The countdown is on until Brexit - but what are the implications for the Worcestershire commercial property market?
November 2020The clock is rapidly ticking down to the Brexit deadline but it has had very little impact on Worcestershire’s commercial property market so far, according to one of the County’s leading commercial property agents.
John Dillon, Managing Director at commercial property consultancy GJS Dillon, says that negative commentary in the national property press about uncertainties in the national commercial property market is not a true reflection of trends in the regional commercial property market which deals principally with commercial property for owner occupiers.
He says ‘There is a lot of gloom and doom about commercial property in the national press, but the Brexit decision is actually helping the local market for three key reasons:
- The Bank of England looks set to cut the interest rate still further which makes borrowing even cheaper
- Banks are still willing to lend to acquire business premises for owner occupied businesses
- Demand for high quality, well-located freehold offices remains strong and the value of industrial space in Worcestershire is the same as it was this time last year
‘Regardless of whether the commercial property market is buoyant or depressed, there are always opportunities to be had.’ he continues
‘Some of the major UK pension funds and Property Companies have clearly encountered major issues with their exposure to both retail shopping centres and large office developments throughout lockdown, with further issues still looming. However with the onset of Brexit at a local level manufacturing businesses, distribution companies, medical sector occupiers and some office users are still making enquiries for more space within Worcestershire.
So despite the issues around Covid, rising unemployment and the looming B word, this trend looks set to continue for the foreseeable future particularly as we continue to have a shortage of good quality commercial space within the region’
For a general no-obligation discussion contact the GJS Dillon team on 01905 676169 or via email at info@gjsdillon.co.uk
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