The value of UK commercial property for sale in October was up slightly for the first time since the EU Referendum vote was revealed, according to figures from CBRE.
In their latest monthly analysis, the value of commercial property for sale was put at 0.1% higher, with a 0.2% increase in the value of industrial premises.
The figures relate to ‘capital value’, which is defined as the price that is likely to be paid for commercial property for sale at the time of its valuation.
Offices and retail sites remained flat in October, but with no falling values, the outlook is relatively bright in the post-Brexit period.
Miles Gibson, head of research at CBRE UK, told Reuters: “This month’s results suggest continuing stability within the market in October.
“Occupiers and investors continue to take stock of the current conditions but many sectors remain resilient to Brexit-related uncertainty for now.”
In terms of commercial property for rent, office values dropped slightly, suggesting there may be a deal to be done for tenants looking for new rental commercial premises.
Overall though the market again remained quite stable, with the falling office values offset by slight increases in industrial and retail premises to let.
The end of October also saw the publication of the latest Price Paid Data by the Land Registry, including the smallest and largest transactions on commercial property for sale in September.
Interestingly, these all occurred in the London commercial property market, with three £1,000 transactions on premises in Enfield, Southwark and Tower Hamlets representing the smallest deals of the month by value.
At the other extreme, a single commercial property sale valued at £32,000,000 was recorded in the City of London – further proof that the market is currently in a highly resilient phase with transactions taking place at the very top end of the scale.