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Robert Irving Burns

RIB Commercial Property Report Q2 2023

July 13, 2023    |   Antony Antoniou - Managing Director

In a survey of over 8,000 UK commercial estate agents carried out In March 2023 the Robert Irving Burns Commercial Property Report has forecast that Commercial Property Sales Price Per Sq. Ft are set to fall by 1.6% and Rents Per Sq. Ft falling 0.4% on aggregate as the market shows signs of a spring recovery.

Q2 2023 Predictions Commercial (% Change) Retail (% Change) Office (% Change) Industrial (% Change) Leisure (% Change)
Predicted Sales Per Sq % Change -1.6 -1.3 -2.7 -0.8 -1.7
Predicted rent Per Sq % Change -0.4 -0.7 -0.4 0.1 -0.7
Predicted % Change in Supply 2.5 2.7 2.2 2.6 2.8
Predicted % Change in Demand -0.4 -0.7 -0.4 0.1 -0.7

With the supply of property coming onto the market expected to remain high, up 2.6% in Q2, rents are recovering and sales values remain low, it continues to be a buyers’ market for those with access to capital. This is particularly pertinent across the Retail and Leisure sectors, where high yields means they are less affected by spiking interest rates in relative terms.

While it is far from plain sailing ahead, the outlook is decidedly more positive that the previous quarter forecast. There is consensus among economists that inflation will halve to around 5% by the end of 2023, which will help to ease both the cost of living crisis and business appetite for certain capital investments..

For additional breakdown and commentary please see the FULL report.

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