However, the study — Royal Institution of Chartered Surveyors (RICS) Q1 2019 UK commercial property market survey — revealed that the industrial property sector has witnessed solid growth.

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Other highlights from the RICS survey:

• occupier demand for office space was broadly stable, having weakened slightly in Q4 2018
• the number of vacant retail units has increased over the past 18 months
• 48% of respondents saw a rise in retail inducements, while 26% saw a rise in incentives to take office space
• further growth is anticipated in rents across the prime and secondary industrial market over the next 12 months
   

“The industrial sector remains a clear area of strength, while the retail sector continues to be challenged by the growth in e-commerce,” said Tarrant Parsons, economist at RICS.

“Brexit uncertainty is again cited to be a negative influence on market activity, causing some occupiers and investors to hesitate as they await further clarity on the future direction of policy."