difficult. Confidence general activity with guarded is fragile. Small shops and confidence from all. industrials continue to attract interest from individuals starting Richard Calder BSc FRICS, up businesses or expanding Calders Surveyors, Lichfield, from a modest base. Perceived richard@calderssurveyors. shortage of larger industrial/ com - Demand for freeholds warehousing units. City and town still dominates particularly for centres are shrinking inwards smaller premises and remains under pressure from out of town reasonably buoyant. Occupier retail and internet shopping. demand has definitely become However York and North more subdued. Yorkshire’s market towns remain resilient with continued demand from leisure/catering operators.

Contributor details

East Midlands Nigel J Carnall FRICS, W A Hugh french, Pigeon, Tom Nichols, Everard Cole, Barnes LLP, Nottingham, njbc@ Chelmsford, h.french@pigeon. Cambridge, tom@everardcole. Ben Coleman BSc FRICS, wabarnes.co.uk co.uk co.uk Ben Coleman Associates, Northampton, ben@ Richard Sutton, NG Chartered James Taylor, Carter Jonas, William Heigham, Bidwells, bencolemandassociates.co.uk Surveyors, Nottingham, Cambridge, james.taylor@ Cambridge, will.heigham@ [email protected] carterjonas.co.uk bidwells.co.uk Brendan Bruder BSc MRICS, Abbey Ross Chartered Richard Wilkins, Wilkins Jeremy Tuck, Bidwells, Suzie Wood, St John’s College, Surveyors, Daventry / Kettering / Hammond, Chesterfield, jrw@ Cambridge, jeremy.tuck@ Cambridge, [email protected]. Northampton, brendan.bruder@ wilkins-hammond.com bidwells.co.uk ac.uk virgin.net Robert Green, Proenergis LTD, Jon Hutt, J Rands Hutt, London Cameron Park, Barker Storey Nottingham, robert@proenergis. Cambridge, [email protected] Matthews, Peterborough, cp@ com Adam Wiles, Gascoyne bsm.uk.com Julian Haywood Smith, Holdings Ltd, London, a.wiles@ Sally Turner, Derby City Council, Whybrow, Colchester and gascoyneholdings.co.uk David Moore, Harwoods, Derby, [email protected] Surrounding Area, julian. Wellingborough, david@ [email protected] Adeola Adeyemi, Fairgate harwoodsproperty.co.uk Sam Sutton, Phillips Group Limited, London, Sutton, Leicester, ssutton@ Martin Day, Martin Day [email protected] David Smith, Drake Commercial, phillipssutton.co.uk Chartered Surveyors, Norwich, Northampton, dsmith@ [email protected] Alan Gibbons, Location 3 drakecommercial.co.uk Timothy Harries, Tim Harries & Properties Limited, London, alan. Partners LLP, Nottingham, tim@ Matthew Brazier, MAG Property, [email protected] Duncan Woods, Harwoods, timharriesandpartners.co.uk Stansted, matthew_brazier@ Wellingborough, duncan@ stanstedairport.com Andrew Cohen, Amshold Group harwoodsproperty.co.uk Tristan Peck, Bletsoes, Limited, London, andrew@ Thrapston, tristan.peck@ Mike Phoenix BSc MRICS, amsprop.com Garry Wood, Wood Moore & Co, bletsoes.co.uk Brown & Lee, Stevenage, mike. Newark, garry@woodmoore. [email protected] Andrew Whitaker, Central and co.uk W Mark Simpson, Sturgis Snow Southern Real Estate, London, and Astill, Leicester, msimpson@ Nick Mager, Savills, Cambridge, [email protected] Gilbert Harvey MRICS, Budworth sturgis-snowandastill.co.uk [email protected] Hardcastle, Northampton, Anthony C Bianchi, Bianchi g.harvey@budworthhardcastle. Eastern Philip Woolner, Cheffins, Chartered Surveyors, Greater com Cambridge, philip.woolner@ London, bianchisurveyors@ Alan Matthews BSc FRICS, cheffins.co.uk gmail.com Giles Davis, Geo Hallam & Sons, Barker Storey Matthews, Nottingham, giles@geohallam. Huntingdon, [email protected] Robert Alston BSc MRICS, B Buckley-Sharp, Aberdeen co.uk Robert Alston Ltd, Cambridge, Asset Management, London, Andrew Bastin, Bastin [email protected] ben.buckley-sharp@aberdeen- James Marshall, Kier, Lincoln, Commercial, Norwich, andrew@ asset.com [email protected] bastincommercial.co.uk Rowan Mason, Merrifields, Bury St Edmunds, rowan@merrifields. Ben white, Gatehouse John A Smith, R Longstaff & Co, Anthony Dean, HW Dean & co.uk bank, London, ben.white@ Spalding, [email protected] Son, Cambridge, anthony@ gatehousebank.com hwdeanandson.co.uk Sam Kingston, Roche Chartered M Bedford, Derbyshire County Surveyors, Norwich, sam. C Warren, TSB Bank Plc, Council, Derbyshire, mark. Ben Green FRICS, Barker Storey [email protected] London, charlotte.warren@tsb. [email protected] Matthews, Cambridge, bg@bsm. co.uk uk.com Simon Beeton, Derick Wade Mark Bielby, Miller Birch, Waters Ltd., Harlow, scb@dww. Christopher Hamp, London, Nottingham, mark.bielby@miller- Clare Mitchell, Cambridge co.uk [email protected] birch.co.uk City Council, Cambridge, [email protected] Simon Burton, Barker Storey Charlie Wing, Nash Bond, Mark Fothergill, Ladbrokes Coral, Matthews, Bury St Edmunds, London, [email protected] Leicester, mark.fothergill@coral. Gordon Ellis, Merrifields, Bury St [email protected] co.uk Edmunds, gordon@merrifields. Chris Berry, Sbh, Hertford, chris. co.uk Stephen A Richmond BSc [email protected] Mat Bowers, Boots, Nottingham, MRICS, Altus, Barking & [email protected] Graham Harris, Brasier Freeth Dagenham / Thurrock, stephen. Chris Halliwell, Cushman & LLP, Watford, graham.harris@ [email protected] Wakefield, London, chris. Natalie Bryan, Innes England, brasierfreeth.com [email protected] Derby, nbryan@innes-england. Stuart T King MRICS, Davies com Graham Jennings, University of King, North Hertfordshire / Christopher Green, Curzon Cambridge, Cambridge, graham. Letchworth, daviesking@talk21. Land, London, cgreen@ Nicholas Bacon, Rupert David [email protected] com curzonland.com & Co Ltd, Nottingham, nick@ rupertdavidandco.com

