The commercial property market in Worcestershire will be driven by improvements in industrial and distribution markets for the remainder of 2014 and into next year, according to optimistic forecasts by leading Midland independent property consultancy GJS Dillon.
And the strengthening warehouse and industrial markets will be backed up by significant improvements in the market for office space as the economy cements its recovery and key indicators are positive.
John Dillon, director of GJS Dillon said the county saw an increase in demand for industrial and good quality office space in the first half of 2014, following on from an improving market at the back end of 2013. He said there were even signs that the speculative developer could be returning to the market.
“We are certainly seeing a continuing up-lift in the warehouse and industrial markets as manufacturing firms seek new premises and distribution firms continue to recognise the demographic benefits of the M5 and A38 corridors. Industrial and distribution property offers good opportunities for landlords and investors,” he said.
He added, “All commercial property sectors felt the impact of difficult market conditions during the recession, with a tightening of funding and a lack of investor confidence. However we are now witnessing a steady take-up of available space and average prices are increasing.
“Freehold sales of industrial space have continued the healthy trend we saw towards the end of last year. There has also been a steady flow of industrial letting deals in the county. At GJS Dillon we have transacted large warehouse units in Bromsgrove, Droitwich and Worcester, while the markets in Kidderminster and Redditch have also demonstrated healthy activity and some significant lettings.”
GJS Dillon LLP, with offices in Worcester and Bromsgrove, offers a full range of commercial property consultancy services throughout Worcestershire and surrounding areas, and along the M5 and A38 corridors.
