THE commercial property market in Yorkshire and Humber has seen a drop in confidence and investor demand following the Brexit vote, according to today’s RICS UK Commercial Property Market Survey.
Both the investment and occupier sides of the market have been affected by the change in sentiment and both rent and capital value expectations have dropped.
During the second quarter investment inquiries fell across the region, with 18 per cent of chartered surveyors reporting a rise, down from 33 per cent in the first quarter.
Barry Crux, of Barry Crux and Co in York, said: “The year has been generally disappointing in terms of transactional activity, but inexplicably so. The Brexit decision has recently added to the problem, with limited inquiries and a sense of confusion abounding.
“Predicting future trends and expectations is all but impossible.
“But there are some bright aspects - York continues to receive attention from A3 and A4 operators, which has been the case now for several years, and this demand is soaking up vacant retail space which is not taken by retailers. Rents are subsequently showing quite strong upward movement.”
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