Contributor details

Christopher Wagstaff, Marcol Jonathan Shuttleworth, Brecker Nick Pemberton, Allsop, London Stephen A Richmond BSc International Asset Management Grossmith, London, jonathan@ West End, nick.pemberton@ MRICS, Altus, Bexley / Bromley / Ltd, London, chris.wagstaff@ breckergrossmith.co.uk allsop.co.uk Woolwhich, stephen.richmond@ marcol.com altusgroup.com Jonothan Holmes, Savills, Nick Richardson, Montagu Evans Clifford Bonnett BSc MRICS, London, [email protected] LLP, London, nick.richardson@ Tim Bell, Day and Bell, London, Sbh Page & Read, Enfield, cliff@ montagu-evans.co.uk [email protected] sbhpageread.co.uk Kevin Burke FRICS, Frederick Holt & Company, South London, Nigel Reynolds, Berkshire Tim Gauld, Bonsors, Kingston Colin Goodwin, London, colin. [email protected] Holdings LLP, London, nigel. upon Thames, timg@bonsors. [email protected] [email protected] com Kim White BSc MRICS, Kinney David Brooks Wilson, Noble Green, London, k.white@ Paul Reid, Centurion Tom Higgins, SJ Higgins Wilson Ltd, London, dbw@ kinneygreen.com Properties Ltd, London, paulr@ Property Consultants, London, noblewilson.co.uk centruionprop.co.uk [email protected] Lewis Diamant, Land David Brown, Brown Associates, Commercial Surveyors Ltd, Per Andersson, Martin Slowe Will Staniland, Rumsey and London, david.brown@ London, lewis@landcommercial. Property Services Ltd, London, Partners, London, will@ brownassociates.co.uk co.uk [email protected] rumseyandpartners.co.uk

