The Q1 RICS survey showed little change from the previous quarter, with surveyors pointing to subdued levels of occupier demand and elevated availability. That points to a slowdown in rental growth this year, with only alternatives such as data centres and multifamily bucking the trend. Investment enquiries have also failed to gain momentum and that argues against a rise in transaction volumes over the first half of the year. Although both the UK economy and property are relatively well insulated from the recent hikes in tariffs, we still think the commercial property recovery will be modest by past standards.
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