Key indicators of the improving commercial property market in Lutterworth and South Leicestershire are strengthening as we move into the second month of 2014, say commercial property management and chartered surveyors, Wells McFarlane’s annual review.
The data, provided by senior surveyor Michelle Mills, demonstrates that 2013 saw office and industrial supply and take up steadily improve as the year progressed.
Michelle commented: “We let and sold over 122,000 sq ft of office and industrial space in 2013 in just over 50 individual transactions. At the start of January 2014, a further 37,000 sq ft was in solicitors’ hands for imminent completion. The average transaction size has been on properties of between 1,500- 3,000 sq ft, which reflects the size of properties forming our basic stock within the geographical area we serve.”
Throughout 2013, Wells McFarlane witnessed a strong demand from small to medium sized businesses, which is encouraging news, as confidence within this sector of the market is further evidence that an improving economy is enhancing business activity. Having seen two consecutive quarters of economic growth at the start of 2013, representing the strongest period of growth since 2010, the region’s economy is officially on the up and can no longer be accused of stagnating. The strengthening occupier market is also beginning to feed through to rental growth.
Michelle added: “After such a busy year, a lack of stock is now the greatest challenge and property owners are urged to consider if they happy with their current letting agents. Is it time for a change or for the instruction of a joint agent? Wells McFarlane would be happy to provide a strategy report and recommendations on any commercial property stock currently being considered for marketing.”