David Carlsson-Evans, SJ M de Roeper, London, Peter Balfour, LF Real Estate William Davies, Topland, London, Higgins, London, david. [email protected] Partners International, London, [email protected] [email protected] [email protected] Marcus Brownlow, Drake and North East Dominic Faires, NVH, Morgan, London, brownlowp@ Peter Day, Oxenwood, London, London, dominic.faires@ aol.com [email protected] Alex Wannop, PD Ports, northgatevehiclehire.co.uk Middlesbrough, alex.wannop@ Mark Cutting, Atacama Europe Philip Skottowe, Bridgecore pdports.co.uk Eddie Lai, Came Hopps AM Litd, London, mcutting@ Developments Ltd, London, Partnership, London, eddielai@ atacamainvest.com [email protected] Bill Lynn BSc FRICS, Storeys - chpsurveyors.co.uk SSP, Northumberland / Durham Martin Brage, Core Real Estate, Philip Walker, Philip Walker / Tyne and Wear, bill.lynn@ Edward Rothery, Colliers London, [email protected] Consulting Limited, London, storeys-ssp.co.uk International, London, edward. [email protected] [email protected] Martin Taylor, Greater London, Colin Vance, Sunderland [email protected] Richard Abbey, Martins City Council, Sunderland, G Williams, Rushton, London, Properties Limited, London, [email protected] [email protected] Matthew Cripps, Knight Frank, richard.abbey@martins- London, matthew.cripps@ properties.co.uk Colin Webster, CVS UK, Gavin Hindley, GPL, London, knightfrank.com Newcastle, colinwebster@cvsuk. [email protected] Richard Aitken, Aitken Retail, com Matthew Weiner, U+I Plc, London, richard@aitkenretail. Gavin Wood, Network Rail, London, matthewweiner@ co.uk David Downing, Sanderson London, gavin.wood@ uandiplc.com Weatherall LLP, Newcastle upon networkrail.co.uk Richard Grillo, Grillo Europe Tyne, [email protected] Michael S Perlin FRICS, Michael Limited, London, dg@ Geoffrey Shaw, Janson Capital, Perlin & Company, London West grilloeurope.com David Jackson, Jackson & London, [email protected] End / Kensington & Chelsea, Partners, Darlington, david@ [email protected] Robert Wood, HMV Retail Ltd, jackson-partners.co.uk Helen Shellabear, Hudson London, [email protected] Advisors, London, hshellabear@ Michael Whitson BSc MSc Duncan McGregor, Melbury hudson-advisors.com FRICS FCIArb, Michael Whitson Rupert Parker, GVA, London, Property, Newcastle upon Tyne, & Co., London City, mike@ [email protected] [email protected] Honor Rankin, Cushman & michaelwhitson.co.uk Wakefield, London, honor. Sharon Cawthorne, Blue Lemon James Skirrow, WSB Property [email protected] Neil Hinds, F.Hinds Ltd, London, Property Limited, London, Consultants, Leeds, jskirrow@ [email protected] [email protected] wsbproperty.co.uk Ian Harding, Bowyer Bryce, North London, ian/harding@ Nicholas Ridley, Art of the Office Simon Barratt, JD Wetherspoon Jonathan Chapman, Smith Cole bowyerbryce.co.uk Limited, London, nicholasridley@ plc, Uk, sbarratt@ Wright, Newcastle upon Tyne, hotmail.com jdwetherspoon.co.uk [email protected] James Smith, SCA Ltd, London, [email protected] Nick Haywood, Sbh Page Read, Simon Kibble, Frost Karen Mitchell, Durham County London, nick@sbhpageread. Meadowcroft, London, skibble@ Council, Newcastle upon Tyne, Jimmy Bell, Ashwell Rogers, co.uk frostmeadowcroft.com [email protected] London, jimmybell@ ashwellrogers.com Nick Lawson, London, Simon Waugh BSc MRICS, Kevan Carrick, JK Property [email protected] Montagu Evans, Outer London, Consultants LLP, Newcastle Jonathan Clarke, Centreland, simon.waugh@montagu-evans. upon Tyne, kevan@ London, [email protected] co.uk jkpropertyconsultants.com

