UNCERTAINTY around the referendum on EU membership is not adversely affected the commercial property market, according to surveyors.
The latest research by the Royal Institution of Chartered Surveyors (Rics) found the rate of growth in new enquiries slowed during the first quarter of 2016 - but were still on the up.
A net balance of +64 per cent said investment enquiries for office space was increasing with +55 per cent reported growth in retail interest.
Only a quarter of surveyors in the north said uncertainty ahead of a possible UK exit from Europe was leading to reduced investment into the sector here.
That compares to central London where 80 per cent of respondents said that investment was being impacted.
Rics' commercial property spokeswoman in Northern Ireland Tracy Flannigan said the data showed the sector in the north "has been relatively strong, with good occupier and investor demand in the office and retail sectors for quality product".
"The new figures indicate that office availability fell in the first quarter of the year. However, availability in the retail sector remains less of an issue. On the whole, the market remained in recovery mode.”
Looking ahead, however, should the UK leave the EU, 43 per cent of respondents across the UK felt that it would have a negative impact on the commercial property sector and only six per cent said a Brexit scenario would have a positive impact on the commercial property sector.
In Northern Ireland, almost two-thirds of respondents felt that it would have a negative impact on the commercial property sector and only nine per cent said that it would have a positive impact.
Commenting on the UK picture, Rics chief economist Simon Rubinsohn added: “There is no doubt that since the EU referendum became a certainty following the general election last May, we have seen a decline in interest from overseas investors in UK commercial property. At least in the short-term, we know that international retailers and service providers are finding the UK market less attractive. "
