Office property divide shown between north and south, says Rics

Office design news from Morgan Lovell

Published on 23-03-2011

There is a divide between the property sectors in the north and south of England, a report has shown.

According to the Royal Institution of Chartered Surveyors (Rics), there are more opportunities for office space planning in the south-east.

Its Commercial Market Survey revealed that in the fourth quarter of last year, London was the only area in the nation where rents were expected to rise.

Rics Letting Survey also showed that expectations for rental fees were the highest in the capital and the south-east in the first quarter of 2011.

Himanshu Wani, Rics economist, said the demand for properties in London was higher due to its appeal for international investors.

This could mean that the capital has more projects for interior office design as its real estate market is faring better than in other regions.

Mr Wani added that this division in the country could be worsened as a result of public spending cuts unless the government encourages business growth away from the capital.

Last month, Rics urged the coalition to boost the property market in the UK, stating that this is a "significant driver" of growth for the wider economy.

Posted by Adrian Norman