Concerns about the impact of the Budget, coupled with higher interest rates, led to a moderation in commercial property demand according to the Q4 RICS commercial survey. Capital value expectations also declined and a dip in investment enquiries points to a subdued level of transactions in the first quarter. That supports our call that while the market is now set for recovery, it will be a modest one by past standards. Investors seeking better returns need to look at alternatives such as residential.
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