Contributor details

Malcolm G Holmes, ABP Brent Forbes, Petty Chartered Mark Diaper, Legat Owen, Anthony Jackson, Londonderry, Property Consultants, Surveyors, Manchester, Chester, dipstar69@btinernet. anthony.jackson@finance-ni. Sunderland, malcolm@abppco. [email protected] com gov.uk com Brian Ricketts MRICS, Hitchcock Martin Andrew Walton BSc Brian Kennedy, O’Connor Martyn Collins, Gavin Black & Wright & Partners, Liverpool, FRICS, Waltons, Tameside, Kennedy Turtle, Belfast, brian. Partners, Newcastle upon Tyne, [email protected] [email protected] [email protected] [email protected] Charles Fifield, Fifield Glyn, Michael Richardson, Landa Brian Turtle, O K T, Belfast, Michael Hodgson, Michael Cheshire, charles.fifield@ Asset Management Plc, [email protected] Hodgson, Sunderland, michael@ fifieldglyn.com Warrington, michaelrichardson@ michaelhodgson.co.uk landa-asset.co.uk Colin Nesbitt, Causeway Chris Breakey BSc MRICS, Asset Management, Neil Thomas, Thomas : Breakey and Nuttall, Oldham Mike Redshaw MA Cantab Belfast, colinnesbitt@ Stevenson, Middlesbrough, FRICS, Nolan Redshaw, Bolton causewayassetmanagement. [email protected] Chris Draper, Metis Real Estate / Wigan / Rochdale, mike@ com Advisors, Manchester, cdraper@ nolanredshaw.co.uk Nick Atkinson, HTA Real Estate, metisrealestate.com Danielle Hanvey, Causeway Newcastle upon Tyne, nick@ Paul Marshall MRICS, Bolton Asset Management, htare.co.uk Chris Lloyd, MCR, Manchester, Marshall, Rochdale, psm@ Belfast, daniellehanvey@ [email protected] boltonmarshall.co.uk causewayassetmanagement. Paul Green, WYG, Newcastle com upon Tyne, paul.green@wyg. Craig Booton, Redsun Paul Moran, Mason Owen, com Developments, Liverpool, craig. Liverpool, paul.moran@ David McClure, Osborne booton@redsundevelopments. masonowen,com King, Belfast, david.mcclure@ Paul McAteer, Redfern co.uk osborneking.com Properties Ltd, Newcastle upon Paul Nolan BSc FRICS, Tyne, paul@redfernproperties. Daniel Austin, Canmoor, Nolan Redshaw, Bury, paul@ Gareth McGimpsey, MCG co.uk Manchester, daustin@canmoor. nolanredshaw.co.uk Commercial Property, com Belfast, gareth@ Peter Connolly, Igloo, Newcastle, Peter Johnston, Legat Owen, mcgcommercialproperty.com [email protected] Daniel Harris, Daniel Harris Chester, peterjohnston@ And Co, Manchester, dh@dh- legatowen.co.uk Gavin Clarke, Osborne Simon Fraser, Stockton-on-Tees property.co.uk King, Belfast, gavin.clarke@ Borough Council, Stockton-On- Philippa Barron, Handelsbanken, osborneking.com Tees, simon.fraser@stockton. David Hodgkinson, Pugh & Manchester, phba01@ gov.uk Co. Limited, Manchester, handelsbanken.co.uk Henry Taggart, OKT, Coleraine, [email protected] Northern Ireland, henry.taggart@ Simon Haggie, Knight Frank LLP, Richard Howe, Assura, okt.co.uk Newcastle upon Tyne, simon. David Porter BSc MRICS, Warrington, richard.howe74@ [email protected] Knight Frank, Manchester, david. gmail.com Ian McCullagh, Ian McCullagh, [email protected] Belfast, [email protected] Stephen Michael Corpe, Rob Tilley, p3 property, Greater Sunderland, [email protected] Duncan Young, Mere Manchester, rob@p3property. Ian morrow, Morrow and Commercial, Penrith, info@ co.uk Company, Belfast, ian@ Tim Matthews, Capita, merecommercial.co.uk morrowandco.co.uk Newcastle upon Tyne, tim. Ruairi Mccafferty, federal mogul, [email protected] Ian Hill, Ryder and Dutton, Manchester, rmccafferty@ Jamese Fitzpatrick, Henderson Oldham, [email protected] federalmogul.com Group, Belfast, jamese. Timothy Duff, Lambert Smith fitzpatrick@henderson-group. Hampton, Newcastle upon Tyne, James Leech, Fisher Simon Adams FRICS, Peill & com [email protected] Wrathall, Lancaster, james@ Co, Kendal / Barrow / Carlisle / fisherwrathall.co.uk Lancaster / Workington, simon@ John Coyle, Osborne William Aitchison, Newcastle peill.com King, Belfast, john.coyle@ upon Tyne, [email protected] John Lowe BSc FRICS, Lambert osborneking.com Smith Hampton, Rochdale Simon Isherwood, Sidev Ltd, North West / Wigan / Bury / Chester / Manchester, [email protected] Laura Hanna, LJH Property Macclesfield / Manchester / Consulting, Belfast, lhanna-46@ Aisling McNulty, Bruntwood, Oldham / Preston / Stockport, Stephen Sewell MRICS, Walton hotmail.co.uk Manchester, aisling.mcnulty@ [email protected] Goodland, Carlisle, stephen@ bruntwood.co.uk waltongoodland.com Mark O’Kane, O’Kane Jonathan Kersh, Jonathan Commercial, Belfast, mark@ Andrew Taylor FRICS, FISVA., Kersh Commercial, Liverpool, Northern Ireland okanecommercial.co.uk Andrew Taylor Surveyors, [email protected] Manchester, valuations@ Alison McClean, Hannath, Martin McDowell, Osborne King, andrewtaylorandco.com Malcolm Brymer BSc MRICS, Portadown, Northern Ireland, Belfast, martin.mcdowell@ Corporate Property Partners, [email protected] osborneking.com Antony Hill, Antony Hill Group, Crewe / Warrington, malcolm. Southport, [email protected] [email protected]

