Pandemic Prompts Tumult In UK Commercial Property

Demand for British retail and office space contracted sharply during the third quarter and the outlook for the year ahead has worsened as working and shopping patterns change during the COVID-19 pandemic, a survey showed on Thursday, Reuters reported. The Royal Institution of Chartered Surveyors said 78% of chartered surveyors viewed the commercial property market as being in a downturn, up a little from 76% in the second quarter. While there were clear signs of a pick-up in the industrial sites such as warehouses for online stores, there was little cheer from the office and retail sectors which saw another sharp fall in demand - albeit less severe than in the second quarter. Read more