News

John Dillon, GJS Dillon’s Managing Director, lists his top 5 predictions on how Worcestershire’s Commercial Property market will perform in the coming year:

• The continued shortage of industrial accommodation in the County of Worcestershire will result in high take-up levels throughout 2024, with rents staying at historically high levels.
• Quality office space in city and town centres will remain popular with companies looking to rent high-quality office space to attract and retain the very best staff.
• As interest rates take effect, vendors wishing to sell vacant commercial premises, and commercial investment premises, will need to rein in their expectations on price to attract purchasers. We as a practice are now letting many more Commercial premises than we are selling and we expect this trend to continue throughout 2024.
• Most SME commercial property purchasers will be dominated this year by SIPP and SSAS purchasers to take advantage of the obvious tax savings and changes earlier in the year to the rules governing how much individuals can pay into their pension funds.  As a result, expect longer commercial property transaction times from the point an offer is accepted, until legal completion.
• The lead up towards a General Election can unfortunately create inactivity and a ‘wait-and-see attitude’ in the commercial property market. It now looks as if we will be waiting for an Election until the second half of 2024 according to the Prime Minister.

In general, Worcestershire will remain popular with those wishing to relocate owing to its transport connections, more affordable commercial space and a wide talent pool. We expect another very busy year in the commercial property market in Worcestershire.