Contributor details

Michael Monteith, Andrew Cartmail, BNP Paribas Jonathan Reid, J & E Shepherd, Colin Davies, Graves Son & Henderson Group, Belfast, Real Estate, Edinburgh, andrew. Dundee, [email protected] Pilcher LLP, Brighton & Hove, [email protected] [email protected] [email protected] Keith Raffan, SVA Property Michael Potter, Osborne King, Ann Alexander- Ulke, LVJB, Auctions Ltd, Edinburgh, Colin Greenstreet, Fell Reynolds, Belfast, michael.potter@ Edinburgh, ann.alexander-ulke@ [email protected] Folkestone, commercial@ osborneking.com lothian-vjb.gov.uk fellreynolds.com Mark Jones, Cushman & Nick Rose, RHM Commercial Brian Bolland, TVJB, Perth, Wakefield, Edinburgh, mark. David Martin BSc FRICS, Stiles LLP, Belfast, nick@ [email protected] [email protected] Harold Williams, Brighton / Hove, rhmcommercial.com [email protected] Don Young, WYM Real Estate, Matthew Moggach, Ryden, Nicky Wright, Lisney, Belfast, Edinburgh, [email protected] Aberdeen, matthew.moggach@ David Robinson, Karrison [email protected] ryden.co.uk Property, Sevenoaks, david. Eric Shearer, Knight Frank, [email protected] Patrick O’Reilly, Digney Boyd, Aberdeen, eric.shearer@ Nathan Feldman, Prestbury Newry, patrick@digneyboyd. knightfrank.com Management Limited, Aberdeen, David Sill, Robinsons with Martin co.uk nathan@prestburymanagement. Brown, Reigate, davidsill@ Euan Burns, M7 Real Estate, co.uk virginmedia.com Paul Olding, McKibbin Glasgow, [email protected] Commercial, Belfast, po@ Niall McLean, Editson, David Thomas, Harrisons mckibbin.co.uk Ewan Mackay, Ewan Mackay Edinburgh, [email protected] Chartered Surveyors, Medway, Property Consultants, Glasgow, [email protected] Richard Attwood, Andrew Mahon [email protected] Pam Grant, Scottish Borders Properties Limited, Enniskillen, Council, Galashels, pamela. Emma Byrne, Morley Riches and [email protected] Gavin Anderson, Montagu Evans [email protected] Ablewhite, Colchester, emma@ LLP, Glasgow, gavin.anderson@ mrallp.co.uk Richard Faloon, Alterity montagu-evans.co.uk Paul Kettrick, West Lothian Investments, Belfast, richard@ Council, Edinburgh, paul. Graham Jacobs, Trafalgar alterityinvestments.com Grant Aitken, Amicus Property [email protected] Property Consultancy, Consultants, Edinburgh, grant. Portsmouth, graham@ Robert Pollock, Pollock [email protected] Simpson Buglass, Savills, trafalgarpropertyconsultancy. COmmercial LLP, Omagh, Aberdeen, [email protected] co.uk robert’pollockcommercial.co.uk Iain Baikie, Baikie and Company, Edinburgh, [email protected] Steve Mcconnell, Dawn Group, Graham Watson, STEF Property Sean Boyle, GVA NI, Belfast, Glasgow, smcconnell@dawn- Management Limited, Oxford, [email protected] Iain Cane, Structured Property group.co.uk [email protected] Solutions, Edinburgh, iaincane@ Tristan Aiken MRICS MSCSI, structuredps.com South East Howard White, Whitespace, Translink Co Ltd., Belfast, tristan. Ipswich, enquiries@ [email protected] Ian Davidson, Lambert Adrian Dolan MRICS, Duncan & whitespacecommercial.co.uk Smith Hampton, Edinburgh, Bailey-Kennedy, High Wycombe, William Reilly, Pollock [email protected] [email protected] Iain Steele, Park Steele, Commercial LLP., Omagh, bill. Farnham, [email protected] [email protected] Ian Donald, Allied Surveyors Alison Owen, Martine Waghorn, Scotland plc, Glasgow, ian. Maidstone, ako@martinewghorn. Ian Bell, Pearsons Commercial, Scotland donald@alliedsurveyorsscotland. co.uk Winchester, ian.bell@pearsons. com com Adam Jennings, DM Hall LLP, Andrew Archbald BSc MRICS, Glasgow, adam.jennings@ Ian Hannon, J & E Shepherd, Keygrove Chartered Surveyors, Jacob Davis, Hertsmere Borough dmhall.co.uk Edinburgh, ian.hannon@ Southampton, ada@keygrove. Council, Borehamwood M25, shepherd.co.uk com [email protected] Alasdair Humphery, JLL, Edinburgh, alasdair.humphery@ J S MacDonald, JSM B R Pickett MRICS, Baker James Waghorn FRICS FCIArb, eu.jll.com Development Consultants, Davidson Thomas, Basingstoke Martine Waghorn Chartered Edinburgh, jim@ / Hampshire, brian.pickett@bdt. Surveyors, Maidstone, jaw@ Alastair Anderson, LVJB jsmdevelopments.co.uk uk.com martinewaghorn.co.uk edinburgh council, Edinburgh, alastair.anderson@lothian-vjb. Jen Blacklaw, EDI Group Charles Stevens BSc MRICS, Jeremy Braybrooke, Osmond gov.uk Limited, Edinburgh, jen@ Maple Burton LLP, Slough, Brookes, Southampton, jeremy. edigroup.co.uk charles.stevens@mapleburton. braybrooke@osmondbrookes. Alex Robb, A b Robb, Aberdeen, com co.uk alex @abrobb.com John Docherty, Graham + Sibbald, Glasgow, john. Chris Ridge, London Clancy, Joe Reubin, Lambert Smith Alexander Cadell, John Swan, [email protected] Southampton, chrisridge@ Hampton, Chelmsford, jreubin@ Edinburgh, jack.cadell@ londonclancy.co.uk lsh.co.uk johnswan.co.uk John Stevenson, Edinburgh, johnstevenson57@btinternet. Colin Brades, Cluttons LLP, com Brighton / Hove, colin.brades@ cluttons.com

