The cost-of-living crisis and interest rate hikes have caused a slowdown in the Scottish commercial property market and the outlook has therefore become more cautious.
This is according to the latest Royal Institution of Chartered Surveyors (RICS) Commercial Property Survey which showed that occupier demand across all sectors in Scotland has eased, with a net balance of +11% of respondents reporting an increase in the second quarter, compared to +33% in the previous quarter.
Retail continues to be in negative territory, with a net balance of -33%, while the net balances for office and industrial demand were lower than in the previous quarter, at +9% and +57% respectively in the second quarter, down from +32% and +74% in the first quarter.
