The RICS UK Commercial Property Conference provides an overview of the post-covid recovery, rising interest rates and an ongoing cost of living crisis to help the industry recover
Halting post-covid recovery, rising interest rates and an ongoing cost of living crisis weigh heavily on the commercial property market. Sentiments from across the industry are pessimistic, with 48% of correspondents in the Q2 RICS UK Commercial Property Survey predicting a downturn in the sector. These issues make it difficult to navigate the changing commercial market with confidence.
The role of city centers and nature of the workplace changed profoundly with the pandemic. Employees demand more amenities and flexibility. Department stores and restaurants face higher costs in labour and energy, and customers who are reluctant to spend like they used to. The legal relationship between tenant and landlord is evolving. Sustainability and how to do it right is becoming a burning question.
Meanwhile, the industry is held back from responding to a changed playing field, by high development queues and costs, as well as uncertainty about where funding should be allocated. Investors, occupiers, and landlords are pulled in different directions by adversarial forces, making it difficult to settle into a new status quo.
The RICS UK Commercial Property Conference will provide an overview of these thorny questions. To help the industry move forward, it will also give commercial property surveyors practical advice in tackling issues they face in day-to-day business.
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