Contributor details

John McDougal, Lambert Simon Butler, Lambert Smith Ed Smith, LSH, Bristol, esmith@ Tim Wright, RMW Knight, Yeovil, Smith Hampton, Milton Keynes, Hampton, Oxford, sbutler@lsh. lsh.co.uk [email protected] [email protected] co.uk Fabian Toner, Gloucestershire Zach Maiden, Lambert Smith John Wittebolle FRICS, Simon Halley, Arqiva, Hemel County Council, Gloucester, Hampton, Exeter, zmaiden@lsh. John M Wottebolle, Surrey, Hempstead, simon.halley@ fabian.toner@gloucestershire. co.uk [email protected] arqiva.com gov.uk Wales Martin Trundle, Hnery Adams, Stephen A Richmond BSc Jeremy Carpenter, J Carpenter Chichester, martin.trundle@ MRICS, Altus, Crayford Surveyors, Hampshire, jmc@ Jennifer Durcan, BBC, Cardiff, henryadams.co.uk / Dartford / Maidstone / inbox.com [email protected] Sevenoaks, stephen.richmond@ Mr Ian B Sloan, Bankier Sloan, altusgroup.com Llyod Smale FRICS, Drew A Homer, TCBC, Cwmbran, Banbury, reception@centre-p. Pearce, Exeter, lms@ [email protected] co.uk Steve Griffin BSc FRICS, drewpearce.co.uk Pennicott Chartered Surveyors, Adrian Denning, Swansea Nick Berrill, Savills, Botley, Wokingham, surveys@pennicot. M Jones, KE, Torbay, mark@ Council, Swansea, adrian. [email protected] com kayelliott.co.uk [email protected]

Nigel Angus, Huggins Edwards Tom Holloway, Holloway Iliffe & Martin Booth, Knight Frank, Anthony Jenkins, Jenkins Best, & Sharp, Epsom, nigel.angus@ Mitchell, Portsmouth, tom@hi-m. Bristol, martin.booth@ Cardiff, anthony@jenkinsbest. hes-epsom.co.uk co.uk knightfrank.com com

Paul Baker, Austin Baker, William Hinckley, BTF Matthew Higgs, Michelmore Ben Bolton MRICS, Cooke & Teddington, paul.baker@ Partnership, Canterbury, william. Hughes, Totnes, mh@ Arkwright, Cardiff, ben.bolton@ austinbaker.co.uk [email protected] michelmorehughes.co.uk coark.com

Peter Atkinson, Wadhan and South West Michael Oldrieve, Vickery Catherine Caines, Payton Jewell Isherwood Management Holman, Exeter, moldrieve@ Caines, Bridgend, catherine. ltd, Woking, pja@ Adrian Hobbs, KACH vickeryholman.com [email protected] wandimanagement.co.uk Developments Ltd, Exeter, [email protected] Michael T Ripley FRICS, Chris Sutton, JLL, Cardiff, chris. Peter Dalby, Holloway Iliffe & Stephen & Co, Weston-Super- [email protected] Mitchell, Southampton, peter@ Adrian Rowley, Alder King, Mare, michael.stephenand.co.uk hi-m.co.uk Gloucester, arowley@alderking. Clive Ball, NWSSP-SES, Cardiff, com Paul Hobbs, GVA, Bristol, paul. [email protected] Richard Burkmar, Burkmars, [email protected] Southampton, richard.burkmar@ Alistair Edgcumbe, Larkman Craig Armitage, 355 burkmars.co.uk Edgcumbe, Taunton, ae@ Paul Maguire, John Ryde Consultancy Limited, Cardiff, larkmanedgcumbe.co.uk Commercial, Cheltenham, [email protected] Richard Grassly, RH & RW [email protected] Clutton LLP, East Grinstead, Andrew Hosking BSc MRICS, Damian Stokes, Rombourne [email protected] Stratton Creber Commercial, Paul Whitmarsh MRICS, Limited, Cardiff, dstokes@ Exeter / Barnstaple / Torbay, Whitmarsh Lockhart, Swindon, rombourne.co.uk Richard Pyne, Stiles Harold [email protected] [email protected] Williams, Brighton, rpyne’shw. Gareth Williams FRICS, BA co.uk Andrew Kilpatrick, Kilpatrick Richard Sutton, Torbay Commercial Gareth Williams, & Co, Swindon, a.kilpatrick@ Development Agency, Torquay, North Wales, gareth.williams@ Richard Waple, Lovelace kilpatrick-cpc.co.uk [email protected] bacommercial.com Homes Limited, Guildford, [email protected] Anthony Walker, ETP Property Samantha Hill, Humberts, Gary Carver, Savills, Cardiff, Consultants, Bristol, anthony@ Salisbury, samantha.hill@ [email protected] Roger Yates, Bidwells, Milton etpproperty.co.uk humberts.com Keynes, roger.yates@bidwells. Graham coates, Countrywide, co.uk David Cowling, Cowling & West, Simon Bennett, JLL, Bristol, Llandudno, pepagria@yahoo. Bournemouth & Poole, davidc@ [email protected] com Russell Mogridge, Hughes Ellard cowlingandwest.co.uk Ltd, Portsmouth, rmogridge@ Simon Greensdale BSc MRICS, James Powell-Sanders, Powell hughesellard.com David Palmer, Workman LLP, Stratton Creber Commercial, Lloyd, Cardiff, jps@powell-lloyd. Bristol, david.palmer@workman. Exeter, [email protected] co.uk Russell Mogridge, Hughes Ellard co.uk Ltd, Southampton, rmogridge@ Simon J Pontifex FRICS, S Jason Thorne, Lambert Smith hughesellard.com David White, Torbay P A (Chartered Surveyors), Hampton, Swansea, jthorne@ Development Agency, Torquay, Cheltenham, simonpontifex@ lsh.co.uk Shaun Walters, Parkinsonholt, [email protected] spacharteredsurveyors.com Reading, swalters@ Malcolm Brymer BSc MRICS, parkinsonholt.com Dean Speer, Myddelton & Simon Walsham, James and Corporate Property Partners, Major, Salisbury, deanspeer@ Sons, Bournemouth, Poole and North Wales, malcolm.brymer@ myddeltonmajor.co.uk Christchurch, simonwalsham@ corprop.co.uk jamesandsons.co.uk

