Conditions in the commercial property market in Scotland deteriorated at the end of last year, according to the latest Royal Institution of Chartered Surveyors (RICS) Commercial Property Monitor.
Overall demand from both occupiers and investors fell in the final quarter of 2022, with industrial property the only sector where demand wasn’t in decline.
A net balance of -14% of respondents in Scotland said that occupier demand fell in the fourth quarter, compared to -9% who said so in the third. The fall in demand was marked in the office and retail sectors - net balances of -20% and -44% respectively - while a net balance of +41% of respondents in Scotland said that occupier demand for industrial space increased.
