News

A shortage of commercial property in Worcestershire is pushing up office and industrial rents according to Worcestershire’s largest independent commercial property agency GJS Dillon. 

‘In both the office and industrial markets, occupiers are lapping up quality space for the same reasons such as lower occupational costs, improved image and a better working environment. Where quality space becomes available, we are experiencing high levels of interest, multiple viewings, numerous offers and increased rent.’ said Andrew Lewis, GJS Dillon’s Commercial Agency Director at the launch of GJS Dillon’s Worcestershire Commercial Property Market Report 2024.

‘As borrowing rates have started to increase, purchasing commercial property has become less attractive. Those companies desperate to move have ended up entering the rental market and this has led to increased demand in a sector that already had limited supply. ‘

‘We are still seeing overwhelming demand from businesses looking to be located in town or city centres surrounded by local amenities. In Worcester itself, office rents passed through the £20 per sq ft barrier in 2023 for the first time ever at Vinegar Works. This will not be a one off as occupiers are very keen to take up quality space in the right location’

GJS Dillon’ Worcestershire Commercial Property Market Report 2024, based on figures and analysis from CoStar, which it uses to advise vendors, purchasers, developers, landlords and tenants is available now.  Further details about the 2024 market report can be found at https://gjsdillon.co.uk/marketreport or from Andrew Lewis on tel. 01905 676169 or email andrewlewis@gjsdillon.co.uk.