Contributor details

Marcus Levico, Edinburgh David Cooney, BrightHouse, Anna Kirk, JLL, Leeds, anna. Woollen Mill Group, Cardiff, Birmingham, dave.cooney@ [email protected] [email protected] brighthouse.co.uk Barry Crux, Barry Crux and Martin Phillips, DLP Surveyors, Derek Croal, European Company, York, barry@ South Wales, martin@ Foodbrokers Ltd, Birmingham, barrycrux.co.uk dlpsurveyors.co.uk [email protected] Carl Wright, Jack Lunn Michael Bruce MRICS, DLP Jonathan Moore MRICS, (Properties) Ltd, Leeds, carl. Surveyors, Cardiff, michael@ Shortland Penn + Moore, [email protected] dlpsurveyors.co.uk Coventry, jonmoore@ spmcommercial.com Chris Earle, Leeds, chrisearle@ Mike Bird, Mostyn Estates gmx.com Ltd, Llandudno, mike@ Jonathan Preece BSc MRICS, mostynestates.co.uk Jonathan D Preece Surveyors & David J Martindale MRICS, FSL, Commercial Agents, Hereford, Wakefield, david.martindale@ Peter Graham BSc FRICS, [email protected] fslea.com Gerald Eve, Cardiff, pgraham@ geraldeve.com Jonathan Ward, Collingwood Graeme Haigh MRICS, Rigby, Birmingham, jonathan. Bramleys, Huddersfield, graeme. Richard Harris, Brinsons, Cardiff, [email protected] [email protected] [email protected] Leon Shutkever, Leon Shutkever James Pollock, Leeds, james. Richard Ryan BSc FRICS, & Co Ltd, Birmingham, [email protected] Fletcher Morgan, Cardiff / [email protected] Bridgend, richard.ryan@ Malcolm Stuart FRICS IRRV, fletchermorgan.co.uk Pete Browne, Burley Browne, Malcolm Stuart Property Birmingham, pbrowne@ Consultants, North Yorkshire, Robert Ladd MRICS, Cushman burleybrowne.co.uk [email protected] & Wakefield, Cardiff, rob.ladd@ cushwake.com Peter Holt, D & P Holt, Coventry Mark Brearley MRICS, Mark / Leamington Spa / Nuneaton / Brearley & Company, Bradford, Sioned Evans, Welsh Rugby, peter@holtcommercial. [email protected] Government, Cardiff, sioned. co.uk [email protected] Matthew Jones, Savills, Leeds, Richard Calder BSc FRICS, [email protected] Stuart Meadowcroft, Stuart Calders Surveyors, Lichfield, Meadowcroft, Wrexham, [email protected] Michael Suart Westlake FRICS, [email protected] Westlake & Co, Skipton, info@ Robert Blyth, Rob Blyth westlakeandco.co.uk Thomas Rees, Willowford Asset Consulting, Birmingham, Management, Cardiff, tom. [email protected] Nikki Moore, Jack Lunn [email protected] Properties Ltd, Harrogate, nikki. Simon Beedles, Barbers, [email protected] Tristan Hobbs, PMG, Cardiff, Shrewsbury Telford, s.beedles@ [email protected] barbers-online.co.uk Richard Corby BSc MRICS, Lambert Smith Hampton, Leeds, West Midlands Stephen Richards, Mainstay, [email protected] Worcester, stephenrichards@ Andy Venables, GVA, mainstaygroup.co.uk Richard Sands, Hull, rlhjsands@ Birmingham, andrew.venables@ yahoo.co.uk gva.co.uk Stuart Mair, CBRE, Birmingham, [email protected] Richard Weatherhead, Frontline Anthony Hargreave, Consultant, Estates Ltd, Leeds, richard@ Birmingham, tony@broom17. Tim Reed, Turner and Company, frontlineestates.co.uk plus.com Hereford, timreed@turnerandco. co.uk Ryoudan, WSB, Leeds, Anthony Rowland FRICS, [email protected] Timothy Lea & Griffiths, Yorkshire & Humberside Evesham, tony.rowland@tlgea. Sean Mayes, Oakapple, Leeds, com Andrew Clark BSc FRICS, Clark [email protected] Weightman, Kingston upon Chris Walters, Harper Hull Beverley / Brigg / Grimsby Dennis Hobbs, Birmingham, / Scunthorpe, andrewclark@ [email protected] clarkweightman.co.uk

