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The commercial property market is showing encouraging signs after a quiet second half to 2024. 2024 did start well, especially in the retail and office sectors, but political changes and issues arising out of the budget caused hesitation in the market.

This year so far, all sectors have improved, but we are seeing more activity in the office sector as more employees return to office-based working.

The office sector is the best it has been for the last 6 years, but there is still a lot of under-occupation of office space. Regarding property preferences, good quality is more important than location, and High Street spaces often face challenges with dated facilities and poor energy performance. I predict a continuation of niche retailing on High Streets, with larger retailers focusing on regional outlets and online presence.

Industrial and warehousing sectors have performed consistently well over the past 7-8 years, although rents and capital values have recently plateaued. There is still, however, great demand for former agricultural buildings to be let for commercial uses. Building owners should consider whether they need planning or change of use, what works if any are required and the return they will get, before deciding the best way forward. We can help you with these challenges.

There is also talk about business rates being assessed, but this has been mentioned by every previous Government for decades, but change is urgently required.

If you are considering putting your property on the market, it is key to take advice at the earliest stage possible. When choosing an agent, knowledge is important. You want to choose an agent who has experience within the geographical area of selling or letting a similar property. Have a look at their stock on their websites.

Robinson & Hall has a wealth of in-house departments, including planning, that can help you from start to finish. We also offer a tailor-made property management package.

To find out more about how we can help you, please contact David.