CONFIDENCE in sales and lettings of office space is increasing in Yorkshire, according to a new report.
Figures from the Royal Institution of Chartered Surveyors showed that 33% of the region’s surveyors were reporting a rise in activity against minus 6% in July.
The retail property market in the region also appears to be showing steady signs of recovery, with 10% of surveyors reporting an increase in lettings compared with minus 6% in July.
Some 22% of surveyors also reported an increase in enquiries for retail space this quarter – up from a figure of minus 6% last time.
The survey also showed that chartered surveyors in Yorkshire are confident that sales and lettings of office space will increase in the next quarter. It said that current occupier demand is not demonstrating the same confidence as the retail property market – although enquiries are still consistent.
Despite a slowdown in demand for industrial property, 44% of chartered surveyors said they were confident that sales and lettings of space would increase in the next quarter – with 72% reporting more available floor space and a steady number of enquiries.
Jeff Pearey, RICS Yorkshire spokesman, said: "The latest research certainly reinforces the general improvement in underlying business confidence that we are starting to see.
"Over the summer months, we received a notable increase in enquiry levels from occupiers, most notably in the office sector. While these have yet to translate into transactions, I think it is indicative of a small but perceptible improvement in market sentiment.
"The fact that Yorkshire and Humberside currently boasts a healthy supply of commercial property means that occupiers now have a window of opportunity to choose from a wide range of potential buildings and units.
"However, we are advising occupier clients not to leave their decision making too late as the supply could soon dwindle given the lack of new product coming to the market and this could result in a supply shortage in certain locations."