David Butterfield, Andid Ltd, Andrew McBeath, McBeath Stoke-On-Trent, david@andid. Property Consultancy, York, co.uk [email protected]

Information

RICS Commercial Property Market Survey Management

Tarrant Parsons Economist t: +44 (0)20 7695 1585 e: [email protected]

Simon Rubinsohn Chief Economist t: +44 (0)20 7334 3774 e: [email protected]

Contributors

Survey questionnaires were sent out on the 7 December with responses received until 6 January. Number of contributors to this survey : 496

For contributor database enquiries please contact: Janet Guilfoyle t: +44 (0)20 7334 3890 e: [email protected]

For data subscription enquiries please contact: Tarrant Parsons Economist t: +44 (0)20 7695 1585 e: [email protected]

18 © RICS Economics 2017 Q4 2016 Confidence through professional standards RICS promotes and enforces the highest professional We believe that standards underpin effective markets. With qualifications and standards in the development and up to seventy per cent of the world’s wealth bound up in land management of land, real estate, construction and and real estate, our sector is vital to economic development, infrastructure. Our name promises the consistent helping to support stable, sustainable investment and growth delivery of standards – bringing confidence to the around the globe. markets we serve. With offices covering the major political and financial centres We accredit 118,000 professionals and any individual or firm of the world, our market presence means we are ideally placed registered with RICS is subject to our quality assurance. Their to influence policy and embed professional standards. We expertise covers property, asset valuation and real estate work at a cross-governmental level, delivering international management; the costing and leadership of construction standards that will support a safe and vibrant marketplace projects; the development of infrastructure; and the in land, real estate, construction and infrastructure, for the management of natural resources, such as mining, farms and benefit of all. woodland. From environmental assessments and building We are proud of our reputation and we guard it fiercely, so controls to negotiating land rights in an emerging economy; clients who work with an RICS professional can have confidence if our members are involved the same professional standards in the quality and ethics of the services they receive. and ethics apply.

United Kingdom RICS HQ Ireland Europe Middle East Parliament Square, London 38 Merrion Square, Dublin 2, (excluding UK and Ireland) Office G14, Block 3, SW1P 3AD United Kingdom Ireland Rue Ducale 67, Knowledge Village, t +44 (0)24 7686 8555 t +353 1 644 5500 1000 Brussels, Dubai, United Arab Emirates f +44 (0)20 7334 3811 f +353 1 661 1797 Belgium t +971 4 446 2808 [email protected] [email protected] t +32 2 733 10 19 f +971 4 427 2498 Media enquiries f +32 2 742 97 48 [email protected] [email protected] [email protected]

Africa Americas South America Oceania PO Box 3400, One Grand Central Place, Rua Maranhão, 584 – cj 104, Suite 1, Level 9, Witkoppen 2068, 60 East 42nd Street, Suite 2810, São Paulo – SP, Brasil 1 Castlereagh Street, South Africa New York 10165 – 2811, USA t +55 11 2925 0068 Sydney NSW 2000. Australia t +27 11 467 2857 t +1 212 847 7400 [email protected] t +61 2 9216 2333 f +27 86 514 0655 f +1 212 847 7401 f +61 2 9232 5591 [email protected] [email protected] [email protected]

North Asia ASEAN Japan South Asia 3707 Hopewell Centre, 10 Anson Road, Level 14 Hibiya Central Building, 48 & 49 Centrum Plaza, 183 Queen’s Road East #06-22 International Plaza, 1-2-9 Nishi Shimbashi Minato-Ku, Sector Road, Sector 53, Wanchai, Hong Kong Singapore 079903 Tokyo 105-0003, Japan Gurgaon – 122002, India t +852 2537 7117 t +65 6635 4242 t +81 3 5532 8813 t +91 124 459 5400 f +852 2537 2756 f +65 6635 4244 f +81 3 5532 8814 f +91 124 459 5402 [email protected] [email protected] [email protected] [email protected]

rics.org